Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight"><p><strong>We are positive on the MCorset IPO. Our one year price target of the company is 13,600 won, which would represent nearly 18% higher levels than the high end of the IPO price range, 11,500 won. Our price target would suggest an implied market cap of 137 billion won and it is based on 17.2x our estimated net profit of 7.9 billion won in 2018. The bookbuilding of MCorset IPO starts on July 5th. </strong></p></div><h2>MCorset (Valuation Analysis)</h2><p>MCorset is an underwear and other innerwear products maker in Korea. At the…</p>

We are positive on the MCorset IPO. Our one year price target of the company is 13,600 won, which would represent nearly 18% higher levels than the high end of the IPO price range, 11,500 won. Our price target would suggest an implied market cap of 137 billion won and it is based on 17.2x our estimated net profit of 7.9 billion won in 2018. The bookbuilding of MCorset IPO starts on July 5th. MCorset (Valuation Analysis)MCorset is an underwear and other innerwear products maker in Korea. At the…

MCorset IPO Preview (Part 2) - Valuation Analysis

<p><strong><a href="https://www.smartkarma.com/entities/27169" target="_blank" data-smartkarma-citation="entities:27169:1">MCORSET Inc (204020 KS)</a> is a Korean apparel maker getting ready for an IPO in July (KOSDAQ listing). MCorset makes underwear, pajamas, and other related innerwear products mostly for women. Its website is <a href="http://www.mcorset.com" target="_blank">www.mcorset.com</a>. The IPO price range is 10,100 won to 11,500 won. Bookbuilding starts on July 5th. </strong>The lead banker is Daishin Securities. The company is issuing 2.5m shares in this IPO, of which 80% are new shares and 20% are existing shares. Given the huge inflow of capital into the KOSDAQ…</p>

MCORSET Inc (204020 KS) is a Korean apparel maker getting ready for an IPO in July (KOSDAQ listing). MCorset makes underwear, pajamas, and other related innerwear products mostly for women. Its website is www.mcorset.com. The IPO price range is 10,100 won to 11,500 won. Bookbuilding starts on July 5th. The lead banker is Daishin Securities. The company is issuing 2.5m shares in this IPO, of which 80% are new shares and 20% are existing shares. Given the huge inflow of capital into the KOSDAQ…

South Korea

Shin Young Wacoal Inc. manufactures lingerie and other women's undergarments. The Company mainly produces women's underwear, brassieres, girdles, pajama and pajama gowns, lingerie, bodysuits, stockings, and men's undergarments.

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Shin Young Wacoal (005800 KS)

MCorset IPO Preview (Part 2) - Valuation Analysis

We are positive on the MCorset IPO. Our one year price target of the company is 13,600 won, which would represent nearly 18% higher levels than the...

Douglas Kim

MCorset IPO Preview (Part 1)

MCORSET Inc (204020 KS) is a Korean apparel maker getting ready for an IPO in July (KOSDAQ listing). MCorset makes underwear, pajamas, and other...

Douglas Kim

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