In today’s briefing:
- Hyundai Hyms IPO Preview
- APR IPO Valuation Analysis
- J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, ‘Other’
Hyundai Hyms IPO Preview
- Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won.
- The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares.
- Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms’s main business includes shipbuilding equipment and related services.
APR IPO Valuation Analysis
- Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers’ valuation range.
- We estimate APR to generate sales of 683.9 billion won (up 25.7% YoY) and operating profit of 114.6 billion won (up 39.5% YoY) in 2024.
- APR is one of the best IPOs in the Korean cosmetics sector in the past several years.
J&T Global Express FY23 Earnings Preview | Revenue Growth & Margin | China, SE Asia, ‘Other’
- In this insight we preview J&T’s maiden earnings report as a listed company
- We focus on revenue growth & margin trends in the China & SE Asia businesses
- We fear slowing organic growth & margin deterioration could spook investors
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