Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<div class="content-highlight"><p><strong>We have a positive view on <a href="https://www.smartkarma.com/entities/24075" target="_blank" data-smartkarma-citation="entities:24075:1">Hyundai Heavy Industries Holdings (267250 KS)</a> (HHIH). Our sum-of-the-parts analysis suggests a base case implied value per share of 499,600 won, which would represent an 18% upside from current levels. </strong>The biggest IPO in Korea is expected to be Hyundai Oilbank, in which HHIH has a 91.1% stake. The Hyundai Oilbank IPO is expected to be completed in 4Q18. Given that the stock market tends to look forward 6-12 months, the expectation of the biggest IPO in Korea (Hyundai…</p></div>

We have a positive view on Hyundai Heavy Industries Holdings (267250 KS) (HHIH). Our sum-of-the-parts analysis suggests a base case implied value per share of 499,600 won, which would represent an 18% upside from current levels. The biggest IPO in Korea is expected to be Hyundai Oilbank, in which HHIH has a 91.1% stake. The Hyundai Oilbank IPO is expected to be completed in 4Q18. Given that the stock market tends to look forward 6-12 months, the expectation of the biggest IPO in Korea (Hyundai…

Hyundai Heavy Industries Holdings - Update on Its Implied Valuation

Japan

Kawasaki & Co., Ltd. designs, develops, and distributes original chenille fabric products.  The products include towels, purses, and interior goods. Kawasaki also owns commercial warehouses and operates rental warehouses mainly in Osaka city area.

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Kawasaki & (3045 JP)

Hyundai Heavy Industries Holdings - Update on Its Implied Valuation

We have a positive view on Hyundai Heavy Industries Holdings (267250 KS) (HHIH). Our sum-of-the-parts analysis suggests a base case implied value...

Douglas Kim

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