In today’s briefing:
- KRX’s Mandatory English Disclosure Debut: A Detailed Guide on Utilizing This Without Confusion
- Hyundai Hyms IPO Preview
- End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024
- APR IPO Valuation Analysis
KRX’s Mandatory English Disclosure Debut: A Detailed Guide on Utilizing This Without Confusion
- KRX’s lack of a standardized English translation platform may lead to non-standardized terminology and varying translation quality. KRX stresses cross-checking Korean and English disclosures due to potential errors.
- The 3-day lag between Korean and English disclosures poses timeliness challenges, requiring consistent cross-checking. Overall, the process for foreign investors using Korean market disclosure sites remains largely unchanged.
- The common procedure should still be to first check disclosures using English titles, then convert to Korean for reading. If English disclosures exist, utilize them for cross-checking.
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.
End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024
- We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.
- These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.
- Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.
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.
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