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

End of Mandatory Lock-Up Periods for 58 Companies in Korea in December 2022

Back-Testing End of Mandatory Lock-Up Periods Data from Korea Securities Depository in 2H 2022

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

Poor Initial IPO Book Building Results for WCP

WCP IPO: Additional Important Considerations

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

HPSP Preview: A Korean IPO With Best Fundamentals So Far in 2022

Equity Capital Markets

<ul>
<li>WCP starts trading on its IPO tomorrow (30 September) in Korea. Even at the lower share price of 60,000 won, we continue to have a Negative View of WCP. </li>
<li>We have updated our valuation on WCP taking into account the latest prices and valuation multiples of the comps as of 29 September. </li>
<li>Our base case valuation of WCP is market cap of 1.8 trillion won or target price of 51,973 won, which is 13% lower than the IPO price of 60,000 won.</li>
</ul>


WCP starts trading on its IPO tomorrow (30 September) in Korea. Even at the lower share price of 60,000 won, we continue to have a Negative View of WCP. 
We have updated our valuation on WCP taking into account the latest prices and valuation multiples of the comps as of 29 September. 
Our base case valuation of WCP is market cap of 1.8 trillion won or target price of 51,973 won, which is 13% lower than the IPO price of 60,000 won.


Trading Strategy for WCP Post Lowered IPO Price