SK Shieldus IPO - Peer Comparison - Better Top Line Growth, Worse Margin Decline
SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we undertake a...
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Viva Republica (Toss): To Become the First Decacorn in Korea
Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022 with valuation...
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One Store IPO - Outpaced Industry, Bottom-End Seems Justified
ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. Given the lack of direct peers, one way to look at valuation would be to...
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ECM Weekly (10th Apr 2022)- LIC, GoTo, Shieldus, One Store, China ADRs, Air NZ, Chrysos, Zhihu
Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
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OneStore IPO Valuation Analysis
Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point...
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