Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There is an end of a lock-up period for 1.3 million shares (10% of outstanding shares) for d'Alba Global starting 22 November 2025.</li>
<li>This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. We remain Bearish on d'Alba Global.</li>
<li>The overall proportion of freely tradable shares, which was only 32.7% right after listing, will increase to 83.9% one year later. </li>
</ul>


There is an end of a lock-up period for 1.3 million shares (10% of outstanding shares) for d'Alba Global starting 22 November 2025.
This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. We remain Bearish on d'Alba Global.
The overall proportion of freely tradable shares, which was only 32.7% right after listing, will increase to 83.9% one year later. 


D'Alba Global - End of Lockup Period For 10% of Outstanding Shares

<ul>
<li>D'Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.</li>
<li>A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares!</li>
<li>These are likely to put negative pressure on the shares of D'Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.</li>
</ul>


D'Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares!
These are likely to put negative pressure on the shares of D'Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.


D'Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

Equity Capital Markets

<ul>
<li>The IPO price of d'Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range.</li>
<li>The demand ratio of the IPO was 1,141 to 1. A 98.4% of the IPO shares applied thought that the value of the company is 66,300 won or more.</li>
<li>Our base case valuation of d'Alba Global is a target price of 101,609 won per share, which represents 53% higher than the IPO price of 66,300 won.</li>
</ul>


The IPO price of d'Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range.
The demand ratio of the IPO was 1,141 to 1. A 98.4% of the IPO shares applied thought that the value of the company is 66,300 won or more.
Our base case valuation of d'Alba Global is a target price of 101,609 won per share, which represents 53% higher than the IPO price of 66,300 won.


D'Alba Global IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025. </li>
<li>We believe d'Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps. </li>
<li>Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range. </li>
</ul>


Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025. 
We believe d'Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps. 
Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range. 


<ul>
<li>D'Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share. </li>
<li>According to the bankers' valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO. </li>
<li>D'Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.</li>
</ul>


D'Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share. 
According to the bankers' valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO. 
D'Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.


South Korea

D'Alba Global Co., Ltd. manufactures personal care related products. The Company produces and sells sprays, essences, toners, ampoules, sunscreens, facial masks, and more. Dalba Global conducts businesses in South Korea.

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D'Alba Global (1770564D KS)

D'Alba Global - End of Lockup Period For 10% of Outstanding Shares

There is an end of a lock-up period for 1.3 million shares (10% of outstanding shares) for d'Alba Global starting 22 November 2025.

Douglas Kim

D'Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

A total of 19% of outstanding shares of D'Alba Global could start to be sold starting 22 June. That is a lot of shares! Valuations have also become...

Douglas Kim

D'Alba Global IPO Bookbuilding Results Analysis

The IPO price of d'Alba Global has been finalized at 66,300 won (high end of the IPO price range). A 98.4% of the IPO shares applied thought that...

Douglas Kim

D'Alba Global IPO Valuation Analysis

Our base case valuation of d'Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation...

Douglas Kim

D'Alba Global IPO Preview

D'Alba Global is getting ready to complete its IPO in May 2025. D'Alba Global has one of the best growth rates for sales and operating profits...

Douglas Kim

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