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Korean chaebol units don’t have sound liquidity levels: study

Collected: 2017.03.28

Distributed: 2017.03.29

Source: Go Direct

Only four out of 19 South Korean major enterprises worth 10 trillion won ($9 billion) or more have enough liquid assets to meet current liabilities that must be repaid within a year, according to a study by the Maeil Business Newspaper.

The fiscal 2016 financial statements of 19 major companies showed just four listed members with a current ratio of 2.0 or above. There are a total of 30 large-sized enterprises in Korea with market capitalization of 10 trillion won but financial institutions and those that have not disclosed earnings reports were excluded in the study.

A current ratio specifies how much of the current assets could be quickly converted into cash to cover current liabilities. A company with current ratio of 2.0 or above is deemed safe as 1.0 would mean equal liquidity.

Those with safest liquidity level were Samsung SDS with a ratio of 3.38, Samsung Electronics Co. with 2.59. SK Hynix Inc. with 2.37 and Hyundai Mobis with 2.07.

Among Samsung Group units biopharmaceutical unit Samsung BioLogics Co. had a current ratio of 0.59 and its holding company Samsung C&T Corp. 0.91.

Among SK Group, SK Telecom Co. showed a current ratio with 0.93 and its holding entity SK Holdings Co. 0.55, underscoring the group’s relatively high indebtedness. Companies with low liquidity levels performed poorly against its peers on the stock market.

By Moon Il-ho

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