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

Alpha Generation Through High Dividend Stocks in Korea

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

Equity Bottom-Up

<ul>
<li>After a terrible IPO book building results, K Car's shares have rallied nicely in the past several days. </li>
<li>The company generated sales of 1,400.6 billion won (up 42% YoY) and operating profit of 56.9 billion won (up 88.8% YoY) in 1Q-3Q 2021.</li>
<li>Our base to high case valuation of K Car is 38,809 won and 46,959 won, respectively, which represent 12% and 35% higher upside versus current price.</li>
</ul>


After a terrible IPO book building results, K Car's shares have rallied nicely in the past several days. 
The company generated sales of 1,400.6 billion won (up 42% YoY) and operating profit of 56.9 billion won (up 88.8% YoY) in 1Q-3Q 2021.
Our base to high case valuation of K Car is 38,809 won and 46,959 won, respectively, which represent 12% and 35% higher upside versus current price.


K Car's Share Price Roars Higher Driven by a Greater Demand for Online Purchase of Used Vehicles