Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Asicland IPO Book Building Results Analysis

End of Mandatory Lock-Up Periods for 53 Companies in Korea in December 2023

TSMC. AI Tailwinds No Match For Macro Headwinds

Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

TSMC (2330.TT): A Bit Higher Rebound in 4Q23F

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Capital Markets

<ul>
<li>Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won). </li>
<li>Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024. </li>
<li>Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.</li>
</ul>


Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won). 
Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024. 
Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.


ASICLAND

Asicland IPO Valuation Analysis