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

Myoungshin Industrial - Best Performing IPO in Korea in 2020 (Retail FOMO Madness of Crowds)

KOSPI 200 Rebalance in December 2024 Highlighted by Locals

Myungshin Industrial IPO Preview - A Korean Hot Stamping Auto Parts Supplier to Tesla

Korean Rechargeable Batteries Value Chain: A Big Winner on a Biden Win & Global Climate Change Plans

Global/Asia Sector Rotation in the Midst of a Regime Change in the U.S. Presidency

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

Equity Capital Markets

Myoung Shin Industrial Co.,Ltd / Equity Capital Markets

Myoung Shin Industrial Co.,Ltd (009900 KS)

<p>Myungshin Industrial, which is one of the Korean auto parts suppliers to Tesla, is getting ready to complete its IPO in early December. The company has chosen to postpone its IPO by about three weeks (from early/mid-November). This was probably due to the management's decision to complete the IPO post the U.S. Presidential elections.</p>
<p>Myungshin Industrial's business strong point is that it has an excellent technology of the hot stamping method in which the steel plate is heated at high temperatures and then cooled rapidly to form various shapes. The company has a strong customer base including Hyundai Motor, Kia Motors, and Tesla.</p>
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<p><strong>Our base case valuation of Myungshin Industrial IPO is 458.6 billion won in market cap or an implied price per share of 8,735 won. The IPO price range is between 4,900 won and 5,800 won. Our target price is 51% higher than the high end of the IPO price range. Given this excellent upside, we have a positive view of this IPO. We are including Myungshin Industrial in our model portfolio.  </strong></p>
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Myungshin Industrial, which is one of the Korean auto parts suppliers to Tesla, is getting ready to complete its IPO in early December. The company has chosen to postpone its IPO by about three weeks (from early/mid-November). This was probably due to the management's decision to complete the IPO post the U.S. Presidential elections.
Myungshin Industrial's business strong point is that it has an excellent technology of the hot stamping method in which the steel plate is heated at high temperatures and then cooled rapidly to form various shapes. The company has a strong customer base including Hyundai Motor, Kia Motors, and Tesla.

Our base case valuation of Myungshin Industrial IPO is 458.6 billion won in market cap or an implied price per share of 8,735 won. The IPO price range is between 4,900 won and 5,800 won. Our target price is 51% higher than the high end of the IPO price range. Given this excellent upside, we have a positive view of this IPO. We are including Myungshin Industrial in our model portfolio.  


Myungshin Industrial IPO Valuation Analysis