In today’s briefing:
- NCSoft: Corporate Split-Off of Two Divisions
- Sanil Electric IPO Valuation Analysis
NCSoft: Corporate Split-Off of Two Divisions
- On 24 June, NCSoft announced a corporate split-off of two divisions called named NC QA Company and NC IDS Company.
- NCSoft plans to hold a shareholders meeting where to vote on the split off decision on 14 August. Effective date of the company split is scheduled for 1 October 2024.
- The consensus estimates sales of 2.0 trillion won (up 19.2% YoY) and operating profit of 272 billion won (up 155.2% YoY) in 2025.
Sanil Electric IPO Valuation Analysis
- Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (95% higher than the high end of the IPO price).
- Sanil Electric has higher sales growth, operating margins, and ROE than the comps.
- We estimate Sanil Electric to generate sales of 283.4 billion won (up 32.1% YoY) and operating profit of 79 billion won (up 69.6% YoY) in 2024.
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