Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Hyundai Hyms reported excellent IPO bookbuilding results. IPO price has been determined at 7,300 won per share, which is 16% higher than the high end of the IPO price range.</li>
<li>A total of 2,099 institutional investors participated in this IPO book building. The demand ratio was 681 to 1. Hyundai Hyms IPO will start trading on 26 January.</li>
<li>Given the solid upside, we expect investors to push up the share price above the high end of our IPO sensitivity analysis (9,092 won) in the first day of trading. </li>
</ul>


Hyundai Hyms reported excellent IPO bookbuilding results. IPO price has been determined at 7,300 won per share, which is 16% higher than the high end of the IPO price range.
A total of 2,099 institutional investors participated in this IPO book building. The demand ratio was 681 to 1. Hyundai Hyms IPO will start trading on 26 January.
Given the solid upside, we expect investors to push up the share price above the high end of our IPO sensitivity analysis (9,092 won) in the first day of trading. 


Hyundai Hyms IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of Hyundai Hyms is implied target price of 8,025 won per share, which is 27% higher than the high end of the IPO price range. </li>
<li>We believe Hyundai Hyms' valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships with HD Hyundai Heavy Industries.</li>
<li>Hyundai Hyms's main business includes shipbuilding equipment and related services. The company manufactures a wide variety of items necessary for ship construction, such as ship unit blocks and piping manufacturing.</li>
</ul>


Our base case valuation of Hyundai Hyms is implied target price of 8,025 won per share, which is 27% higher than the high end of the IPO price range. 
We believe Hyundai Hyms' valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships with HD Hyundai Heavy Industries.
Hyundai Hyms's main business includes shipbuilding equipment and related services. The company manufactures a wide variety of items necessary for ship construction, such as ship unit blocks and piping manufacturing.


<ul>
<li>Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won. </li>
<li>The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares. </li>
<li>Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms's main business includes shipbuilding equipment and related services. </li>
</ul>


Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won. 
The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares. 
Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms's main business includes shipbuilding equipment and related services. 


Douglas Research Advisory

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>In this insight, we review the share price performances of the top 13 IPOs (in terms of market cap) in Korea in the past 8 months. </li>
<li>We review the the share price performances over different time periods (1 day, 1 week,  and 1 month). We also analyze the demand ratios and lock-up periods of the IPOs. </li>
<li>On average, 12.7% of the IPO shares are under lockup periods for the 13 companies listed below. HD Hyundai Marine Solution IPO has 45.8% of shares under lock-up.</li>
</ul>


In this insight, we review the share price performances of the top 13 IPOs (in terms of market cap) in Korea in the past 8 months. 
We review the the share price performances over different time periods (1 day, 1 week,  and 1 month). We also analyze the demand ratios and lock-up periods of the IPOs. 
On average, 12.7% of the IPO shares are under lockup periods for the 13 companies listed below. HD Hyundai Marine Solution IPO has 45.8% of shares under lock-up.


A Review of Post IPO Price Performance of Top 13 IPOs in Korea Past 8 Months

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>LS Materials completed its 15-day review but hasn't been announced for fast entry, likely due to KRX's Korean document disclosing the effective date starting February 1, 2024.</li>
<li>LS Materials will be in the June rebalancing, having not met the 6-month listing requirement for the June review, thus subject to the special entry rule.</li>
<li>Hyundai Hyms, surging 300% from IPO, ranks 58th by market cap, poised for KOSDAQ 150 entry. If successful, Unitest will be removed.</li>
</ul>


LS Materials completed its 15-day review but hasn't been announced for fast entry, likely due to KRX's Korean document disclosing the effective date starting February 1, 2024.
LS Materials will be in the June rebalancing, having not met the 6-month listing requirement for the June review, thus subject to the special entry rule.
Hyundai Hyms, surging 300% from IPO, ranks 58th by market cap, poised for KOSDAQ 150 entry. If successful, Unitest will be removed.


Clarifying KOSDAQ 150 Fast Entry Confusions: LS Materials & Hyundai Hyms

South Korea

Hyundai Hyms Co., Ltd. manufactures and distributes shipbuilding components. The Company produces fore blocks, aft blocks, ship pipes and steel outfittings, steel pretreatment, section cutting and built up, and other related products. Hyundai Hyms also produces gas generators.

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Hyundai Hyms (460930 KS)

Hyundai Hyms IPO Bookbuilding Results Analysis

Hyundai Hyms reported excellent IPO bookbuilding results. IPO price has been determined at 7,300 won per share, which is 16% higher than the high...

Douglas Kim

Hyundai Hyms IPO Valuation Analysis

We believe Hyundai Hyms' valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships...

Douglas Kim

Hyundai Hyms IPO Preview

Hyundai Hyms, which specializes in shipbuilding equipment, is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount...

Douglas Kim

A Review of Post IPO Price Performance of Top 13 IPOs in Korea Past 8 Months

In this insight, we review the share price performances of the top 13 IPOs (in terms of market cap) in Korea in the past 8 months. We also analyze...

Douglas Kim

Clarifying KOSDAQ 150 Fast Entry Confusions: LS Materials & Hyundai Hyms

This post investigates the complexities of the newly introduced KOSDAQ 150 fast entry rules, addressing the ambiguity surrounding recent IPOs, LS...

Sanghyun Park

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