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

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Equity Capital Markets

<a href="https://www.smartkarma.com/entities/jntc-co-ltd" target="_blank" data-smartkarma-citation="entities:28825:1" rel="noopener">JNTC Co Ltd (204270 KS)</a> is expected to complete its IPO in Korea in the next few weeks. The IPO price range is from 8,500 won to 10,500 won. The IPO base deal size is from US$80 million to US$98 million. According to the bankers' valuation, the expected market cap after the IPO ranges from 492 billion won to 607 billion won. JNTC would be the biggest IPO so far in Korea in 2020. Established in 1996, JNTC is one of the global leaders in making 3D cover (tempered) glass and connector parts for smartphones.The bankers used nine companies including <a href="https://www.smartkarma.com/entities/avatec-co-ltd" target="_blank" data-smartkarma-citation="entities:8505:1" rel="noopener">Avatec Co Ltd (149950 KS)</a>, <a href="https://www.smartkarma.com/entities/power-logics-co-ltd" target="_blank" data-smartkarma-citation="entities:18598:1" rel="noopener">Power Logics (047310 KS)</a>, and <a href="https://www.smartkarma.com/entities/partron-co-ltd" target="_blank" data-smartkarma-citation="entities:11597:1" rel="noopener">Partron Co Ltd (091700 KS)</a> as comparable companies to JNTC. Using their annualized net profit in 1Q-3Q19, they derived the average P/E multiple of 14.5x.JNTC's annualized net profit is 49.4 billion won and applying P/E of 14.5x, this results in an implied market cap of 714 billion won. The bankers then applied an IPO discount range of 14.9% to 31.1%, resulting in an IPO price range of 8,500 won to 10,500 won.

JNTC Co Ltd (204270 KS) is expected to complete its IPO in Korea in the next few weeks. The IPO price range is from 8,500 won to 10,500 won. The IPO base deal size is from US$80 million to US$98 million. According to the bankers' valuation, the expected market cap after the IPO ranges from 492 billion won to 607 billion won. JNTC would be the biggest IPO so far in Korea in 2020. Established in 1996, JNTC is one of the global leaders in making 3D cover (tempered) glass and connector parts for smartphones.The bankers used nine companies including Avatec Co Ltd (149950 KS), Power Logics (047310 KS), and Partron Co Ltd (091700 KS) as comparable companies to JNTC. Using their annualized net profit in 1Q-3Q19, they derived the average P/E multiple of 14.5x.JNTC's annualized net profit is 49.4 billion won and applying P/E of 14.5x, this results in an implied market cap of 714 billion won. The bankers then applied an IPO discount range of 14.9% to 31.1%, resulting in an IPO price range of 8,500 won to 10,500 won. 

JNTC

JNTC Co IPO Preview