In today’s briefing:
- Doosan Group: Index Implications of the Corporate Restructuring
- I-Scream Media IPO Valuation Analysis
Doosan Group: Index Implications of the Corporate Restructuring
- The Doosan Group are planning to restructure Doosan Enerbility (034020 KS), Doosan Bobcat Inc (241560 KS) and Doosan Robotics (454910 KS) by reorganizing the business structure to find synergies.
- Doosan Enerbility will spin-off its stake in Doosan Bobcat and merge it with Doosan Robotics. Doosan Robotics will then look to acquire full control of Doosan Bobcat via a share swap.
- There could be an adhoc inclusion to the KOSPI200 INDEX at the end of October and global passives will buy Doosan Robotics (454910 KS) at the time of merger completion.
I-Scream Media IPO Valuation Analysis
- Our valuation analysis suggests a base case implied market cap of 567 billion won or implied price per share of 41,450 won.
- This suggests a 3% upside to the high end of the IPO price range. We would not subscribe to this IPO due to lack of upside.
- Our base case valuation is based on P/E of 18.8x using the company’s net profit of 30.2 billion won in 2023.
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