In today’s briefing:
- Samsung Group ETF Rebalancing Event to Watch for in June
- LG CNS: Updated IPO Valuation Analysis
- Orum Therapeutics Lowers IPO Price Range
Samsung Group ETF Rebalancing Event to Watch for in June
- With Samsung finalizing the call option on Rainbow Robotics in February, the FTC will add it to Samsung Group in March, ensuring its inclusion in the ETF by June.
- With the market cap boost from the call option, Rainbow Robotics is set to easily exceed 2% weight in the ETF by June.
- The rebalancing from June 2-9 will direct 30% of daily volume into Rainbow Robotics, likely enough to move the needle on price action, especially on the first day.
LG CNS: Updated IPO Valuation Analysis
- According to our updated valuation analysis of LG CNS, it suggests a base case implied market cap of 7.4 trillion won, representing target price of 76,383 won per share.
- Our base case valuation target price of 76,383 won is 23% higher than the high end of the IPO price range.
- We lowered our target price by 6%, mainly due to greater political risks arising from the recent cancelled martial law and ongoing impeachment of President Yoon.
Orum Therapeutics Lowers IPO Price Range
- Orum Therapeutics (475830 KS) has lowered its IPO price range to 24,000 won to 30,000 won.
- The IPO offering amount will be between 60 billion won to 75 billion won. The expected market cap of the IPO is between 531 billion won to 664 billion won.
- Our updated valuation of Orum Therapeutics suggests implied target price of 24,939 won per share, which is 8% lower than the mid-point of the revised down IPO price range.
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