Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.</li>
<li>The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.</li>
<li>Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. </li>
</ul>


One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.
The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.
Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. 


One Store IPO: Changes Comps But Maintains Same IPO Price Range

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its Korean IPO.</li>
<li>One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.</li>
<li>Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.
Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.


One Store IPO - Refiling Updates, No Change to Price Tag

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its Korean IPO.</li>
<li>One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.</li>
<li>Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations.


One Store IPO - Outpaced Industry, Bottom-End Seems Justified

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666" rel="noopener">Apple Inc (AAPL US)</a> acquires UE BizHub Central at Ang Mo Kio for S$55m from United Engineers</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> looks to pick up more Asia-Pac Data Centre hubs</li><li><a href="https://www.smartkarma.com/entities/hotel-properties-ltd" target="_blank" data-smartkarma-citation="entities:5801" rel="noopener">Hotel Properties Limited (HPL SP)</a> to reap S$29m gain from London hotel sale</li></ul>

Apple Inc (AAPL US) acquires UE BizHub Central at Ang Mo Kio for S$55m from United EngineersKeppel DC REIT (KDCREIT SP) looks to pick up more Asia-Pac Data Centre hubsHotel Properties Limited (HPL SP) to reap S$29m gain from London hotel sale

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

<ul>
<li>Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).</li>
<li>Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. </li>
<li>In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).</li>
</ul>


Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).
Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. 
In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).


United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

One Store IPO: Changes Comps But Maintains Same IPO Price Range

The bankers used new comps in the OneStore IPO valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than...

Douglas Kim

One Store IPO - Refiling Updates, No Change to Price Tag

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store delayed its bookbuild by two weeks, with book building slated to...

Clarence Chu

One Store IPO - Outpaced Industry, Bottom-End Seems Justified

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. Given the lack of direct peers, one way to look at valuation would be to...

Clarence Chu

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

KDCREIT to pick up more APAC DC hubs; HPL exits Hilton London; Vista REIT strong pipeline from VLL; SENTRAL Klang Valley office under pressure

SCCM Asia Research

OneStore IPO Valuation Analysis

Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point...

Douglas Kim

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