Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Tailim Paper is target price of 19,692 won, which is at the low end of the IPO price range. We would pass on this IPO. </li>
<li>Our target price of 19,692 won is based on 5.8x EV/EBITDA using 2021 EBITDA. The EV/EBITDA multiple of 5.8x is at a 40% premium to the comps' average. </li>
<li>Tailim Paper has higher sales growth rate, operating margins, and ROE than its peers. However, it has a weaker balance sheet than its peers. </li>
</ul>


Our base case valuation of Tailim Paper is target price of 19,692 won, which is at the low end of the IPO price range. We would pass on this IPO. 
Our target price of 19,692 won is based on 5.8x EV/EBITDA using 2021 EBITDA. The EV/EBITDA multiple of 5.8x is at a 40% premium to the comps' average. 
Tailim Paper has higher sales growth rate, operating margins, and ROE than its peers. However, it has a weaker balance sheet than its peers. 


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

<p>This post is a summary of Hansol Technics's ₩52bil rights offer. Capital increases by 45.23%. Stockholders get new shares at a 0.37353 to 1 ratio. This is a standby underwriting. There is no cancellation risk. More details on this event are as follows.</p>

This post is a summary of Hansol Technics's ₩52bil rights offer. Capital increases by 45.23%. Stockholders get new shares at a 0.37353 to 1 ratio. This is a standby underwriting. There is no cancellation risk. More details on this event are as follows.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective.  In today's report we offer a technical appraisal of major EM markets, and offer a host of technically attractivec bottoms-up stock ideas across the EM universe.</p>

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective.  In today's report we offer a technical appraisal of major EM markets, and offer a host of technically attractivec bottoms-up stock ideas across the EM universe.

EM Equity Strategy: Cyclicals Leading, China Surging

South Korea

Hansol Artone Paper Co., Ltd. manufactures paper and related products.  The Company's products include art paper, wallpaper, printing paper, packaging paper, and boxpaper.

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

Hansol Artone Paper (007190 KS)

Tailim Paper IPO Valuation Analysis

Our base case valuation of Tailim Paper is target price of 19,692 won. We would pass on this IPO. Tailim Paper is the market leader of domestic...

Douglas Kim

Hansol Technics Rights Offer Summary

This post is a summary of Hansol Technics's ₩52bil rights offer. Capital increases by 45.23%. Stockholders get new shares at a 0.37353 to 1 ratio....

Sanghyun Park

EM Equity Strategy: Cyclicals Leading, China Surging

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)