APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

Equity Capital Markets

Myungin Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/myungin-pharmaceutical" target="_blank" data-smartkarma-citation="entities:45685:1" rel="noopener">Myungin Pharmaceutical (MYUNGIN KS)</a> is looking to raise up to US$142m in its upcoming Korean IPO.</li>
<li>It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. </li>
<li>Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  </li>
<li>We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. </li>
</ul>


Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. 
Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  
We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. 


Myungin Pharmaceutical IPO Valuation Analysis

<ul>
<li>Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won. </li>
<li>The total offering amount ranges from 153 billion won ($111 million) to 197 billion won ($143 million). The book building for the institutional investors lasts from 9 to 15 September. </li>
<li>Using EBITDA of 104.5 billion won and EV/EBITDA of 7.9x and IPO discount ranges of 32.2% to 47.4%, this resulted in IPO price range of 45,000 won to 58,000 won. </li>
</ul>


Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won. 
The total offering amount ranges from 153 billion won ($111 million) to 197 billion won ($143 million). The book building for the institutional investors lasts from 9 to 15 September. 
Using EBITDA of 104.5 billion won and EV/EBITDA of 7.9x and IPO discount ranges of 32.2% to 47.4%, this resulted in IPO price range of 45,000 won to 58,000 won. 


Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.</li>
<li>WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.</li>
<li>Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.</li>
</ul>


Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.
WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.
Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.


APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

<ul>
<li>Daiichi Sankyo is investing $152M for building a new ADC manufacturing facility in Shanghai. Eisai has received approval for Urece in China as a treatment for gout patients with hyperuricemia.</li>
<li>Celltrion has announced its largest-ever dividend of KRW750 per share and 1:20 bonus shares. The record date for dividend payment and bonus share is December 31.</li>
<li>Metropolis Healthcare is acquiring Core Diagnostics, a prominent player in India’s specialized diagnostics sector for INR2.5B. CSPC Pharmaceutical has granted an exclusive license to Beigene for a clinical-stage drug candidate.</li>
</ul>


Daiichi Sankyo is investing $152M for building a new ADC manufacturing facility in Shanghai. Eisai has received approval for Urece in China as a treatment for gout patients with hyperuricemia.
Celltrion has announced its largest-ever dividend of KRW750 per share and 1:20 bonus shares. The record date for dividend payment and bonus share is December 31.
Metropolis Healthcare is acquiring Core Diagnostics, a prominent player in India’s specialized diagnostics sector for INR2.5B. CSPC Pharmaceutical has granted an exclusive license to Beigene for a clinical-stage drug candidate.


APAC Healthcare Weekly (Dec 15)-Daiichi Sankyo, Eisai, Celltrion, Metropolis Healthcare, CSPC Pharma

South Korea

Boryung Pharmaceutical Co., Ltd. produces over-the-counter medical drugs. The Company specializes in producing medicines in the fields of hypertension treatment and anti-viral.

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Boryung Pharmaceutical (003850 KS)

Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning

Myungin Pharm is looking to raise up to US$142m in its upcoming Korean IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Myungin Pharmaceutical IPO Valuation Analysis

Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.

Douglas Kim

Myungin Pharmaceutical IPO Preview

Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won.

Douglas Kim

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

APAC Healthcare Weekly (Dec 15)-Daiichi Sankyo, Eisai, Celltrion, Metropolis Healthcare, CSPC Pharma

The insight covers key developments in prominent APAC healthcare companies. These developments are expected to impact the financials of the...

Tina Banerjee

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