In today’s briefing:
- SK Shieldus IPO – Peer Comparison – Better Top Line Growth, Worse Margin Decline
- CIMB Holdings Placement – Routine Selldown, Past Deals Have Held onto Deal Price
- SK Shieldus IPO – Fairly Valued, at Best
- Hyundai Oilbank: Getting Ready for an IPO as Early as June 2022
SK Shieldus IPO – Peer Comparison – Better Top Line Growth, Worse Margin Decline
- SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
- SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety & Care.
- In this note, we undertake a peer comparison for its two largest verticals.
CIMB Holdings Placement – Routine Selldown, Past Deals Have Held onto Deal Price
- Khazanah Nasional Bhd (KNBZ MK) aims to raise around US$104m via selling 0.8% of CIMB Group Holdings (CIMB MK).
- The deal is a routine one, where the vendor had previously sold multiple times, with the most recent selldown in Sept 2021.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
SK Shieldus IPO – Fairly Valued, at Best
- SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
- SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety & Care.
- In this note, we look at valuations for its main segments.
Hyundai Oilbank: Getting Ready for an IPO as Early as June 2022
- Hyundai Oilbank is getting ready to complete its IPO as early as June 2022, which would make it one of the largest IPOs in Korea this year.
- Local media have mentioned that the value of Hyundai Oilbank could be as high as 10 trillion won post IPO.
- Our NAV analysis suggests a base case valuation of 69,231 won per share for HD Hyundai (formerly Hyundai Heavy Industries Holdings), representing a 21% upside from current levels.
Before it’s here, it’s on Smartkarma
