Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Base case valuation of Lumir is target price of 18,542 won per share. Given the low upside relative to IPO price range, we have a Negative view of this IPO. </li>
<li>Our net profit estimates in 2025 and 2026 are 38% and 63.3% lower than the company's estimates.</li>
<li>Lumir provides key technologies for satellite systems, including small synthetic aperture radar (SAR) satellite systems and payloads.</li>
</ul>


Base case valuation of Lumir is target price of 18,542 won per share. Given the low upside relative to IPO price range, we have a Negative view of this IPO. 
Our net profit estimates in 2025 and 2026 are 38% and 63.3% lower than the company's estimates.
Lumir provides key technologies for satellite systems, including small synthetic aperture radar (SAR) satellite systems and payloads.


<ul>
<li>Lumir is getting ready to complete its IPO on KOSDAQ in September. The IPO which is expected to raise between 49.5 billion won to 61.5 billion won.</li>
<li>Lumir specializes in the development of observation satellite technology including image data processing devices and onboard computers for a number of government satellite series.</li>
<li>Lumir had sales of 12.1 billion won (up 90.5% YoY) in 2023. Its sales surged by 477% YoY to reach 8.2 billion won in 1H24.</li>
</ul>


Lumir is getting ready to complete its IPO on KOSDAQ in September. The IPO which is expected to raise between 49.5 billion won to 61.5 billion won.
Lumir specializes in the development of observation satellite technology including image data processing devices and onboard computers for a number of government satellite series.
Lumir had sales of 12.1 billion won (up 90.5% YoY) in 2023. Its sales surged by 477% YoY to reach 8.2 billion won in 1H24.


South Korea

Lumir Inc. operates communication system development businesses. The Company develops satellite systems, image processing systems, control systems, and other products. Lumir conducts businesses in South Korea.

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Lumir (474170 KS)

Lumir IPO Valuation Analysis

Base case valuation of Lumir is target price of 18,542 won per share. Given the low upside relative to IPO price range, we have a Negative view of...

Douglas Kim

Lumir IPO Preview

Lumir is getting ready to complete its IPO on KOSDAQ. Lumir specializes in the development of observation satellite technology including image data...

Douglas Kim

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