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

QBE Insurance - COR 109% in N America Commercial, Where Growth Is High | Debt Surges USD700m in 1H23

Alpha Generation Through High Dividend Stocks in Korea

Seoul Guarantee Insurance Corp IPO Preview

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

Equity Capital Markets

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>Our base case valuation of Seoul Guarantee Insurance is target price of 48,052 won which is within the IPO price range of 39,500 won to 51,800 won. </li>
<li>Given the lack of upside relative to the IPO price range, we have a negative view of this deal. </li>
<li>We are not impressed with the company's lack of top-line sales growth and worsening operating profit in 2023. The valuation range as proposed by the bankers is also not attractive. </li>
</ul>


Our base case valuation of Seoul Guarantee Insurance is target price of 48,052 won which is within the IPO price range of 39,500 won to 51,800 won. 
Given the lack of upside relative to the IPO price range, we have a negative view of this deal. 
We are not impressed with the company's lack of top-line sales growth and worsening operating profit in 2023. The valuation range as proposed by the bankers is also not attractive. 


Samsung Fire & Marine Insurance (000810 KS)

Hyundai Marine & Fire Insurance Co., Ltd (001450 KS)

Seoul Guarantee Insurance Corp IPO Valuation Analysis