Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025.</li>
<li>These seven potential inclusion candidates are up on average 8.9% from end of Sept 2024 to 2 December 2024 versus KOSPI which is down 5.4% in the same period. </li>
<li>The potential additions include IPOs in 2024 such as HD Hyundai Marine Solution (443060 KS), Shift Up (462870 KS), and Sanil Electric (062040 KS). </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025.
These seven potential inclusion candidates are up on average 8.9% from end of Sept 2024 to 2 December 2024 versus KOSPI which is down 5.4% in the same period. 
The potential additions include IPOs in 2024 such as HD Hyundai Marine Solution (443060 KS), Shift Up (462870 KS), and Sanil Electric (062040 KS). 


An Early Look at Potential Additions and Deletions to KOSPI200 in June 2025

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> raised around US$193m in its Korea IPO, after pricing the deal above the top end of the range at KRW35,000/share.</li>
<li>Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Sanil Electric (062040 KS) raised around US$193m in its Korea IPO, after pricing the deal above the top end of the range at KRW35,000/share.
Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
In this note, we will talk about the demand for the deal and other trading dynamics.


Sanil Electric IPO Trading - Strong Institutional Demand, Highest Subscription Rate This Year

<ul>
<li>Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high end of the IPO price range.</li>
<li>The demand ratio from 2,205 institutional investors was 414 to 1. Sanil Electric (062040 KS) IPO will start trading on 29 July 2024. </li>
<li>Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (67% higher than the IPO price of 35,000 won).</li>
</ul>


Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high end of the IPO price range.
The demand ratio from 2,205 institutional investors was 414 to 1. Sanil Electric (062040 KS) IPO will start trading on 29 July 2024. 
Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (67% higher than the IPO price of 35,000 won).


Sanil Electric IPO Book Building Results Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> is looking to raise up to US$165m in its Korean IPO.</li>
<li>Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.</li>
<li>In our previous notes, we talked about the company’s historical performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Sanil Electric (062040 KS) is looking to raise up to US$165m in its Korean IPO.
Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
In our previous notes, we talked about the company’s historical performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Sanil Electric IPO - Stars Aligned with High Growth and Strong Sentiment

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a>, a Korean industrial transformer manufacturer, is seeking to raise up to US$165 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sanil-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:150440" rel="noopener">Sanil Electric IPO: The Bull Case</a>and <a href="https://www.smartkarma.com/insights/sanil-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:150558" rel="noopener">Sanil Electric IPO: The Bear Case</a>.
</li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that Sanil is fully valued in the IPO price range. We would pass on the IPO.</li>
</ul>



Sanil Electric (062040 KS), a Korean industrial transformer manufacturer, is seeking to raise up to US$165 million.
We previously discussed the IPO in Sanil Electric IPO: The Bull Caseand Sanil Electric IPO: The Bear Case.

We examine the syndicate's valuation methodology. Our analysis suggests that Sanil is fully valued in the IPO price range. We would pass on the IPO.


South Korea

Sanil Electric Co., Ltd. operates electrical equipment manufacturing businesses. The Company produces oil-immersed transformers, cast resin transformers, dry-type transformers, reactors, and other products. Sanil Electric conducts businesses in South Korea.

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Sanil Electric (062040 KS)

An Early Look at Potential Additions and Deletions to KOSPI200 in June 2025

In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in June 2025. The potential additions...

Douglas Kim

Sanil Electric IPO Trading - Strong Institutional Demand, Highest Subscription Rate This Year

Sanil Electric (062040 KS) raised around US$193m in its Korea IPO, after pricing the deal above the top end of the range at KRW35,000/share.

Ethan Aw

Sanil Electric IPO Book Building Results Analysis

Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high...

Douglas Kim

Sanil Electric IPO - Stars Aligned with High Growth and Strong Sentiment

Sanil Electric (062040 KS) is looking to raise up to US$165m in its Korean IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

Sanil Electric IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that Sanil is fully valued in the IPO price range. We would pass on the IPO.

Arun George

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