Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>In this report, we review our IPO investment research in 2023, including the performance of our calls.</li>
<li>The accuracy rate of our calls on IPOs this year was 76% (16 calls right, 5 calls wrong), slightly below our average accurate rate of 77% from 2017 to 2022.</li>
<li>The average accuracy rate of our calls from 2017 to 2023 is 77%. We made 42 investment calls in 2020, 37 in 2021, 19 in 2022, and 21 in 2023.</li>
</ul>


In this report, we review our IPO investment research in 2023, including the performance of our calls.
The accuracy rate of our calls on IPOs this year was 76% (16 calls right, 5 calls wrong), slightly below our average accurate rate of 77% from 2017 to 2022.
The average accuracy rate of our calls from 2017 to 2023 is 77%. We made 42 investment calls in 2020, 37 in 2021, 19 in 2022, and 21 in 2023.


<ul>
<li>Asicland completed an excellent IPO book building results. IPO price has been determined at 25,000 won which is 17% higher than the high end of the IPO price range.</li>
<li>A total of 1,906 institutional investors participated in this IPO book building results. The IPO demand ratio was 490 to 1. Asicland IPO will start trading on 13 November. </li>
<li>Our base case valuation of Asicland is implied market cap of 434 billion won or target price of 40,571 won per share, which is 62% higher than the IPO price.</li>
</ul>


Asicland completed an excellent IPO book building results. IPO price has been determined at 25,000 won which is 17% higher than the high end of the IPO price range.
A total of 1,906 institutional investors participated in this IPO book building results. The IPO demand ratio was 490 to 1. Asicland IPO will start trading on 13 November. 
Our base case valuation of Asicland is implied market cap of 434 billion won or target price of 40,571 won per share, which is 62% higher than the IPO price.


Asicland IPO Book Building Results Analysis

<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.


Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.</li>
<li>All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.</li>
<li>In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. </li>
</ul>


In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.
All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.
In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. 


Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

<ul>
<li>We discuss the end of the mandatory lock-up periods for 53 stocks in Korea in December 2023, among which 6 are in KOSPI and 47 are in KOSDAQ.</li>
<li>These 53 stocks on average could be subject to further selling pressures in December and could underperform relative to the market.</li>
<li>Among these 53 stocks, top five market cap stocks include Doosan Robotics, Studio Dragon, Asicland, Manyo Factory, and Curocell. </li>
</ul>


We discuss the end of the mandatory lock-up periods for 53 stocks in Korea in December 2023, among which 6 are in KOSPI and 47 are in KOSDAQ.
These 53 stocks on average could be subject to further selling pressures in December and could underperform relative to the market.
Among these 53 stocks, top five market cap stocks include Doosan Robotics, Studio Dragon, Asicland, Manyo Factory, and Curocell. 


End of Mandatory Lock-Up Periods for 53 Companies in Korea in December 2023

South Korea

ASICLAND Co., Ltd. operates electronic component development businesses. The Company develops electronic chips, integrated circuits, and other products. ASICLAND conducts businesses in South Korea.

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ASICLAND (445090 KS)

Recap of Our IPO Research in 2023

The accuracy rate of our calls on IPOs this year was 76% (16 calls right, 5 calls wrong), slightly below our average accurate rate of 77% from 2017...

Douglas Kim

Asicland IPO Book Building Results Analysis

Asicland's IPO price has been determined at 25,000 won which is 17% higher than the high end of the IPO price range. Asicland IPO will start...

Douglas Kim

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

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

End of Mandatory Lock-Up Periods for 53 Companies in Korea in December 2023

We discuss the end of the mandatory lock-up periods for 53 stocks in Korea in December 2023, among which 6 are in KOSPI and 47 are in KOSDAQ.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Recap of Our IPO Research in 2023

The accuracy rate of our calls on IPOs this year was 76% (16 calls right, 5 calls wrong), slightly below our average accurate rate of 77% from 2017...

Douglas Kim

Asicland IPO Book Building Results Analysis

Asicland's IPO price has been determined at 25,000 won which is 17% higher than the high end of the IPO price range. Asicland IPO will start...

Douglas Kim

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

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

End of Mandatory Lock-Up Periods for 53 Companies in Korea in December 2023

We discuss the end of the mandatory lock-up periods for 53 stocks in Korea in December 2023, among which 6 are in KOSPI and 47 are in KOSDAQ.

Douglas Kim

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...