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

KOSE (Long) Vs. HHI Holdings (Short) Pair Trade on Hyundai Oilbank IPO

Hyundai Heavy Industries - Will EU & Japan Finally Block the Acquisition of DSME?

Hyundai Heavy Industries - Trading Strategy Post Book Building Results

Korea M&A Spotlight: Hyundai Global Service Negotiating with KKR for a Potential Major Investment

Korea M&A Spotlight: KDB Is Ready to Sell Its Stake in DSME to Hyundai Heavy Industries Holdings

Hyundai Heavy Industries Holdings: A Big Share Buyback & SOTP Valuation Sensitivity Analysis

SK Innovation's Big Share Buyback = Improved "G" In ESG

Equity Capital Markets

<p><a href="https://www.spglobal.com/platts/en/market-insights/latest-news/oil/062321-s-korean-refiner-hyundai-oilbank-plans-ipo-in-2022-on-domestic-fuel-demand-recovery-ample-liquidity" target="_blank" rel="noopener">Hyundai Oilbank</a> has announced that it plans to complete its IPO in 2022. This is a long-awaited IPO as the company's IPO has been under discussion since 2018. The company has been enjoying improving refining margins and higher oil demand in 2021 after a big downturn in its refining business in 2020.</p><div class="content-highlight"><p>According to our NAV analysis, it suggests a base case valuation of 90,948 won per share for HHIH, representing a 27.9% upside from current levels. To value HHIH, we used the current market values of HHIH's investments in public companies. For HHIH's investment in Hyundai Oilbank, we used the private market value of Aramco's investment Hyundai Oilbank. We also applied a 30% holdco discount.</p></div>

Hyundai Oilbank has announced that it plans to complete its IPO in 2022. This is a long-awaited IPO as the company's IPO has been under discussion since 2018. The company has been enjoying improving refining margins and higher oil demand in 2021 after a big downturn in its refining business in 2020.According to our NAV analysis, it suggests a base case valuation of 90,948 won per share for HHIH, representing a 27.9% upside from current levels. To value HHIH, we used the current market values of HHIH's investments in public companies. For HHIH's investment in Hyundai Oilbank, we used the private market value of Aramco's investment Hyundai Oilbank. We also applied a 30% holdco discount.

Initial Thoughts on the Hyundai Oilbank IPO & NAV Analysis on Hyundai Heavy Industries Holdings

HD Hyundai

Initial Thoughts on the Hyundai Oilbank IPO & NAV Analysis on Hyundai Heavy Industries Holdings