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>In KOSPI, all eyes are on Ottogi Corporation, a constituent of the KOSPI 200 index. 8.38% of SO's shares are about to be unleashed.</li>
<li>In KOSDAQ, the focus is on CanariaBio and Coocon Corp, both of which are constituents of the KOSDAQ 150. They are set to release shares on October 28th.</li>
<li>For Fadu, a two-month IPO lock-up is being released, accounting for 2.5% of SO.</li>
</ul>


In KOSPI, all eyes are on Ottogi Corporation, a constituent of the KOSPI 200 index. 8.38% of SO's shares are about to be unleashed.
In KOSDAQ, the focus is on CanariaBio and Coocon Corp, both of which are constituents of the KOSDAQ 150. They are set to release shares on October 28th.
For Fadu, a two-month IPO lock-up is being released, accounting for 2.5% of SO.


Details About KOSPI & KOSDAQ Lock-Up Release Stocks for October

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Model Solution is implied market cap of 156 billion won and target price of 24,417 won. </li>
<li>The IPO valuation range is from 24,000 won to 27,000 won and our target price would be close to the low end of the IPO price range.</li>
<li>Given the low upside relative to the IPO price range, we have a Negative view of this IPO. </li>
</ul>


Our base case valuation of Model Solution is implied market cap of 156 billion won and target price of 24,417 won. 
The IPO valuation range is from 24,000 won to 27,000 won and our target price would be close to the low end of the IPO price range.
Given the low upside relative to the IPO price range, we have a Negative view of this IPO. 


<ul>
<li>Model Solution makes prototypes to mainly check design and function in the product development stage, which is before the mass production stage of new products such as IT devices. </li>
<li>The IPO price range is from 24,000 won to 27,000 won. The expected market cap of the IPO is from 153 billion won to 173 billion won.</li>
<li>The company had sales of 61.1 billion won (up 9.9% YoY) and operating profit of 8.9 billion won (up 32.1% YoY) in 2021.</li>
</ul>


Model Solution makes prototypes to mainly check design and function in the product development stage, which is before the mass production stage of new products such as IT devices. 
The IPO price range is from 24,000 won to 27,000 won. The expected market cap of the IPO is from 153 billion won to 173 billion won.
The company had sales of 61.1 billion won (up 9.9% YoY) and operating profit of 8.9 billion won (up 32.1% YoY) in 2021.


South Korea

Model Solution Co., Ltd. produces and sells industrial models. The Company designs and manufactures cutting edge aerospace and robotics mechatronics parts models and advanced technology medical device components models. Model Solution markets its products worldwide.

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Model Solution (417970 KS)

Details About KOSPI & KOSDAQ Lock-Up Release Stocks for October

This post provides information regarding the October lock-up release stocks in KOSPI and KOSDAQ and explores the stocks requiring our special...

Sanghyun Park

Model Solution IPO Valuation Analysis

Our base case valuation of Model Solution is market cap of 156 billion won and target price of 24,417 won. Given the low upside relative to the IPO...

Douglas Kim

Model Solution IPO Preview

Model Solution is one of the leaders in the prototype market in Korea. The IPO price range is from 24,000 won to 27,000 won.

Douglas Kim

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