In today’s briefing:
- Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings
Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings
- In this insight, we discuss our initial thoughts on the Golfzon County IPO which is likely in 1H 2023.
- As of September 2022, Golfzon County owned and operated 18 golf courses and 387 holes, the largest in Korea.
- Golfzon Newdin owns a 43.2% in Golfzon County. We estimate Golfzon Newdin’s market cap to be 273 billion won or 6,369 won per share, representing a 44% upside.
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