DOCSLIB.ORG

S K T ELE Co MA Nnu AL REP O R T 2009

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
S K T ELE Co MA Nnu AL REP O R T 2009 sK tELEcoM AnnuAL REPoRt 2009 +α at SK telecom, our vision is to create value that transforms life. alpharising our neW “alpharising” advertising slogan embodies the concept that Intelligent When tWo different things come together, they create something of much greater value. today, as We move beyond simply being korea’s no. 1 mobile operator, We’re leveraging our information and communications technology knoW-hoW to expand into the business connected of helping businesses enhance their productivity and profitability to drive our next stage of groWth. Transforming Interactive contents 01 productivity rising Wireless information and telecommunications technology has 10 Financial HigHligHts changed the Way We live, Work, and play forever. it began by giving us 12 letter to sHareHolders 16 Board oF directors the freedom to talk to anyone, anytime, anyWhere. today, it enables 18 corporate governance us to communicate and collaborate over the internet With the same 20 2009 at a glance Business overvieW freedom and ease. and tomorroW, We at sk telecom believe that it has 22 MoBile network operations the potential to empoWer companies around the globe to achieve 28 convergence & internet services greater productivity and profitability as they create breakthrough 32 gloBal ManageMent service 36 suBsidiaries products and services that Will raise the quality of life for all. Financial revieW 40 Md&a 49 Financial stateMents 60 CORPORATE Milestones 62 gloBal network 63 investor inForMation Sustainability management 66 sustainaBility ManageMent 67 environMental PRESERVATION 68 win-win partnersHips 69 custoMer protection 70 coMMunity involveMent 71 etHics ManageMent i.s.YANG While technologies and alternative t.s. yook senior Vice senior Vice president, fuels are certainly a big part of the future, president, car & Life Division IPE Strategy division HYUNDAI-KIA consumers are increasingly expecting MOTORS more from their cars. they Want intelligent SK telecom safety, performance and conveniences, and thoughtful eco design, all of Which are riding on the of automotive and information and communications technology. i look forWard to seeing the virtually unlimited Ways SK telecom Will help create neW value With the “connected cars” of tomorroW. tell automotive car companies like mercedes-benz, BMW, and toyota aren’t the only ones dreaming up Ways to make driving safer, cozier, and greener. today, IT* heavyWeights like google, microsoft, and intel are also Working to introduce innovative services and technology to the industry. at SK telecom, We’re leveraging our leadership in ICT* and extensive experience in vehicle navigation and mobile in-vehicle solutions as the basis for a host of next-generation services noW under development. through partnerships With global auto marquees like hyundai, We aim to be one of the World’s top “connected car” service and technology providers. * IT (information Technology) * ICT (information & Communications Technology) i.s.YANG While technologies and alternative t.s. yook senior Vice senior Vice president, fuels are certainly a big part of the future, president, car & Life Division IPE Strategy division HYUNDAI-KIA consumers are increasingly expecting MOTORS more from their cars. they Want intelligent SK telecom safety, performance and conveniences, and thoughtful eco design, all of Which are riding on the of automotive and information and communications technology. i look forWard to seeing the virtually unlimited Ways SK telecom Will help create neW value With the “connected cars” of tomorroW. tell automotive car companies like mercedes-benz, BMW, and toyota aren’t the only ones dreaming up Ways to make driving safer, cozier, and greener. today, IT* heavyWeights like google, microsoft, and intel are also Working to introduce innovative services and technology to the industry. at SK telecom, We’re leveraging our leadership in ICT* and extensive experience in vehicle navigation and mobile in-vehicle solutions as the basis for a host of next-generation services noW under development. through partnerships With global auto marquees like hyundai, We aim to be one of the World’s top “connected car” service and technology providers. * IT (information Technology) * ICT (information & Communications Technology) Jeff semenchuk damian the World is becoming much more globally yoonsuh kim Managing Director, Head of Growth . this is also true in the financial team Leader, ventures global IPE Team 1 citigroup, inc. World, Where the customer experience is SK telecom shifting from physical to . at citigroup, We are all about transforming client experiences TO BUILD THE GLOBAL DIGITAL BANK FOR THEM. We are excited about our partnership With SK telecom because We see SKT leading a very similar experience , not Just in the area of mobile communication but also in digital and convergent technology. finance While the traditional business paradigm has focused on the exchange of tangible value through direct face-to-face contact, advances in ICT* are noW transforming it into the exchange of intangible value through a variety of channels, irrespective of time or place. our m-payment and m-finance businesses have delivered a taste of this transformation from a customer experience perspective. and noW We’re focusing on taking it to the next level With our neW IPE* strategy, empoWering financial institutions to meet and serve their customers anytime, anyWhere With a variety of breakthrough solutions. * ICT (information & Communications Technology) * IPE (industry Productivity Enhancement) Jeff semenchuk damian the World is becoming much more globally yoonsuh kim Managing Director, Head of Growth . this is also true in the financial team Leader, ventures global IPE Team 1 citigroup, inc. World, Where the customer experience is SK telecom shifting from physical to . at citigroup, We are all about transforming client experiences TO BUILD THE GLOBAL DIGITAL BANK FOR THEM. We are excited about our partnership With SK telecom because We see SKT leading a very similar experience , not Just in the area of mobile communication but also in digital and convergent technology. finance While the traditional business paradigm has focused on the exchange of tangible value through direct face-to-face contact, advances in ICT* are noW transforming it into the exchange of intangible value through a variety of channels, irrespective of time or place. our m-payment and m-finance businesses have delivered a taste of this transformation from a customer experience perspective. and noW We’re focusing on taking it to the next level With our neW IPE* strategy, empoWering financial institutions to meet and serve their customers anytime, anyWhere With a variety of breakthrough solutions. * ICT (information & Communications Technology) * IPE (industry Productivity Enhancement) Jed Weissberg, J.h. kah MD healthcare senior Vice senior Vice president, president, global IPE Division Quality and Care SK telecom delivery Excellence kaiser permanente on the occurring in the healthcare industry are painful but inevitable. With groWing attention to healthcare costs and the increase of chronic diseases, secure, reliable, and real-time processing five p’s Will turn today’s healthcare industry upside doWn: prediction, prevention, personalization, participation and of patient information is one of the key partnership. “connected healthcare” is made possible only by tasks at hand. institutions like ourselves focusing on customer needs and solving them With smart ICT*. total health management Which Will emerge by such convergence are With different industries Will not Just benefit every entity in the ecosystem including to find Ways to deliver the most effective, hospitals and patients but also Will have far reaching effects even most results and services at to national competitiveness. the loWest possible cost. * ICT (information & Communications Technology) Jed Weissberg, J.h. kah MD healthcare senior Vice senior Vice president, president, global IPE Division Quality and Care SK telecom delivery Excellence kaiser permanente on the occurring in the healthcare industry are painful but inevitable. With groWing attention to healthcare costs and the increase of chronic diseases, secure, reliable, and real-time processing five p’s Will turn today’s healthcare industry upside doWn: prediction, prevention, personalization, participation and of patient information is one of the key partnership. “connected healthcare” is made possible only by tasks at hand. institutions like ourselves focusing on customer needs and solving them With smart ICT*. total health management Which Will emerge by such convergence are With different industries Will not Just benefit every entity in the ecosystem including to find Ways to deliver the most effective, hospitals and patients but also Will have far reaching effects even most results and services at to national competitiveness. the loWest possible cost. * ICT (information & Communications Technology) ian chang the emphasis of modern education is don Jeong kim Managing Director, team Leader, COO increasingly on fostering problem-solving IPE Business Team 2 CHUNGDAHM SK telecom learning, inc. skills through interactive learning methodologies. at chungdahm learning, We believe that our and SK telecom’s Will together lay the frameWork for a “ ” platform, creating an interactive educational environment that teaching methods to individual student needs. the future of education has never looked brighter. act We’re seeing more and more attempts to integrate
Load more

Recommended publications
  • Birth and Evolution of Korean Reality Show Formats
    Georgia State University ScholarWorks @ Georgia State University Film, Media & Theatre Dissertations School of Film, Media & Theatre Spring 5-6-2019 Dynamics of a Periphery TV Industry: Birth and Evolution of Korean Reality Show Formats Soo keung Jung [email protected] Follow this and additional works at: https://scholarworks.gsu.edu/fmt_dissertations Recommended Citation Jung, Soo keung, "Dynamics of a Periphery TV Industry: Birth and Evolution of Korean Reality Show Formats." Dissertation, Georgia State University, 2019. https://scholarworks.gsu.edu/fmt_dissertations/7 This Dissertation is brought to you for free and open access by the School of Film, Media & Theatre at ScholarWorks @ Georgia State University. It has been accepted for inclusion in Film, Media & Theatre Dissertations by an authorized administrator of ScholarWorks @ Georgia State University. For more information, please contact [email protected]. DYNAMICS OF A PERIPHERY TV INDUSTRY: BIRTH AND EVOLUTION OF KOREAN REALITY SHOW FORMATS by SOOKEUNG JUNG Under the Direction of Ethan Tussey and Sharon Shahaf, PhD ABSTRACT Television format, a tradable program package, has allowed Korean television the new opportunity to be recognized globally. The booming transnational production of Korean reality formats have transformed the production culture, aesthetics and structure of the local television. This study, using a historical and practical approach to the evolution of the Korean reality formats, examines the dynamic relations between producer, industry and text in the
    [Show full text]
  • Special Report Internet Portal Sites in Korea
    www.ica.or.kr March~April 2006 (ISSUE 18) Special Report Internet Portal Sites in Korea Review Korea Mobile Communications in 2005 Marketing & Strategy Focus on LBS Industry Hwiyoung Chae International Cooperation NHN CEO Agency for Korea IT Publisher’s Column IT Korea journal March~April 2006 1 Booming Internet Portals Soon to Go Global That Korea is the world’s broadband leader is organized into sections by media types. The video no longer an arguable fact. The internet wave, search, a feature that has recently been added on, is sweeping across Korea since the 1990s, has made it generating a tremendous buzz, and setting a whole- into the world’s most networked nation. Korea’s new trend in the worldwide search market. reputation is especially peerless in online gaming. Korea’s state-of-the-art mobile infrastructure Needless to say, this amazing internet boom could technology provides its search portals yet another not have been possible without Korea’s advanced platform with a potentially vast market. The wide Sunbae Kim broadband environment. Meanwhile, Korean penetration of mobile phone, PDA and other wire- ICA President internet users, savvier than their counterparts else- less devices in the country has been accelerating where in the world, are also more demanding growth in its wireless portal market in recent years. when it comes to service quality. Korea’s hard-to- Many Korean portals, judging the time now ripe for please consumers were indeed instrumental in overseas expansion, are laying out the game plan. taking the country’s internet industry to its present Heavyweights like Naver and SK Communications heyday, providing sticks as well as carrots to spur have already opened or are in the process of R&D and force innovations in businesses.
    [Show full text]
  • Broadband Policy Development in the Republic of Korea
    Broadband Policy Development in the Republic of Korea A Report for the Global Information and Communications Technologies Department of the World Bank October 2009 © Ovum Consulting 2009. Unauthorised reproduction prohibited Table of contents Executive summary ...................................................................................................................4 1 Introduction .............................................................................................................19 1.1 Scope of the report.................................................................................................... 19 1.2 Why Korea?.............................................................................................................. 19 1.3 Structure of the report ............................................................................................... 22 1.4 Methodology............................................................................................................. 23 2 The Fixed Broadband Market....................................................................................25 2.1 Definition ................................................................................................................. 25 2.2 Overview of the current market................................................................................... 25 2.3 History of market developments .................................................................................. 33 3 The Mobile Broadband Market ..................................................................................43
    [Show full text]
  • History of the Korea Internet
    2013 Korea Internet White Paper Notice ● The Special Report and the Top 10 News on the Internet contained in this White Paper have been selected through discussion by the editing committee, which is composed of experts from the industry, academia, research institutes and the government. ● The numbers in the statistical tables and diagrams have been rounded off for the sake of convenience, and thus the sum of specific items may not always correspond with the total. ● The 2013 Korea Internet White Paper puts together the latest Internet issues and trends that occurred during 2012. Due to the presidential election and consequent reorganization of the government in 2013, the government agencies responsible for overseeing and helping to manage the ICT industry were changed from the KCC, MOPAS and MKE to MSIP, KCC and MSPA. For this reason, the responsible departments are mentioned in this document according to the current government organization. ● MSIP(Ministry of Science, ICT and Future Planning), KCC(Korea Communications Commission), MSPA(Ministry of Security and Public Administration), KISA(Korea Internet & Security Agency) 2013 Korea Internet White Paper 2013 Korea Internet White Paper Publisher’s Message By June of 2013, the number of Korean smartphone users exceeded 35 million, with 65% subscribing to LTE services. The paradigm is quickly shifting from the wired Internet to the wireless Internet. Also, as seen by the recent Gangnam Style craze that spread globally via YouTube, social media has proven to be a very powerful and irreversible aspect of contemporary life. As the use of the wireless Internet has been rapidly increasing so too has the spread of malicious mobile codes and new frauds like smishing.
    [Show full text]
  • Construction” Is Building the Kind of Future That People Want
    We Build the Great www.skec.com Great Life, Great World Connection Dreams Affluence Co-existence 01 We Build the Great 6 1 02 Meaning of the Mission We Build the Great 10 CEO’s Message Great Life, Great World 12 Management System 16 Technologies 22 Civil Works 30 Architecture & Housing Works We are building a greater 40 Oil & Gas, Petrochemical Plant Works 48 Power Plant Works tomorrow with an open mind, 54 u-Business Works reaching out to the world. 60 Corporate Social Responsibility 62 Corporate History 64 Global Network 66 SK Group We embrace others and leave lasting impressions on them. For us, “construction” is building the kind of future that people want. By thinking big, SK Engineering & Construction(SK E&C) is making a more beautiful world for all. 2 3 Connection People meet. Minds connect. Communicating with others, SK E&C is bringing different worlds together. 4 5 Dreams A new world is unfolding. Greater hope is bursting forth. SK E&C is building special dreams of a future filled with promise and well being. 6 7 Affluence We are helping to build the future everyone wants and to usher in a better tomorrow. SK E&C is building a more affluent world, where people can enjoy greater convenience and bounty. 8 9 Co-existence We are shaping a future in which people and nature can live in concert. SK E&C is creating environments for co-existence, a world where technology and the environment blend in harmony. skec / CEO’s Message 10 11 SK Engineering & Construction is committed to from these EPC projects have enabled us to expand As a total solution provider, SK E&C are fully Demonstrating create a better world for all people under the vision our involvement in independent power plant (IPP) committed to make a better world and improve the of a top-tier urban developer and infrastructure development projects and O&M services.
    [Show full text]
  • SK Holdings (034730 KS/Buy)
    SK Holdings (034730 KS/Buy) Biotech business deserves revaluation Holding companies SK Biopharmaceuticals’ epilepsy drug expected to hit the market in 2018 News Comment On March 14th, SK Holdings’ wholly-owned subsidiary SK Biopharmaceuticals announced that it successfully completed the phase 2 clinical trial for its new epilepsy drug (YKP3089), and has March 15, 2016 reached an agreement with the US FDA on the terms of the drug’s phase 3 trial and approval. (Note: SK Biopharmaceuticals was spun off from SK Holdings’ Life Science unit in April 2011 and focuses on developing new drugs.) Daewoo Securities CCCo.,Co., Ltd. SK Biopharmaceuticals conducted phase 2a and 2b trials in the US, Europe, and Asia over the past four years. In the 2b trial, the drug was proven to be twice more effective than existing [Holding Companies/IT treatments, reducing the frequency of seizures by 55%. Services] Dae-ro Jeong What’s noteworthy is that the FDA has allowed the company to file a new drug application +822-768-4160 using the efficacy data of the phase 2 trials alone, given the drug’s greater efficacy and safety [email protected] compared to existing therapies. This means the company will be able to skip efficacy testing and perform only long-term safety assessments in the phase 3 trials. Yoon-seok Seo +822-768-4127 The company is aiming to file for FDA approval in 2017 and launch the drug globally in 2018. [email protected] The company expects the drug to become a blockbuster, with annual sales of over W1tr and OP margin of at least 50% in the US alone, based on sales data of the current leading epilepsy treatments—Vimpat and Keppra from UCB Pharma.
    [Show full text]
  • Sk Telecom Co., Ltd
    SK TELECOM CO., LTD. ANNUAL FINANCIAL REPORT (From January 1, 2019 to December 31, 2019) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF April 2020 COMMISSION FILE NUMBER 333-04906 SK Telecom Co., Ltd. (Translation of registrant’s name into English) Euljiro65(Euljiro2-ga), Jung-gu Seoul 100-999, Korea (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F _ Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
    [Show full text]
  • Annual Financial Report of Kt Corporation
    ANNUAL FINANCIAL REPORT OF KT CORPORATION (From January 1, 2012 to December 31, 2012) Table of Contents I. Corporate General ........................................................................................ 3 1. Corporate Purpose of KT Corporation .......................................................... 3 2. History ............................................................................................... 3 3. Total Number of Shares and Related Matters ................................................ 4 4. Voting Rights ....................................................................................... 6 5. Dividends and Related Matters .................................................................. 6 II. Business Details........................................................................................... 7 1. Overview ............................................................................................ 7 2. Main Products and Services ..................................................................... 25 3. Matters Related to Revenue .................................................................... 30 4. Research and Development Activities ........................................................ 41 5. Other Matters Necessary for Making Investment Decisions................................ 42 III. Financial Information ................................................................................. 43 1. Summary of Financial Statements (Consolidated) .......................................... 43 2.
    [Show full text]
  • SK TELECOM CO LTD (Form: 20-F, Filing Date: 06/30/2009)
    SECURITIES AND EXCHANGE COMMISSION FORM 20-F Annual and transition report of foreign private issuers pursuant to sections 13 or 15(d) Filing Date: 2009-06-30 | Period of Report: 2008-12-31 SEC Accession No. 0000950123-09-018923 (HTML Version on secdatabase.com) FILER SK TELECOM CO LTD Mailing Address Business Address 11, EULJIRO2-GA 11, EULJIRO2-GA CIK:1015650| IRS No.: 999999999 | Fiscal Year End: 1231 JUNG-GU JUNG-GU Type: 20-F | Act: 34 | File No.: 333-04906 | Film No.: 09917861 SEOUL M5 100-999 SEOUL KOREA M5 100-999 SIC: 4812 Radiotelephone communications 82-2-6100-1639 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents As filed with the Securities and Exchange Commission on June 30, 2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission file number 1-14418 SK Telecom Co., Ltd.
    [Show full text]
  • SK TELECOM CO LTD Form 20-F Filed 2018-04-27
    SECURITIES AND EXCHANGE COMMISSION FORM 20-F Annual and transition report of foreign private issuers pursuant to sections 13 or 15(d) Filing Date: 2018-04-27 | Period of Report: 2017-12-31 SEC Accession No. 0001193125-18-136633 (HTML Version on secdatabase.com) FILER SK TELECOM CO LTD Mailing Address Business Address 11, EULJIRO2-GA 11, EULJIRO2-GA CIK:1015650| IRS No.: 999999999 | Fiscal Year End: 1231 JUNG-GU JUNG-GU Type: 20-F | Act: 34 | File No.: 333-04906 | Film No.: 18780979 SEOUL M5 100-999 SEOUL KOREA M5 100-999 SIC: 4812 Radiotelephone communications 82-2-6100-1639 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents As filed with the Securities and Exchange Commission on April 27, 2018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission file number 1-14418 SK Telecom Co., Ltd. (Exact name of Registrant as specified in its charter) SK Telecom Co., Ltd. (Translation of Registrants name into English) The Republic of Korea (Jurisdiction of incorporation or organization) SK T-Tower 65, Eulji-ro, Jung-gu, Seoul, Korea (Address of principal executive offices) Ms.
    [Show full text]
  • Sk Telecom Co., Ltd
    APCPCWM_4828539:WP_GLOBAL_PFWP_GLOBAL_PF APCPCWM_4828539:WP_GLOBAL_PFWP_GLOBAL_PF SK TELECOM CO., LTD. ANNUAL FINANCIAL REPORT (From January 1, 2013 to December 31, 2013) APCPCWM_4828539:WP_GLOBAL_PFWP_GLOBAL_PF APCPCWM_4828539:WP_GLOBAL_PFWP_GLOBAL_PF ALL REFERENCES TO THE “COMPANY,” “WE,” “US,” OR “OUR” SHALL MEAN SK TELECOM CO., LTD. AND, UNLESS THE CONTEXT OTHERWISE REQUIRES, ITS CONSOLIDATED SUBSIDIARIES. REFERENCES TO “SK TELECOM” SHALL MEAN SK TELECOM CO., LTD., BUT SHALL NOT INCLUDE ITS CONSOLIDATED SUBSIDIARIES. UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA (“K-IFRS”) WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES. APCPCWM_4828539:WP_GLOBAL_PFWP_GLOBAL_PF APCPCWM_4828539:WP_GLOBAL_PFWP_GLOBAL_PF Table of Contents I. Company Overview ................................................................................................................... 3 II. Business .................................................................................................................................. 16 III. Financial Information............................................................................................................. 30 IV. Auditor’s Opinion .................................................................................................................
    [Show full text]
  • SK Holdings, Doosan Corp., Hanwha Corp., and CJ Corp.); Based on Nov
    2020 Outlook Conglomerates Winds of change Dae-ro Jeong +822-3774-1634 [email protected] Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. Contents I. 2019 review 3 II. 2020 outlook 5 III. Major shareholders and inheritance taxes 10 IV. Key issues by group 27 V. Top picks 50 I. 2019 review Undiscovered, undervalued, and rebounding Holding companies > KOSPI Holding companies < KOSPI (Jul. 2010-Apr. 2011) The values of holding companies’ unlisted subsidiaries (May 2011-May 2012) Corporate governance regulations were introduced increased. (restrictions on related-party transactions, etc.). (Jun. 2012-Aug. 2015) Major conglomerates overhauled their corporate (Sep. 2015-Feb. 2017) Regulators sought stronger restrictions on holding structures/governance, and holding companies received valuation premiums. companies via the Monopoly Regulation and Fair Trade Act (MRFTA), etc. (Mar. 2017-Feb. 2018) Minority shareholder rights strengthened, and (Mar. 2018-Aug. 2019) External uncertainties increased; holding companies stewardship code expectations increased. received steeper valuation discounts. Holding companies vs. the KOSPI (1/1/10=100) 200 Holding companies KOSPI 180 160 140 120 100 80 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Notes: Combined market cap of top five holding companies (LG Corp., SK Holdings, Doosan Corp., Hanwha Corp., and CJ Corp.); based on Nov. 15, 2019 closing prices Source: WISEfn, Mirae Asset Daewoo Research 3| 2020 Outlook [Conglomerates] Mirae Asset Daewoo Research I. 2019 review Discount to net asset value (NAV): Valuations at historical lows LG Corp.
    [Show full text]