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

Intellian Technologies IPO Preview (Part I)

Equity Capital Markets

<ul><li>Intellian Technologies held an IR presentation to investors on September 28th in Seoul. The Founder&amp; CEO Sangyeob (Eric) Sung was the key presenter. We came away from the presentation more impressed with the company. This IPO is expected to be completed in October 2016.</li><li>This report includes a detailed comparable companies valuation analysis. Based on our valuation analysis, it suggests an implied market cap of 177 billion won (24,707 won per share) to 192 billion won (26,769 won per share) for Intellian Technologies post-IPO. This is about 28% to 39% higher than the mid-point IPO price range of 18,000 to 20,500 won. As such, we believe there is a solid upside to Intellian Technologies. We recommend investors on taking this deal. We are including Intellian Technologies as one of our top picks in our model portfolio. </li><li>The company's business involves high barriers to entry. We believe that the technology for the marine satellite antenna systems is very difficult to duplicate. Plus, it has more than 450 customers globally and it is very difficult to recreate the distribution and customer networks it has globally. </li><li>The company has the number one global market share in the marine VSAT (35%) and GX Terminal (58%) products.</li></ul>

Intellian Technologies held an IR presentation to investors on September 28th in Seoul. The Founder&amp; CEO Sangyeob (Eric) Sung was the key presenter. We came away from the presentation more impressed with the company. This IPO is expected to be completed in October 2016.This report includes a detailed comparable companies valuation analysis. Based on our valuation analysis, it suggests an implied market cap of 177 billion won (24,707 won per share) to 192 billion won (26,769 won per share) for Intellian Technologies post-IPO. This is about 28% to 39% higher than the mid-point IPO price range of 18,000 to 20,500 won. As such, we believe there is a solid upside to Intellian Technologies. We recommend investors on taking this deal. We are including Intellian Technologies as one of our top picks in our model portfolio. The company's business involves high barriers to entry. We believe that the technology for the marine satellite antenna systems is very difficult to duplicate. Plus, it has more than 450 customers globally and it is very difficult to recreate the distribution and customer networks it has globally. The company has the number one global market share in the marine VSAT (35%) and GX Terminal (58%) products.

Intellian Technologies IPO Preview (Part 2) - CEO Presentation to Investors & Valuation Analysis

Kvh Industries

Intellian Technologies IPO Preview (Part 2) - CEO Presentation to Investors & Valuation Analysis