We reinstate coverage of SK Innovation. The company looks promising as its: 1)refining margin is on a longer-term uptrend; 2) chemical earnings should keepgrowing amid an expansion phase of the NCC cycle; and 3) shares are offeringhigher dividends while remaining attractively valued.    We recommend BUY a with a 12-month target price of KRW260,000(based on 1.17x2018P/B). The company, as an added bonus, has a battery business that shouldeventually benefit from EV market growth.

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