IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a>, the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   </li>
<li>
<a href="https://www.smartkarma.com/entities/dn-automotive-corporation" target="_blank" data-smartkarma-citation="entities:20840:1" rel="noopener">DN Automotive (007340 KS)</a> is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.</li>
<li>The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.</li>
</ul>



DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   

DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of DN Solutions suggests target price of 90,167 won per share, which is 1% higher than the high end of the IPO price range. </li>
<li>Our base case valuation is based on 17.9x P/E using our estimated net profit of 317.9 billion won for DN Solutions in 2025. </li>
<li>Given the lack of upside, we have a Negative View of this IPO. DN Solutions has higher operating margin and ROE but lower revenue growth than its comps. </li>
</ul>


Our base case valuation of DN Solutions suggests target price of 90,167 won per share, which is 1% higher than the high end of the IPO price range. 
Our base case valuation is based on 17.9x P/E using our estimated net profit of 317.9 billion won for DN Solutions in 2025. 
Given the lack of upside, we have a Negative View of this IPO. DN Solutions has higher operating margin and ROE but lower revenue growth than its comps. 


Equity Bottom-Up

Kepco Plant Service & Engineering / Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March. </li>
<li>Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service &amp; Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. </li>
<li>The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.</li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March. 
Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service &amp; Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. 
The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)

<ul>
<li>DN Solutions is getting ready to complete its IPO in Korea in May 2025. The IPO price range is from 65,000 won to 89,700 won.</li>
<li>The book building for the institutional investors will last from 22 to 28 April. The expected IPO offering amount is from 1.14 trillion won to 1.57 trillion won.</li>
<li>The IPO price range is based on DN Solutions' net profit of 317.4 billion won, P/E of 25.2x, and IPO discount rates of 29.1% to 48.6%.</li>
</ul>


DN Solutions is getting ready to complete its IPO in Korea in May 2025. The IPO price range is from 65,000 won to 89,700 won.
The book building for the institutional investors will last from 22 to 28 April. The expected IPO offering amount is from 1.14 trillion won to 1.57 trillion won.
The IPO price range is based on DN Solutions' net profit of 317.4 billion won, P/E of 25.2x, and IPO discount rates of 29.1% to 48.6%.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 1st which has an aggregated short interest worth USD4.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Systems, HPSP, CSWIND.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 1st which has an aggregated short interest worth USD4.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Systems, HPSP, CSWIND.


KRX Short Interest Weekly (Nov 1st): Hanwha Systems, HPSP, CSWIND

South Korea

Hyundai Wia Corp. manufactures automobile parts. The Company also produces machine tools, robots, presses, industrial machinery, and aircraft parts.

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Hyundai Wia (011210 KS)

DN Solutions IPO: The Bull Case

The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT...

Arun George

DN Solutions IPO Valuation Analysis

Our base case valuation of DN Solutions suggests target price of 90,167 won per share, which is 1% higher than the high end of the IPO price range....

Douglas Kim

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March.

Douglas Kim

DN Solutions IPO Preview

DN Solutions is getting ready to complete its IPO in Korea in May 2025. DN Solutions is expected to be one of the largest IPOs in Korea in 2025....

Douglas Kim

KRX Short Interest Weekly (Nov 1st): Hanwha Systems, HPSP, CSWIND

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems, HPSP, CSWIND.

Ke Yan, CFA, FRM

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