Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666" rel="noopener">Apple Inc (AAPL US)</a> acquires UE BizHub Central at Ang Mo Kio for S$55m from United Engineers</li><li><a href="https://www.smartkarma.com/entities/keppel-dc-reit" target="_blank" data-smartkarma-citation="entities:85" rel="noopener">Keppel DC REIT (KDCREIT SP)</a> looks to pick up more Asia-Pac Data Centre hubs</li><li><a href="https://www.smartkarma.com/entities/hotel-properties-ltd" target="_blank" data-smartkarma-citation="entities:5801" rel="noopener">Hotel Properties Limited (HPL SP)</a> to reap S$29m gain from London hotel sale</li></ul>

Apple Inc (AAPL US) acquires UE BizHub Central at Ang Mo Kio for S$55m from United EngineersKeppel DC REIT (KDCREIT SP) looks to pick up more Asia-Pac Data Centre hubsHotel Properties Limited (HPL SP) to reap S$29m gain from London hotel sale

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).</li>
<li>Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. </li>
<li>In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).</li>
</ul>


Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).
Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. 
In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its upcoming Korean IPO.</li>
<li>One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.</li>
<li>By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its upcoming Korean IPO.
One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.


One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

Technical Analysis

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>Nasdaq 100 is trading below the 200-day MA since mid-January. Now the index is trying to go back above the MA for the second time in a couple of months.</li>
<li>Russell 2000 index did nothing in the last 15 months. For one year it traded in a rectangle, than it broke to the downside, a clear bearish signal.</li>
<li>Semis is one of the hottest sector of the moment, as the chip demand increased heavily in the last two years.</li>
</ul>


Nasdaq 100 is trading below the 200-day MA since mid-January. Now the index is trying to go back above the MA for the second time in a couple of months.
Russell 2000 index did nothing in the last 15 months. For one year it traded in a rectangle, than it broke to the downside, a clear bearish signal.
Semis is one of the hottest sector of the moment, as the chip demand increased heavily in the last two years.


Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>It will be difficult to reach a valuation consensus in the short term, suggesting the likelihood of substantially higher price volatility after listing. The IPO valuation itself is quite excessive.</li>
<li>There are not enough stories to instill growth expectations in investors. Expectations for regulatory benefits are uncertain. The inclusion to K-New Deal and WISE Media Contents are worth a look.</li>
<li>In conclusion, I do not recommend an aggressive approach to this IPO. Similar to SK Shieldus, we even need to consider a post-listing entry.</li>
</ul>


It will be difficult to reach a valuation consensus in the short term, suggesting the likelihood of substantially higher price volatility after listing. The IPO valuation itself is quite excessive.
There are not enough stories to instill growth expectations in investors. Expectations for regulatory benefits are uncertain. The inclusion to K-New Deal and WISE Media Contents are worth a look.
In conclusion, I do not recommend an aggressive approach to this IPO. Similar to SK Shieldus, we even need to consider a post-listing entry.


ONE Store IPO: Offering Details & Valuation Issues

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

ASEAN Builder's Scoop (11Apr22) - AAPL Buys UE Bizhub Central for S$55m

KDCREIT to pick up more APAC DC hubs; HPL exits Hilton London; Vista REIT strong pipeline from VLL; SENTRAL Klang Valley office under pressure

SCCM Asia Research

OneStore IPO Valuation Analysis

Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point...

Douglas Kim

One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store is a mobile app market platform, formed by a cooperation between...

Clarence Chu

Charts to Watch.

Nasdaq 100 is trading below the 200-day MA since mid-January. Now the index is trying to go back above the MA for the second time in a couple of...

Market Radar

ONE Store IPO: Offering Details & Valuation Issues

This post details the terms of the ONE store IPO and discusses the valuation/growth issues that will likely keep investors away from this IPO.

Sanghyun Park

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