Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Wonbang Tech Co Ltd / Equity Capital Markets

In this insight, we provide a valuation analysis of Wonbangtech IPO. Its bookbuilding for the institutional investors starts on 8 September. We have a positive view on this IPO.Wonbangtech is one of the leading companies in Korea for providing clean room facilities for the semiconductor/display industries and dry room facilities for the lithium ion battery, medical device, and pharmaceutical production.Our base case valuation of the company is 341 billion won in market cap or 76,930 won per share, which represents 42% higher than the high end of the IPO price range of 54,300 won per share. To derive our base case valuation, we used a P/E multiple of 13.5x (average multiple of the comps) and applied it against our estimated net profit of 25.3 billion won in 2020.

In this insight, we provide a valuation analysis of Wonbangtech IPO. Its bookbuilding for the institutional investors starts on 8 September. We have a positive view on this IPO.Wonbangtech is one of the leading companies in Korea for providing clean room facilities for the semiconductor/display industries and dry room facilities for the lithium ion battery, medical device, and pharmaceutical production.Our base case valuation of the company is 341 billion won in market cap or 76,930 won per share, which represents 42% higher than the high end of the IPO price range of 54,300 won per share. To derive our base case valuation, we used a P/E multiple of 13.5x (average multiple of the comps) and applied it against our estimated net profit of 25.3 billion won in 2020.

South Korea

Global Standard Technology Co., Ltd. designs, develops, manufactures, and sells semiconductor processing equipment.  The Company's products include dry gas scrubbers and bellows.

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

Global Standard Technology (083450 KS)

Wonbangtech IPO Valuation Analysis

In this insight, we provide a valuation analysis of Wonbangtech IPO. Its bookbuilding for the institutional investors starts on 8 September.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)