In today’s briefing:
- Hyundai Hyms IPO Valuation Analysis
- StubWorld: Hanmi Science’s Implied Stub Nearing All-Time Lows
Hyundai Hyms IPO Valuation Analysis
- Our base case valuation of Hyundai Hyms is implied target price of 8,025 won per share, which is 27% higher than the high end of the IPO price range.
- We believe Hyundai Hyms’ valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships with HD Hyundai Heavy Industries.
- Hyundai Hyms’s main business includes shipbuilding equipment and related services. The company manufactures a wide variety of items necessary for ship construction, such as ship unit blocks and piping manufacturing.
StubWorld: Hanmi Science’s Implied Stub Nearing All-Time Lows
- A double dose of stubs this week as Hanmi Science (008930 KS) comes up “cheap” on my monitor.
- Preceding my comments on Hanmi are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
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