Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

Vietnam has been one of the hottest destinations among Korean investors in 2016. Among overseas net investment fund flows, Vietnam experienced the highest amount among Korean investors in 2016, followed by China. In fact, John Lee, the CEO of Meritz Asset Management, a 100% wholly owned subsidiary of <a href="https://www.smartkarma.com/entities/11776" target="_blank" data-smartkarma-citation="entities:11776:1">Meritz Financial Group Inc (138040 KS)</a>, has been pushing hard to launch a Vietnam fund recently. Meritz Asset Management succeeded in raising at least 50 billion won for a Vietnam equity fund last…

Vietnam has been one of the hottest destinations among Korean investors in 2016. Among overseas net investment fund flows, Vietnam experienced the highest amount among Korean investors in 2016, followed by China. In fact, John Lee, the CEO of Meritz Asset Management, a 100% wholly owned subsidiary of Meritz Financial Group Inc (138040 KS), has been pushing hard to launch a Vietnam fund recently. Meritz Asset Management succeeded in raising at least 50 billion won for a Vietnam equity fund last…

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

Doosan Bobcat Inc / Equity Capital Markets

Doosan Bobcat is a holding company for a total of 31 subsidiaries in 20 countries. The company is a manufacturer of farm and construction equipment. Doosan Bobcat's 1H16 sales were US$1.82bil with operating profits of US$198.6mil, down 1.1% YoY and 2.3% YoY, respectively. However, the company has continued to maintain an OPM at about 10%. As of 1H16, Bobcat's debt ratio is 95.0%.Doosan Bobcat's US$3.7-4.5bil (₩4.1-5.0tril) valuation does not really seem to be a total nonsense. This is about 1 to 1.3 times sales and 11 to 13 times OP. Yes, this is not a high-flying tech company. This is a construction equipment manufacturer. We cannot really expect a fancy growth rate. Nonetheless, if we look at how Bobcat's peers are currently valued in the market, Bobcat seems to have a good shot to achieve its target IPO price range. The company has continued to capitalize on the strong US construction market in recent years, so did its peers whose stock prices have been strong as well.Well, Bobcat's management (Doosan Group) factor remains to be seen. That is, we are not sure whether Doosan Group management would serve as a premium or discount factor. Nonetheless, Doosan Infracore seems to be regaining its strength on China's rebounding construction market. So, the expectations on possible synergies with Doosan's affiliates would possibly create a higher valuation premium for Bobcat.

Doosan Bobcat is a holding company for a total of 31 subsidiaries in 20 countries. The company is a manufacturer of farm and construction equipment. Doosan Bobcat's 1H16 sales were US$1.82bil with operating profits of US$198.6mil, down 1.1% YoY and 2.3% YoY, respectively. However, the company has continued to maintain an OPM at about 10%. As of 1H16, Bobcat's debt ratio is 95.0%.Doosan Bobcat's US$3.7-4.5bil (₩4.1-5.0tril) valuation does not really seem to be a total nonsense. This is about 1 to 1.3 times sales and 11 to 13 times OP. Yes, this is not a high-flying tech company. This is a construction equipment manufacturer. We cannot really expect a fancy growth rate. Nonetheless, if we look at how Bobcat's peers are currently valued in the market, Bobcat seems to have a good shot to achieve its target IPO price range. The company has continued to capitalize on the strong US construction market in recent years, so did its peers whose stock prices have been strong as well.Well, Bobcat's management (Doosan Group) factor remains to be seen. That is, we are not sure whether Doosan Group management would serve as a premium or discount factor. Nonetheless, Doosan Infracore seems to be regaining its strength on China's rebounding construction market. So, the expectations on possible synergies with Doosan's affiliates would possibly create a higher valuation premium for Bobcat.

Doosan Bobcat, Doosan Infracore (042670)'s subsidiary (Doosan Infracore owns 66.56% and Doosan Engine (082740) owns 11.84%), has received preliminary approval for its IPO scheduled for October this year. Doosan Bobcat is one of the leaders in the small construction machinery market. In particular, it has a strong business presence in the US.Today (actually just hours ago), Doosan Bobcat’s owners announced their valuation of its stakes in Doosan Bobcat. They are now aiming to raise as much as…

Doosan Bobcat, Doosan Infracore (042670)'s subsidiary (Doosan Infracore owns 66.56% and Doosan Engine (082740) owns 11.84%), has received preliminary approval for its IPO scheduled for October this year. Doosan Bobcat is one of the leaders in the small construction machinery market. In particular, it has a strong business presence in the US.Today (actually just hours ago), Doosan Bobcat’s owners announced their valuation of its stakes in Doosan Bobcat. They are now aiming to raise as much as…

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

This is a collaborative report between <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a>  and <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade). The five major sections in this report are as follows:<ol><li>The top 20 investment themes for Vietnam and Korea for the next decade</li><li>The top 10 investment risks for Vietnam and Korea.</li><li>Major economic stats comparison between Vietnam and Korea.   </li><li>"Best-of-breed" companies with recent positive sales and operating profit growth</li><li>Why Vietnam and Korea?</li></ol>Picking the right country for equity investments often delivers superior alpha results for your portfolio. Should you invest in Vietnam, the land of the ascending dragon or in Korea, the land of the morning calm? Or both?

This is a collaborative report between Dylan Waller  and Douglas Kim . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade). The five major sections in this report are as follows:The top 20 investment themes for Vietnam and Korea for the next decadeThe top 10 investment risks for Vietnam and Korea.Major economic stats comparison between Vietnam and Korea.   "Best-of-breed" companies with recent positive sales and operating profit growthWhy Vietnam and Korea?Picking the right country for equity investments often delivers superior alpha results for your portfolio. Should you invest in Vietnam, the land of the ascending dragon or in Korea, the land of the morning calm? Or both? 

Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade) - Part I

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

As <a href="https://www.smartkarma.com/profiles/2" target="_blank" data-smartkarma-citation="accounts:2">Raghav Kapoor</a>  mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent thought leaders with a platform that doesn't mind being the lone voice keeping others accountable."Using this post I wanted to highlight how we are in complete sync with that thought process and independent research driven by great platform like SK will continue to evolve and will lead a change in investing landscape keeping investors interest in the…

As Raghav Kapoor  mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent thought leaders with a platform that doesn't mind being the lone voice keeping others accountable."Using this post I wanted to highlight how we are in complete sync with that thought process and independent research driven by great platform like SK will continue to evolve and will lead a change in investing landscape keeping investors interest in the…

"Reports Were Prematurely Conceived and Greatly Exaggerated"

South Korea

Bobcat Company specializes in design, manufacture, marketing and distribution of compact equipment for construction, rental, landscaping, agriculture, grounds maintenance, government, utility, industry and mining.

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Doosan Bobcat Inc (241560 KS)

John Lee's Vietnam Fund

Vietnam has been one of the hottest destinations among Korean investors in 2016. Among overseas net investment fund flows, Vietnam experienced the...

Douglas Kim

Doosan Bobcat IPO Analysis

Doosan Bobcat is a holding company for a total of 31 subsidiaries in 20 countries. The company is a manufacturer of farm and construction...

Sanghyun Park

Doosan Bobcat IPO Preview

Doosan Bobcat, Doosan Infracore (042670)'s subsidiary (Doosan Infracore owns 66.56% and Doosan Engine (082740) owns 11.84%), has received...

Sanghyun Park

Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade) - Part I

This is a collaborative report between Dylan Waller and Douglas Kim . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20...

Nomadic Equity

"Reports Were Prematurely Conceived and Greatly Exaggerated"

As Raghav Kapoor mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent...

Drewry Maritime Financial Research

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