Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/27873" target="_blank" data-smartkarma-citation="entities:27873:1">Ecopro BM Co Ltd (247540 KS)</a> specializes in making cathode active materials for rechargeable batteries that are used in EVs and electrical energy storage systems (ESS). <a href="https://www.smartkarma.com/entities/27873" target="_blank" data-smartkarma-citation="entities:27873:1">Ecopro BM Co Ltd (247540 KS)</a> is expected to complete its IPO in late February 2019. The institutional book building starts on February 14th, 2019. The IPO deal base size ranges from $96 million to $115 million. According to the bankers' valuation, the expected market cap after the IPO would range from 796 billion won to 957 billion won. </li>
<li>The bankers selected two stocks including  <a href="https://www.smartkarma.com/entities/14300" target="_blank" data-smartkarma-citation="entities:14300:1">L&amp;F Co Ltd (066970 KS)</a> and <a href="https://www.smartkarma.com/entities/10360" target="_blank" data-smartkarma-citation="entities:10360:1">Cosmoam&amp;T (005070 KS)</a> as comparable companies to Ecopro BM. An IPO discount of 27.2% to 36.4%, the bankers derived an IPO price range of 37,500 - 42,900 won. The company's sales and profits have been surging in the past three years. In 1Q-3Q18, it generated sales of 406 billion won (up 107.6% YoY) and operating profit of 36.1 billion won (up 108.5% YoY).</li>
<li>
<a href="https://www.smartkarma.com/entities/27873" target="_blank" data-smartkarma-citation="entities:27873:1">Ecopro BM Co Ltd (247540 KS)</a> was spun off from its parent company <a href="https://www.smartkarma.com/entities/19029" target="_blank" data-smartkarma-citation="entities:19029:1">Ecopro Co Ltd (086520 KS)</a> in May 2016. Currently <a href="https://www.smartkarma.com/entities/19029" target="_blank" data-smartkarma-citation="entities:19029:1">Ecopro Co Ltd (086520 KS)</a> owns a 68.6% of <a href="https://www.smartkarma.com/entities/27873" target="_blank" data-smartkarma-citation="entities:27873:1">Ecopro BM Co Ltd (247540 KS)</a>.</li>
<li>Ecopro BM has the second largest market share in the world after Sumitomo in the NCA high nickel-based cathode materials. Ecopro BM's major customers include Samsung SDI and Murata Manufacturing Plant (TMM) (Japan). </li>
</ul>



Ecopro BM Co Ltd (247540 KS) specializes in making cathode active materials for rechargeable batteries that are used in EVs and electrical energy storage systems (ESS). Ecopro BM Co Ltd (247540 KS) is expected to complete its IPO in late February 2019. The institutional book building starts on February 14th, 2019. The IPO deal base size ranges from $96 million to $115 million. According to the bankers' valuation, the expected market cap after the IPO would range from 796 billion won to 957 billion won. 
The bankers selected two stocks including  L&amp;F Co Ltd (066970 KS) and Cosmoam&amp;T (005070 KS) as comparable companies to Ecopro BM. An IPO discount of 27.2% to 36.4%, the bankers derived an IPO price range of 37,500 - 42,900 won. The company's sales and profits have been surging in the past three years. In 1Q-3Q18, it generated sales of 406 billion won (up 107.6% YoY) and operating profit of 36.1 billion won (up 108.5% YoY).

Ecopro BM Co Ltd (247540 KS) was spun off from its parent company Ecopro Co Ltd (086520 KS) in May 2016. Currently Ecopro Co Ltd (086520 KS) owns a 68.6% of Ecopro BM Co Ltd (247540 KS).
Ecopro BM has the second largest market share in the world after Sumitomo in the NCA high nickel-based cathode materials. Ecopro BM's major customers include Samsung SDI and Murata Manufacturing Plant (TMM) (Japan). 


Ecopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials

Equity Bottom-Up

<ul>
<li>In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024. </li>
<li>The top 20 market cap rechargeable battery related stocks in Korea are down on average 15.9% YTD, underperforming KOSPI which is down 6.7% in the same period.</li>
<li>Many rechargeable battery related names in Korea continue to have lofty valuations. The 20 rechargeable battery names are trading at median P/E of 79.7x in 2023 and 39x in 2024.</li>
</ul>


In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024. 
The top 20 market cap rechargeable battery related stocks in Korea are down on average 15.9% YTD, underperforming KOSPI which is down 6.7% in the same period.
Many rechargeable battery related names in Korea continue to have lofty valuations. The 20 rechargeable battery names are trading at median P/E of 79.7x in 2023 and 39x in 2024.


A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024

South Korea

Ecopro BM Co.,Ltd develops and manufactures advanced materials. The Company produces and sells high-nickel cathode materials and other products. Ecopro BM markets its products throughout Korea.

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Ecopro BM (247540 KS)

Ecopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials

Ecopro BM Co Ltd (247540 KS) specializes in making cathode active materials for rechargeable batteries that are used in EVs and electrical energy...

Douglas Kim

A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024

In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024.

Douglas Kim

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