APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> is looking to raise up to US$318m in its Korean IPO.</li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.</li>
<li>In our previous notes, we assessed the company’s past performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share our updated thoughts on valuation.</li>
</ul>



Doosan Robotics (454910 KS) is looking to raise up to US$318m in its Korean IPO.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In our previous notes, we assessed the company’s past performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share our updated thoughts on valuation.


Doosan Robotics IPO - Updated Thoughts on Valuation - Sentiments Going Out of Control

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Our updated NAV analysis of Doosan Corp (000150 KS) suggests implied market cap of 3.6 trillion won or target price of 217,392 won which is 47% higher than current price. </li>
<li>To value Doosan Corp, we have assumed a market value of 2.8 trillion won for Doosan Robotics (454910 KS).</li>
<li>The sharp increase in share price of Doosan Corp today (up 28%) is likely to have been a reflection of the initial strong demand for Doosan Robotics IPO.  </li>
</ul>


Our updated NAV analysis of Doosan Corp (000150 KS) suggests implied market cap of 3.6 trillion won or target price of 217,392 won which is 47% higher than current price. 
To value Doosan Corp, we have assumed a market value of 2.8 trillion won for Doosan Robotics (454910 KS).
The sharp increase in share price of Doosan Corp today (up 28%) is likely to have been a reflection of the initial strong demand for Doosan Robotics IPO.  


Updated NAV Analysis of Doosan Corp Amid IPO of Doosan Robotics

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a>, <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (1822695D US)</a>, <a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, <a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> IPOs and <a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a> de-SPAC.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a>, <a href="https://www.smartkarma.com/entities/intage-holdings-inc" target="_blank" data-smartkarma-citation="entities:3151:1" rel="noopener">Intage Holdings (4326 JP)</a>, <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Doosan Robotics (454910 KS), ARM Holdings (1822695D US), VNG (VinaGame) (VNG US), Integral Corporation (5842 JP) IPOs and Aquila Acquisition Corporation (7836 HK) de-SPAC.
Event-Driven developments - JMDC (4483 JP), Intage Holdings (4326 JP), Mason Group Holdings (273 HK), Liontown Resources (LTR AU), Newcrest Mining (NCM AU), Orecorp Ltd (ORR AU). 


Weekly Deals Digest (10 Sep) - JMDC, Intage, Mason, Liontown, Newcrest, ARM, Integral, Doosan, VNG

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/doosan-robotics-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:111689" rel="noopener">Doosan Robotics IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/doosan-robotics-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111820" rel="noopener">Doosan Robotics IPO: The Bear Case</a>. </li>
<li>In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.</li>
</ul>



Doosan Robotics (454910 KS) is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO. 
We previously discussed the IPO in Doosan Robotics IPO: The Bull Case and Doosan Robotics IPO: The Bear Case. 
In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.


Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> last week started to rally, so we want to look at WEEKLY resistance levels to evaluate where the current rally could end.</li>
<li>MRM Resistance Levels where the rally could stop are: 339, 348, 356.</li>
<li>Based on the current MRM pattern reading we expect the index to either roll down this week, or to rally for +2 more weeks (CC=+4) and then go down.</li>
</ul>


The KOSPI 200 INDEX last week started to rally, so we want to look at WEEKLY resistance levels to evaluate where the current rally could end.
MRM Resistance Levels where the rally could stop are: 339, 348, 356.
Based on the current MRM pattern reading we expect the index to either roll down this week, or to rally for +2 more weeks (CC=+4) and then go down.


EQD | KOSPI 200 Index Approaching Resistance

South Korea

Doosan Co., Ltd operates as a diversified manufacturing and service company. The Company conducts electronic components production, logistics equipment manufacturing, information technology consulting, and other businesses. Doosan provides services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Doosan Corp (000150 KS)

Doosan Robotics IPO - Updated Thoughts on Valuation - Sentiments Going Out of Control

Doosan Robotics (454910 KS) is looking to raise up to US$318m in its Korean IPO. In this note, we share our updated thoughts on valuation.

Ethan Aw

Updated NAV Analysis of Doosan Corp Amid IPO of Doosan Robotics

Our updated NAV analysis of Doosan Corp (000150 KS) suggests implied market cap of 3.6 trillion won or target price of 217,392 won which is 47%...

Douglas Kim

Weekly Deals Digest (10 Sep) - JMDC, Intage, Mason, Liontown, Newcrest, ARM, Integral, Doosan, VNG

Last week, notable developments occurred in Event-Driven (JMDC, Intage, Mason, Liontown, Newcrest, OreCorp, United Malt, MPI) and ECM (Doosan...

Arun George

Doosan Robotics IPO: Valuation Insights

The syndicate has disclosed an additional valuation methodology based on peers’ trailing P/S multiple in an updated prospectus. The P/S methodology...

Arun George

EQD | KOSPI 200 Index Approaching Resistance

The KOSPI 200 is rallying, check MRM resistance levels to evaluate how far it can go before rolling down. The index should either decline this week...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)