DOCSLIB.ORG

SK Telecom (017670 KS/Buy)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SK Telecom (017670 KS/Buy) SK Telecom (017670 KS/Buy) Share repurchase and subsidiary acquisition Telecom Service SKT disclosed share repurchase plan and decision to acquire SK Communications Scale of share repurchase is 30% larger than the original plan; Positive for the stock Issue Comment Acquisition of SK Communications is necessary to be in compliance with the MRFTA September 25, 2015 Share repurchase is positive; Acquisition of SK Communications was inevitable Daewoo Securities CCo.,o., Ltd. 1) Share repurchase to boost shareholder value [Telecom Service / Media] SK Telecom (SKT) disclosed yesterday its plan to buy back W523.2bn worth of its shares Jee-hyun Moon (2.02mn shares) from September 25 th to December 24 th . This amount is around 30% higher +822-768-3615 than the firm originally planned. SKT aims to boost shareholder value through the buyback. [email protected] th Following a share swap on June 9 with SK Broadband (to convert the firm into a wholly- owned subsidiary), SKT’s treasury shares declined from 9.8mn to 8.11mn (as of end-June). This move negatively affected its stock price. After the planned stock repurchase, the number of treasury shares is anticipated to rise to 10.13mn (12.5% of total shares). The firm is expected to increase its year-end dividend payments regardless of the repurchase plan. SKT’s stock closed yesterday at W261,500, equivalent to a 2015F P/E of 11.1x (13% lower than the upper P/E band over the past year) and a P/B of 1.2x (17% lower than the upper P/B band over the past year). The firm’s ROE is similar to the global peer group average of 12%, but its 2015F P/E is 54% lower than the average of 17x, suggesting that the stock is deeply undervalued relative to its global peers. Moreover, the telco’s earnings are projected to improve in 2H compared to 1H. As such, its decision to repurchase shares should be positive for the stock price. 2) SKT to acquire SK Communications from SK Planet to conform to the MRFTA SKT decided to acquire SK Communications (066270 KQ) by purchasing 28.02mn shares (64.54% stake) from SK Planet. The decision was likely inevitable due to the requirements of the Monopoly Regulation and Fair Trade Act (MRFTA). The acquisition will be made in the form of distribution in kind (61.05% stake; 26.52mn shares) and over-the-counter contracts (3.46% stake; 1.5mn shares; W11.1bn in cash). SK Communications is a third-tier subsidiary of SK Holdings, a second-tier subsidiary of SKT, and a first-tier subsidiary of SK Planet. As the MRFTA requires second-tier subsidiaries to wholly own third-tier subsidiaries, SK Planet (as a second-tier subsidiary of SK Holdings) decided to dispose of its stake in SK Communications to be in compliance; with SKT’s acquisition, SK Communications will become a second-tier subsidiary of SK Holdings. FY (Dec.) 12/12 12/13 12/14 12/15F 12/16F 12/17F Revenue (Wbn) 16,141 16,602 17,164 17,575 18,099 18,627 OP (Wbn) 1,730 2,011 1,825 1,890 2,028 2,040 OP margin (%) 10.7 12.1 10.6 10.8 11.2 11.0 NP (Wbn) 1,152 1,639 1,801 1,895 1,991 2,009 EPS (W) 14,263 20,298 22,307 23,465 24,663 24,876 ROE (%) 9.8 13.0 12.9 12.8 12.6 11.8 P/E (x) 10.7 11.3 12.0 11.1 10.6 10.5 P/B (x) 0.9 1.2 1.3 1.2 1.1 1.1 Note: All figures are based on consolidated K-IFRS; NP refers to profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including t he U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT. September 25, 2015 SK Telecom To be in compliance, SK Planet was originally slated to sell 22.14mn shares of SK Communications to IHQ. Under a plan announced on August 26 th , SK Planet would have sold SK Communications shares to IHQ in return for IHQ shares (via a rights offering with a third- party allotment). However, the deal was canceled on September 23 rd , as C&M, the largest shareholder of IHQ, still had not received approval from its creditor. We believe the cancellation led SKT to come forward to buy the company. The acquisition will change the status of SK Communications to a second-tier subsidiary within the SK Group and a subsidiary of SKT. The acquisition date is October 1 st , three days ahead of the end of the grace period for addressing the third-tier subsidiary issue (October 4th ). Since SK Communications is a listed firm, the acquisition price was calculated based on the September 24 th closing price. SKT will acquire a 61.08% stake in SK Communications from SK Planet via interim stock dividend. As such, the actual cash that SKT needs to acquire SK Communications is estimated at only W11.1bn. In 2014, SK Communications posted revenue of W93.9bn and a net loss of W18.3bn. We think the impact of the acquisition on SKT’s earnings will be limited, as SK Communications’ earnings have already been consolidated in SKT. In the announcement, SKT said the acquisition was aimed at engaging in a next-generation platform business and creating synergies. From a short-term perspective, however, we believe the decision was made in order to comply with the MRFTA. Whether SKT in fact makes strategic use of SK Communications’ services and assets deserves close attention, as the company has announced a mid- to long-term plan to enhance its corporate value. As of end-1H, SKT’s cash holdings stood at W155.6bn. Including investments in short-term financial products, cash holdings are estimated at W555.7bn. On a consolidated basis, cash holdings are projected at W829.6bn (W1.4tr including short-term investments). For the full year, we expect consolidated net profit of W1.89tr. SKT’s acquisition of SK Communications is not the best-case scenario, in our view, but the decision was likely unavoidable with the end of the grace period approaching. In our view, the acquisition should have only a limited impact on SKT’s business in light of SK Communications’ relatively small size and value, SKT’s aggressive expansion of the platform business, and SKT’s announcement of a large-scale treasury share buyback. We maintain our Buy call on SKT with a target price of W350,000. Figure 111.1. With acquisition bybyby SKT (to comply with MRFTA), SK Communications will move up one step in the corporate structure Source: SK Group, KDB Daewoo Securities Research KDB Daewoo Securities Research 2 September 25, 2015 SK Telecom APPENDIX 1 Important Disclosures & Disclaimers 222-2---YearYear Rating and Target Price History Company (Code) DateDateDate RatingRatingRating Target Price (W) SK Telecom SK Telecom(017670) 07/31/2015 Buy 350,000 400,000 05/06/2015 Buy 360,000 10/01/2014 Buy 380,000 300,000 08/03/2014 Buy 310,000 200,000 10/29/2013 Buy 290,000 09/17/2013 Buy 280,000 100,000 0 Sep 13 Sep 14 Sep 15 Stock Ratings Industry Ratings Buy : Relative performance of 20% or greater Overweight : Fundamentals are favorable or improving Trading Buy : Relative performance of 10% or greater, but with volatility Neutral : Fundamentals are steady without any material changes Hold : Relative performance of -10% and 10% Underweight : Fundamentals are unfavorable or worsening Sell : Relative performance of -10% Ratings and Target Price History (Share price ( ─), Target price ( ▬), Not covered ( ■), Buy ( ▲), Trading Buy ( ■), Hold ( ●), Sell ( ◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based on the analyst’s estimate of future earnings. * The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. Equity Ratings Distribution BuyBuyBuy Trading Buy HoldHoldHold SellSellSell 72.36% 13.57% 14.07% 0.00% * Based on recommendations in the last 12-months (as of June 30, 2015) Disclosures As of the publication date, Daewoo Securities Co., Ltd and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding. Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Korea Financial Investment Association and are subject to Korean securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co., Ltd. policy prohibits its Analysts and members of their households from owning securities of any company in the Analyst’s area of coverage, and the Analysts do not serve as an officer, director or advisory board member of the subject companies.
Load more

Recommended publications
  • SK TELECOM CO., LTD. and SUBSIDIARIES Condensed Consolidated Interim Financial Statements (Unaudited)
    SK TELECOM CO., LTD. AND SUBSIDIARIES Condensed Consolidated Interim Financial Statements (Unaudited) June 30, 2019 and 2018 (With Independent Auditors’ Review Report Thereon) Contents Page Independent Auditors’ Review Report 1 Condensed Consolidated Statements of Financial Position 3 Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Statements of Changes in Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to the Condensed Consolidated Interim Financial Statements 10 Independent Auditors’ Review Report Based on a report originally issued in Korean To the Board of Directors and Shareholders SK Telecom Co., Ltd.: Reviewed financial statements We have reviewed the accompanying condensed consolidated interim financial statements of SK Telecom Co., Ltd. and its subsidiaries (the “Group”), which comprise the condensed consolidated statement of financial position as of June 30, 2019, the condensed consolidated statements of income and comprehensive income for the three and six- month periods ended June 30, 2019 and 2018, the condensed consolidated statements of changes in equity and cash flows for the six-month periods ended June 30, 2019 and 2018, and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s responsibility Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No.1034, Interim Financial Reporting, and for such internal controls as management determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ review responsibility Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our reviews.
    [Show full text]
  • Korean Multinationals Show Solid Recovery After Global Crisis
    Korean multinationals show solid recovery after global crisis Report dated November 16, 2010 EMBARGO: The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before November 16, 2010, 10:00 a.m. Seoul; 1 a.m. GMT, and 9:00 p.m. November 15, 2010, New York. Seoul and New York, November 16, 2010 The Institute of International Affairs of the Graduate School of International Studies (GSIS) at Seoul National University in Seoul, and the Vale Columbia Center on Sustainable International Investment (VCC) at Columbia University in New York, are releasing the first annual report on leading Korean multinationals. The research for this report was conducted in 2010 and covers the period 2007 to 2009. 1 Highlights The Republic of Korea (henceforth ‘Korea’), the 11 th largest economy in the world, has now become one of the leading investors abroad. The number and the size of the corporate giants that dominate the economy have increased over the years, boosting and diversifying their investments around the world. Korea’s multinational enterprises ranked by their foreign assets (see table 1 below) show about USD 93 billion in assets held abroad. 2 Samsung Electronics Co., Ltd. (SEC), a member of a leading Korean conglomerate, ranked 1 st with slightly over USD 18 billion, followed by another top conglomerate member, LG Electronics, with over USD 10 billion dollars. Hyundai Heavy Industries Co., Ltd, and DSME Co., Ltd, had foreign assets of over USD 8 billion each and LG Display had over USD 6 billion. The top five firms together accounted for just over half of the total foreign assets of the top 20 companies.
    [Show full text]
  • Changes and Continued Growth of Foreign Investment
    The Top 20 Korean Multinationals: Changes and Continued Growth of Foreign Investment Seoul and New York, March 5, 2015 Graduate School of International Studies at Seoul National University in Seoul, and the Columbia Center on Sustainable Investment (CCSI), a joint center of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their survey of Korean multinationals today. The survey, conducted during 2014, is part of a long-term study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets.1 The research for this report was conducted in 2014 and covers the period from 2011 to 2013.2 Highlights In 2013, the top 20 Korean multinationals, ranked by their foreign assets (See Table 1), jointly held US$68.9 billion assets abroad.3 Most firms were subsidiaries of Korea’s eight leading business groups (or chaebols), including Samsung, POSCO, LG, Hyundai Heavy Industries, Hyundai-Kia Motors, SK, Lotte, and Hyosung Group. Five out of the 20 multinationals were also included in UNCTAD’s “Top 100 non-financial TNCs from developing and transition economies” in 2012.4 The average age of the top 20 firms is about 47 years, which is two times the average age of Korea’s top 1,000 firms (ranked in terms of total assets). There is a high concentration by the top players in the list in terms of foreign assets. Among the top 20 companies, Samsung Electronics, POSCO, and Hyundai Motor Company ranked in the top three in that order. There was a significant difference between first and second place, with the foreign assets of Samsung Electronics more than doubling that of POSCO.
    [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]
  • KOREA (SOUTH) in Brazil
    EXPORTING CORRUPTION 2020 (DPA) with the US Department of Justice in 2019 to settle violations of the Foreign Corrupt Practices Act KOREA (SOUTH) in Brazil. It agreed to pay a fine of US$75 million, to be shared between US and Brazilian authorities.3 Little or no enforcement The company admitted to paying approximately US$20 million in commissions to a Brazilian intermediary, knowing that some of it would be paid to officials at Petrobras to obtain improper business 2.9% of global exports advantages. Investigations and cases A media exposé in 2016 by Australian newspaper The Age made serious allegations about the conduct In the period 2016-2019, South Korea opened at of several Korean companies in Algeria, based on 4 least one investigation, commenced two cases and leaked emails and documents. Allegations were concluded five cases with sanctions. also made of Unaoil-orchestrated foreign bribery relating to a Korean-based company’s dealings in In 2017, South Korean prosecutors in Seoul raided Libya and Qatar.5 In one case summarised by the the offices of SK Engineering and Construction, an Korea Times: “Samsung Engineering and a affiliate of South Korea's third largest conglomerate consortium led by Hyundai Engineering & SK Group. They collected hard drives and Construction and Hanwha and Daewoo were documents with information on SK's construction implicated in a rigged tender process to get a major contracts for the US military base Humphreys Camp, share of a [US]$2 billion Algerian contract to restore in connection with their investigation. SK had two decaying oil refineries [...] Leaked Unaoil emails constructed multiple buildings on the base, along and confidential documents...show how the with road, water and power networks.
    [Show full text]
  • A Tale of Two Companies: the Emerging Market for Corporate Control in Korea
    A Tale of Two Companies: The Emerging Market for Corporate Control in Korea [draft September 2006] Hwa-Jin Kim* forthcoming in A Decade After Crisis: Transforming Corporate Governance in East Asia (Hideki Kanda, Kon Sik Kim & Curtis Milhaupt eds., Routledge, 2007) “Shakespeare could hardly have written a more convoluted tale of sibling rivalry, palace intrigue and thirst for power.”1 I. Introduction Contested mergers and acquisitions emerged in the business world of Korea in the mid-1990's and have since served as a popular topic for the media. The surprising takeover of Hannong Corporation by Dongbu Group in 1994 opened the gate for such transactions in Korea. This was followed by the abolition of the statutory protection of control as of April 1, 1997. In the recent years, two or three hostile takeover attempts have taken place every year, even targeting member companies of the largest corporate groups like Hyundai and SK. The largest company in Korea, Samsung Electronics, is also said to be vulnerable to potential takeover threat by foreign competitors and/or hedge funds. KT&G’s fight against Carl Icahn and Steel Partners in early 2006 provoked public discussions on the market for corporate control and hedge fund activism in Korea. This article describes and analyzes the current status of corporate control in Korea by summarizing two recent cases together with relevant laws and regulations: SK Corporation’s (SK’s) fight against Sovereign Asset Management and contest for control over the Hyundai Group (Hyundai). Active policy discussions in respect of the market * Associate Professor of Law and Business, Seoul National University College of Law.
    [Show full text]
  • “Working at the Top in SK Group: an Insiders' Story”
    The Korea Business Interview Series “Working at the Top in SK Group: An Insiders’ Story” with Dr. Linda Myers, who was "inpatriated" to Seoul to raise global mindsets, lead global talent management, develop global policies and practices, and help accelerate globalization of the SK Group. She previously earned her masters and doctoral degrees from Harvard University. Transcript of the Interview by KBC’s Tom Tucker on November 1 Tom: Hello, and thanks for joining us today at KoreaBusinessCentral.com. My name is Tom Tucker. I’m the host today, and I’m pleased that you could join us for this latest discussion in our Korea Business Interview Series. Today I’m pleased to welcome Dr. Linda Myers, who is the first foreign female to have ever worked in South Korea at the executive level as the Vice President of Talent Management for SK Group. Linda earned her doctorate from Harvard University, and she’s built a strong career and reputation in global human resources over the past 20 years, and was recruited by SK Telecom in the summer of 2007 to help globalize its business. By early 2008, she had been promoted to the role of Vice President of Talent Management for SK Holding Company, the keystone company of the SK Group. Linda, welcome and thanks for joining us today. It’s great to have you. Dr. Myers: I’m delighted to have been invited to join you, Tom, on the Korea Business Interview Series. Happy to be here. Tom: Well, great. Linda, let’s begin by having you tell us a little bit more about yourself, your background and your experiences before joining SK.
    [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]
  • Investment Quarterly Asia Pacific Investment Quarterly
    Asia Pacific – Q2 2020 REPORT Savills Research Investment Quarterly Asia Pacific Investment Quarterly Asia Pacific Network Savills Australia Hong Kong SAR Taiwan, China Adelaide Central Taichung Brisbane Quarry Bay (3) Taipei Asia Canberra Tsim Sha Tsui Gold Coast Thailand 5 Lindfield India Bangkok Melbourne Bangalore Notting Hill Chennai Parramatta Vietnam Gurgaon Hanoi 48 Perth Hyderabad Sunshine Coast Ho Chi Minh City Mumbai 2 South Sydney Pune Sydney Indonesia Cambodia Jakarta Phnom Penh * Japan 3 China Tokyo Beijing Changsha Chengdu Macau SAR Macau Chongqing Dalian Fuzhou Malaysia Guangzhou Johor Bahru Kuala Lumpur Haikou Australia & Penang New Zealand Hangzhou Nanjing Shanghai New Zealand Auckland Shenyang Christchurch Shenzhen Tianjin Philippines 14 Wuhan Makati City * Xiamen Bonifacio Global City * Xi’an Zhuhai Singapore Singapore (3) * South Korea Seoul Savills is a leading global real estate to developers, owners, tenants and focus on a defined set of clients, offering service provider listed on the London investors. a premium service to organisations Stock Exchange. The company, and individuals with whom we share a established in 1855, has a rich heritage These include consultancy services, common goal. with unrivalled growth. The company facilities management, space planning, now has over 600 offices and associates corporate real estate services, property Savills is synonymous with a high- throughout the Americas, Europe, Asia management, leasing, valuation and quality service offering and a premium Pacific, Africa and the Middle East. sales in all key segments of commercial, brand, taking a long-term view of residential, industrial, retail, investment real estate and investing in strategic In Asia Pacific, Savills has 62 regional and hotel property.
    [Show full text]