Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Will the Hyundai Marine Solution IPO Follow in Ecopro Materials' Footsteps After It Goes Public?

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.</li>
<li>HD KSOE's inclusion worsens the valuation controversy. Applying HD KSOE's last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution's PER.</li>
<li>Currently, major local IPO funds see HD Hyundai Marine's valuation nearing ₩4T as excessive, despite the industry's revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.</li>
</ul>


Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.
HD KSOE's inclusion worsens the valuation controversy. Applying HD KSOE's last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution's PER.
Currently, major local IPO funds see HD Hyundai Marine's valuation nearing ₩4T as excessive, despite the industry's revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.


HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation