Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul><li>Asiana IDT is expected to complete its IPO in 4Q17. <a href="https://www.smartkarma.com/entities/1896" target="_blank" data-smartkarma-citation="entities:1896:1">Asiana Airlines (020560 KS)</a> owns a 100% stake of Asiana IDT. The IPO of Asiana IDT should have a positive impact on Asiana Airlines. Typically (but not always), the IPO of a successful affiliate such as Asiana IDT pushes up its parent's stock price (in this case Asiana Airlines) leading up to the IPO. However, post the completion of the IPO, some of the investors sell into the "IPO event." </li><li>Established in 1991, Asiana IDT (Asiana Information and Decision Technology) provides IT services to the Kumho Asiana Group companies such as Asiana Airlines. Asiana IDT provides various system integration (SI), ERP (Enterprise Resource Planning), and other IT services. The company provides flight &amp; cargo management, passenger services, reservation, ticketing, fleet control, and transport management services for the airlines. In addition, the company provides airport system integration and airport IT outsourcing services. </li><li>One of the comparable companies to Asiana IDT is <a href="https://www.smartkarma.com/entities/5198" target="_blank" data-smartkarma-citation="entities:5198:1">Posco Ict Co Ltd (022100 KS)</a>, which has a similar business model of being the system integrator for POSCO. <a href="https://www.smartkarma.com/entities/5198" target="_blank" data-smartkarma-citation="entities:5198:1">Posco Ict Co Ltd (022100 KS)</a> is trading at 18x P/E based on 2017 earnings. Asiana Airlines currently has a market cap of 1.0 trillion won.</li></ul>

Asiana IDT is expected to complete its IPO in 4Q17. Asiana Airlines (020560 KS) owns a 100% stake of Asiana IDT. The IPO of Asiana IDT should have a positive impact on Asiana Airlines. Typically (but not always), the IPO of a successful affiliate such as Asiana IDT pushes up its parent's stock price (in this case Asiana Airlines) leading up to the IPO. However, post the completion of the IPO, some of the investors sell into the "IPO event." Established in 1991, Asiana IDT (Asiana Information and Decision Technology) provides IT services to the Kumho Asiana Group companies such as Asiana Airlines. Asiana IDT provides various system integration (SI), ERP (Enterprise Resource Planning), and other IT services. The company provides flight &amp; cargo management, passenger services, reservation, ticketing, fleet control, and transport management services for the airlines. In addition, the company provides airport system integration and airport IT outsourcing services. One of the comparable companies to Asiana IDT is Posco Ict Co Ltd (022100 KS), which has a similar business model of being the system integrator for POSCO. Posco Ict Co Ltd (022100 KS) is trading at 18x P/E based on 2017 earnings. Asiana Airlines currently has a market cap of 1.0 trillion won.

South Korea

Asiana IDT Inc. provides information and technology services. The Company offers information and communications technology, computer system integration consulting and construction, and other services. Asiana IDT offers services worldwide.

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Asiana IDT Inc (AIDTZ KS)

Asiana IDT IPO Preview (Part 1)

Asiana IDT is expected to complete its IPO in 4Q17. Asiana Airlines (020560 KS) owns a 100% stake of Asiana IDT. The IPO of Asiana IDT should have...

Douglas Kim

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