Sigdo Koppers: Factor Scores Flash Green as Selling Pressure Lingers

SK, the Chilean industrial conglomerate, presents a divided picture this week: factor rankings that would satisfy most value screens sit alongside a pattern of insider-related selling that has pushed the stock steadily lower since spring.

The factor profile is the most compelling positive on the name right now. SK ranks in the 93rd percentile on earnings yield, meaning the stock screens as cheap relative to its earnings power by almost any comparable measure. The dividend score ranks in the 84th percentile, consistent with the three cash dividends paid in 2026 alone, the most recent of CLP 8.55 per share paid in September. Against that, the short-score rank of 89 suggests short sellers have limited appetite for the name, which makes sense given how little borrow activity surrounds a stock of this profile and liquidity. Taken together, the factors point to a stock the market is effectively ignoring rather than actively fighting.

The insider picture, however, has not changed since the previous note on this name. The pattern of related-party disposal that began in April continues to define the register. Inversiones Okavango SPA sold across multiple sessions at 1,627 to 1,730 CLP per share through the spring. Then, in September, the company itself disposed of 1,288,490 shares at 1,650 CLP, the single largest transaction in the 90-day window. The combined 90-day net is 1,423,345 shares sold, representing roughly CLP 2.35 billion in value. The seller in each case is a related entity rather than a named director or executive, which matters for context, but the consistency of the disposal across six months is a feature the market appears to have absorbed: the stock has drifted from around 1,730 CLP in April to 1,600 CLP today, a decline of roughly 8%.

Ownership is highly concentrated and has not moved. Three vehicles connected to the Aboitiz family group, Sociedad De Ahorro Homar Limitada, Inversiones Jutlandia Limitada, and Inversiones Kaizen Limitada, each hold exactly 100,160,000 shares, or 9.33% apiece, with no reported change through the end of 2025. Ramon Aboitiz Musatadi holds a further 8.5% directly. The top four holders alone account for more than 36% of the company. With this level of family-group concentration, daily price moves are driven more by thin secondary-market liquidity than by any shift in fundamental sentiment, and the drift lower reflects that illiquidity as much as any re-rating.

The earnings history adds a further layer of caution. The last four prints produced day-one moves of +0.12%, -0.06%, -0.54%, and -0.19%, with the May 2026 release the most damaging, producing a 5-day return of -0.29%. The next event is scheduled for 1 December 2026. With the analyst data on file dated to late 2021 and therefore too stale to carry any useful price-target reference, the setup into that print is defined almost entirely by positioning and the insider-selling trail rather than by Street consensus.

What to watch in the five weeks ahead is whether the related-party disposal activity resumes ahead of the December print, and whether the earnings yield and dividend scores are enough to attract fresh buyers into what has been a thinly traded, drift-lower tape.