Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South Korea.</li>
<li>We provide a list of top 15 Korean companies that could benefit from potential no visa policy for group tour visitors from China to South Korea. </li>
<li>These 15 companies' share prices are up on average 49.2% YTD, sharply outperforming KOSPI and KOSDAQ that are up 21.2% and 15.9%, respectively YTD.</li>
</ul>


In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South Korea.
We provide a list of top 15 Korean companies that could benefit from potential no visa policy for group tour visitors from China to South Korea. 
These 15 companies' share prices are up on average 49.2% YTD, sharply outperforming KOSPI and KOSDAQ that are up 21.2% and 15.9%, respectively YTD.


No Visa For Group Tour Visitors from China to South Korea Likely Starting 3Q 2025

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 cosmetics. The Company produces and sells sprays, essences, toners, ampoules, sunscreens, facial masks, and other products. Dalba Global conducts businesses in South Korea.

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d'Alba Global (483650 KS)

No Visa For Group Tour Visitors from China to South Korea Likely Starting 3Q 2025

In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South...

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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