Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>PhilEnergy's IPO price has been determined a 34,000 won. The company will raise 95.6 billion won in this IPO offering. </li>
<li>A total of 1,955 institutional investors participated in the IPO offering with a competition demand ratio of 1,812 to 1. </li>
<li>Given the exceptional book building results, it is highly likely that PhilEnergy will have a strong price performance once it starts trading. </li>
</ul>


PhilEnergy's IPO price has been determined a 34,000 won. The company will raise 95.6 billion won in this IPO offering. 
A total of 1,955 institutional investors participated in the IPO offering with a competition demand ratio of 1,812 to 1. 
Given the exceptional book building results, it is highly likely that PhilEnergy will have a strong price performance once it starts trading. 


PhilEnergy IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of PhilEnergy is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price range of 30,000 won. </li>
<li>We believe a premium valuation multiple to the comps (20%) is appropriate due to PhilEnergy's higher sales growth rate and higher ROE than the comps in 2021 to 2023.</li>
<li>We estimate the company to generate sales of 312.5 billion won in 2023 (up 64.7% YoY) and 361.5 billion won (up 15.7% YoY) in 2024.</li>
</ul>


Our base case valuation of PhilEnergy is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price range of 30,000 won. 
We believe a premium valuation multiple to the comps (20%) is appropriate due to PhilEnergy's higher sales growth rate and higher ROE than the comps in 2021 to 2023.
We estimate the company to generate sales of 312.5 billion won in 2023 (up 64.7% YoY) and 361.5 billion won (up 15.7% YoY) in 2024.


<ul>
<li>PhilEnergy is offering 2.8 million shares in the IPO and expected market cap range of the IPO is from 279 billion won to 318 billion won. </li>
<li>The IPO price range is from 26,300 won to 30,000 won and the total offering amount is 74 billion to 84.4 billion won.</li>
<li>The company's core products include stacking and laser notching equipment used in the rechargeable batteries manufacturing process. </li>
</ul>


PhilEnergy is offering 2.8 million shares in the IPO and expected market cap range of the IPO is from 279 billion won to 318 billion won. 
The IPO price range is from 26,300 won to 30,000 won and the total offering amount is 74 billion to 84.4 billion won.
The company's core products include stacking and laser notching equipment used in the rechargeable batteries manufacturing process. 


<ul>
<li>Yunsung F&amp;C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.</li>
<li>The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October. </li>
<li>According to the bankers' valuation, the expected IPO market cap range is from 423 billion won to 495 billion won. </li>
</ul>


Yunsung F&amp;C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.
The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October. 
According to the bankers' valuation, the expected IPO market cap range is from 423 billion won to 495 billion won. 


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>KODEX Battery ETF rebalancing began on September 8 and runs until this Tuesday, the 14th.  Its AUM is 1.3 trillion won, and the number of constituents is only 25.</li>
<li>The quantity change in one CU for the 13th was confirmed. Tomorrow's are estimates based on equal daily weights. With still two-thirds to go, the flow/price impact looks still juicy.</li>
<li>SK Innovation, L&amp;F, LG Energy, and Ecopro will show a significant size in weight change and passive flow, so they are safe names for a LONG SHORT basket trading.</li>
</ul>


KODEX Battery ETF rebalancing began on September 8 and runs until this Tuesday, the 14th.  Its AUM is 1.3 trillion won, and the number of constituents is only 25.
The quantity change in one CU for the 13th was confirmed. Tomorrow's are estimates based on equal daily weights. With still two-thirds to go, the flow/price impact looks still juicy.
SK Innovation, L&amp;F, LG Energy, and Ecopro will show a significant size in weight change and passive flow, so they are safe names for a LONG SHORT basket trading.


KODEX Battery ETF Rebalancing: Target Weight & Qty in CU of Each Constituent

South Korea

People and Technology INC is a company manufacturing in Secondary Battery and Semiconductors.

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People & Technology (137400 KS)

PhilEnergy IPO Bookbuilding Results Analysis

PhilEnergy's IPO price has been determined a 34,000 won. Given the exceptional book building results, it is highly likely that PhilEnergy will have...

Douglas Kim

PhilEnergy IPO Valuation Analysis

Our base case valuation of PhilEnergy IPO is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price...

Douglas Kim

PhilEnergy IPO Preview

PhilEnergy is getting ready to complete its IPO in Korea in June 2023. Its core products include stacking and laser notching equipment used in the...

Douglas Kim

Yunsung F&C IPO Preview

Yunsung F&C is a leading maker of materials mixing equipment that are used in the rechargeable battery production. The expected IPO market cap...

Douglas Kim

KODEX Battery ETF Rebalancing: Target Weight & Qty in CU of Each Constituent

This post provides the target weight, qty. in CU, and passive flow (x ADTV) of each constituent resulting from the KODEX Battery ETF rebalancing.

Sanghyun Park

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