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

SK Shieldus IPO: Revises IPO Filing But Maintains Same Price Range

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Equity Capital Markets

<ul>
<li>Numerous local Korean media outlets reported today after the market close that SK Shieldus is likely to lower the IPO price by about 19% to 25,000 won.</li>
<li>Our revised base case valuation of SK Shieldus is target price of 36,948 won per share, representing 48% upside from the estimated IPO price of 25,000 won.</li>
<li>We maintain our same earnings estimates for SK Shieldus. We slightly lowered the valuation multiples mainly due to lower valuations of the comps and weaker market sentiment on IPOs. </li>
</ul>


Numerous local Korean media outlets reported today after the market close that SK Shieldus is likely to lower the IPO price by about 19% to 25,000 won.
Our revised base case valuation of SK Shieldus is target price of 36,948 won per share, representing 48% upside from the estimated IPO price of 25,000 won.
We maintain our same earnings estimates for SK Shieldus. We slightly lowered the valuation multiples mainly due to lower valuations of the comps and weaker market sentiment on IPOs. 


SK Shieldus: Likely to Lower IPO Price by 19% Post Bookbuilding Results