In today’s briefing:
- HD Hyundai Marine Solution: IPO Book Building Results Analysis
- A Review of Post IPO Price Performance of Top 13 IPOs in Korea Past 8 Months
- 99 Speedmart Holding Pre-IPO – Consistent Network Expansion, Although Margins Remain Well Below Peak
- OceanaGold Philippines IPO – Updated Thoughts on Valuation – Too Expensive Even at This Price
- Pre-IPO Sunho Biologics (PHIP Updates) – Some Points Worth the Attention
- Afcons Infrastructure Limited Pre-IPO – The Positives – Profitability More than Doubled
HD Hyundai Marine Solution: IPO Book Building Results Analysis
- HD Hyundai Marine Solution’s IPO price has been determined at 83,400 won per share, which is at the high end of the IPO price range.
- A total of 2,021 institutional investors participated in this IPO book building. The demand ratio was 201 to 1. HD Hyundai Marine Solution will start trading on 8 May 2024.
- Our base case valuation of HD Hyundai Marine Solution is target price of 98,254 won per share, which represents an upside of 18% from the IPO price.
A Review of Post IPO Price Performance of Top 13 IPOs in Korea Past 8 Months
- In this insight, we review the share price performances of the top 13 IPOs (in terms of market cap) in Korea in the past 8 months.
- We review the the share price performances over different time periods (1 day, 1 week, and 1 month). We also analyze the demand ratios and lock-up periods of the IPOs.
- On average, 12.7% of the IPO shares are under lockup periods for the 13 companies listed below. HD Hyundai Marine Solution IPO has 45.8% of shares under lock-up.
99 Speedmart Holding Pre-IPO – Consistent Network Expansion, Although Margins Remain Well Below Peak
- 99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$300m in its upcoming Malaysia IPO.
- 99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia.
- In this note, we look at the firm’s past performance.
OceanaGold Philippines IPO – Updated Thoughts on Valuation – Too Expensive Even at This Price
- OceanaGold Philippines (OGP PM) is looking to raise up to US$106m in its Philippines IPO.
- OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.
- In our previous note, we talked about the company’s historical performance and shared our quick thoughts on valuation. In this note, we share our updated thoughts on valuation.
Pre-IPO Sunho Biologics (PHIP Updates) – Some Points Worth the Attention
- Sunho’s pipeline has high risk and there is a long way to go to demonstrate their final clinical value. It’s highly uncertain if Sunho would bring expected return to investors.
- The entities involved in the process of reorganization were all related parties. Investment from Efung Anhe/Efung Ansheng sparked concern from CSRC. Sunho is required to explain whether there’s any benefit transfer.
- Due to the lack of strong fundamentals, there is no reason for high valuation. It’s not surprising if Sunho’s valuation finally falls below HKD1.53 billion (or even below HK$1 billion).
Afcons Infrastructure Limited Pre-IPO – The Positives – Profitability More than Doubled
- Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO.
- Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
- In this note, we talk about the positive aspects of the deal.
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