Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

HK Inno.N (Formerly CJ Healthcare) IPO: Offering Detail & Valuation Issues

HK Inno.N Bookbuilding Results: Subscription/Lockup Orders in Detail

Korea Small Cap Gem #7: Korea Kolmar - Get the Core Cosmetics Business for Free (Ex HK Inno.N)

Korea Kolmar Consortium Named Preferred Bidder for CJ Healthcare - Biggest M&A Deal in Korea YTD

Equity Capital Markets

<div class="content-highlight"><p><strong>Our base case valuation of HK Inno.N is EV of 2.6 trillion won and implied market cap of 2.2 trillion won (75,534 won per share). This is based on 24x EV/EBIT using our 2022 EBIT estimate of 108.8 billion won.</strong> Our base case valuation of 75,534 won per share represents a 28% upside from the high end of the IPO price range of 59,000 won. Given the solid upside, we have a Positive Rating of the HK Inno.N IPO. </p></div><p>HK inno.N mainly provides prescription drugs and H&amp;B (health &amp; beauty) products. About 86% of its sales were derived from the prescription drug segment and the remaining 14% from the Health Beauty &amp; Beverage (HB &amp; B) segment in 2020.</p>

Our base case valuation of HK Inno.N is EV of 2.6 trillion won and implied market cap of 2.2 trillion won (75,534 won per share). This is based on 24x EV/EBIT using our 2022 EBIT estimate of 108.8 billion won. Our base case valuation of 75,534 won per share represents a 28% upside from the high end of the IPO price range of 59,000 won. Given the solid upside, we have a Positive Rating of the HK Inno.N IPO. HK inno.N mainly provides prescription drugs and H&amp;B (health &amp; beauty) products. About 86% of its sales were derived from the prescription drug segment and the remaining 14% from the Health Beauty &amp; Beverage (HB &amp; B) segment in 2020.

HK inno.N

HK Inno.N IPO Valuation Analysis