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Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China’s trillion-dollar local government ‘hidden debt’ dilemma</li><li>Corporate America is losing optimism over China, AmCham survey shows</li><li>China expands use of digital yuan to covering utility bills</li></ul>

In Depth: China’s trillion-dollar local government ‘hidden debt’ dilemmaCorporate America is losing optimism over China, AmCham survey showsChina expands use of digital yuan to covering utility bills

CX Daily: China’s Trillion-Dollar Local Government ‘Hidden Debt’ Dilemma

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won). </li>
<li>Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024. </li>
<li>Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.</li>
</ul>


Our base case valuation of Asicland is target price of 40,571 won per share, which is 90% higher than the high end of the IPO price range (21,400 won). 
Our target price of 40,571 won is based on 43x P/E using our estimated net profit of 10.1 billion won in 2024. 
Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.


<ul>
<li>Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.</li>
<li>The IPO price range is from 19,100 won to 21,400 won. The IPO offering amount is from 50.4 billion won to 56.4 billion won. </li>
<li>Asicland's sales and operating profit increased at a CAGR of 71.8% and 220%, respectively from 2020 to 2022. Operating margin improved from 4.7% in 2020 to 16.5% in 2022.</li>
</ul>


Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea.
The IPO price range is from 19,100 won to 21,400 won. The IPO offering amount is from 50.4 billion won to 56.4 billion won. 
Asicland's sales and operating profit increased at a CAGR of 71.8% and 220%, respectively from 2020 to 2022. Operating margin improved from 4.7% in 2020 to 16.5% in 2022.


Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, ARM's IPO seems to have set the ball rolling for the traditionally busy year end across the region.</li>
<li>In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, ARM's IPO seems to have set the ball rolling for the traditionally busy year end across the region.
In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.


ECM Weekly (17th Sep 2023) - ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> has priced its IPO at US$51.00 per ADS, at the top end of the price range. <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> will raise gross proceeds of US$4.9bn.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/arm-holdings-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:111238" rel="noopener">ARM Holdings IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/arm-holdings-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111471" rel="noopener">ARM Holdings IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/arm-holdings-ipo-unattractive-price-range" target="_blank" data-smartkarma-citation="insights:112285" rel="noopener">ARM Holdings IPO: Unattractive Price Range</a>. </li>
<li>The ARM IPO is structurally set up for a first-day pop. Beyond the first-day euphoria, ARM will face the daunting task of delivering bullish estimates to justify the IPO price.</li>
</ul>



ARM Holdings (ARM US) has priced its IPO at US$51.00 per ADS, at the top end of the price range. Softbank Group (9984 JP) will raise gross proceeds of US$4.9bn.
We previously discussed the IPO in ARM Holdings IPO: The Bull Case, ARM Holdings IPO: The Bear Case and ARM Holdings IPO: Unattractive Price Range. 
The ARM IPO is structurally set up for a first-day pop. Beyond the first-day euphoria, ARM will face the daunting task of delivering bullish estimates to justify the IPO price.


ARM Holdings IPO Trading: Structurally Set up for a First-Day Pop, but Then What?

United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

CX Daily: China’s Trillion-Dollar Local Government ‘Hidden Debt’ Dilemma

In Depth: China’s trillion-dollar local government ‘hidden debt’ dilemma Corporate America is losing optimism over China, AmCham survey...

Caixin Global

Asicland IPO Valuation Analysis

Asicland's target price is 40,571 won per share, 90% higher than the IPO price range, based on a P/E of 43x and estimated net profit in 2024. It...

Douglas Kim

Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea. The IPO price range of Asicland is...

Douglas Kim

ECM Weekly (17th Sep 2023) - ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ARM Holdings IPO Trading: Structurally Set up for a First-Day Pop, but Then What?

The ARM IPO is structurally set up for a first-day pop. Beyond the first-day euphoria, ARM will face the daunting task of delivering bullish...

Arun George

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CX Daily: China’s Trillion-Dollar Local Government ‘Hidden Debt’ Dilemma

In Depth: China’s trillion-dollar local government ‘hidden debt’ dilemma Corporate America is losing optimism over China, AmCham survey...

Caixin Global

Asicland IPO Valuation Analysis

​Asicland's target price is 40,571 won per share, 90% higher than the IPO price range, based on a P/E of 43x and estimated net profit in 2024. It...

Douglas Kim

Asicland IPO Preview: The Only Value Chain Alliance (VCA) Company of TSMC in Korea

Asicland is one of eight companies in the world and the only TSMC VCA (Value Chain Alliance) company in Korea. The IPO price range of Asicland is...

Douglas Kim

ECM Weekly (17th Sep 2023) - ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ARM Holdings IPO Trading: Structurally Set up for a First-Day Pop, but Then What?

The ARM IPO is structurally set up for a first-day pop. Beyond the first-day euphoria, ARM will face the daunting task of delivering bullish...

Arun George

Asicland's target price is 40,571 won per share, 90% higher than the IPO price range, based on a P/E of 43x and estimated net profit in 2024. It...