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

Sungeel HiTech IPO - The Highest Ever Bookbuilding Demand Ratio for a Korean IPO

Sebit Chem IPO Preview - A Major Competitor to Sungeel Hitech in Rechargeable Batteries Recycling

Chunbo Co. IPO Preview: Valuation Analysis

Ecopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials

Equity Capital Markets

<ul>
<li>Our base case valuation of Sungeel HiTech is target price of 70,992 won per share (49% higher than the high end of the IPO price).  </li>
<li>Our valuation is based on 15.9x P/E (50% discount to comps' average multiple) using our estimated net profit of 54.9 billion won in 2023. </li>
<li>Given the excellent upside, we have a Positive view of the Sungeel HiTech,  which is a leading recycling specialist in Korea that extracts valuable metals from lithium-ion secondary batteries.</li>
</ul>


Our base case valuation of Sungeel HiTech is target price of 70,992 won per share (49% higher than the high end of the IPO price).  
Our valuation is based on 15.9x P/E (50% discount to comps' average multiple) using our estimated net profit of 54.9 billion won in 2023. 
Given the excellent upside, we have a Positive view of the Sungeel HiTech,  which is a leading recycling specialist in Korea that extracts valuable metals from lithium-ion secondary batteries.


Sungeel Hitech

Sungeel HiTech IPO Valuation Analysis