Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.</li>
<li>Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.</li>
<li>The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.</li>
</ul>


The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.
Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.
The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.


Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> IPO has coincided with a fortuitous rerating of peers as robotics has recently emerged as a dominant theme in the Korean stock market. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/doosan-robotics-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:111689" rel="noopener">Doosan Robotics IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/doosan-robotics-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111820" rel="noopener">Doosan Robotics IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/doosan-robotics-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:111919" rel="noopener">Doosan Robotics IPO: Valuation Insights</a>.</li>
<li>The risk is that sentiment can quickly shift the other way before the listing. Our bull-case DCF suggests that the IPO price range is, at best, fully priced. </li>
</ul>



Doosan Robotics (454910 KS) IPO has coincided with a fortuitous rerating of peers as robotics has recently emerged as a dominant theme in the Korean stock market. 
We previously discussed the IPO in Doosan Robotics IPO: The Bull Case, Doosan Robotics IPO: The Bear Case and Doosan Robotics IPO: Valuation Insights.
The risk is that sentiment can quickly shift the other way before the listing. Our bull-case DCF suggests that the IPO price range is, at best, fully priced. 


Doosan Robotics IPO: Exuberance Results in Valuation Disconnect

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> is looking to raise up to US$318m in its Korean IPO.</li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.</li>
<li>In our previous notes, we assessed the company’s past performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share our updated thoughts on valuation.</li>
</ul>



Doosan Robotics (454910 KS) is looking to raise up to US$318m in its Korean IPO.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In our previous notes, we assessed the company’s past performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we share our updated thoughts on valuation.


Doosan Robotics IPO - Updated Thoughts on Valuation - Sentiments Going Out of Control

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Chosun Business Daily mentioned today that initial results of Doosan Robotics book building have been very strong. The current IPO price range is from 21,000 won to 26,000 won.</li>
<li>There is a high probability that the IPO price will be set at 26,000 won or more and close to 30,000 won.</li>
<li>Our base case valuation per share of Doosan Robotics is 42,826 won, which is 65% higher than the high end of the IPO valuation range.</li>
</ul>


Chosun Business Daily mentioned today that initial results of Doosan Robotics book building have been very strong. The current IPO price range is from 21,000 won to 26,000 won.
There is a high probability that the IPO price will be set at 26,000 won or more and close to 30,000 won.
Our base case valuation per share of Doosan Robotics is 42,826 won, which is 65% higher than the high end of the IPO valuation range.


Doosan Robotics: Strong Initial Book Building Results

<ul>
<li>The bankers provided additional valuation framework using P/S basis for Doosan Robotics and based on this methodology, the IPO price range is from 19,000 won to 24,000 won. </li>
<li>This does not mean that the bankers have actually lowered the IPO price range but rather they have provided another framework to value the company. </li>
<li>We continue to have a Positive view of the Doosan Robotics IPO. </li>
</ul>


The bankers provided additional valuation framework using P/S basis for Doosan Robotics and based on this methodology, the IPO price range is from 19,000 won to 24,000 won. 
This does not mean that the bankers have actually lowered the IPO price range but rather they have provided another framework to value the company. 
We continue to have a Positive view of the Doosan Robotics IPO. 


Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics

South Korea

Doosan Robotics Inc. develops and manufactures industrial equipment. The Company manufactures robots, linear actuation devices, automated production equipment, and other products. Doosan Robotics conducts businesses in South Korea.

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Doosan Robotics (454910 KS)

Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

This post provides the leaked institutional lockup breakdown of the Doosan Robotics IPO before disclosure and analyzes the resulting flow schedule...

Sanghyun Park

Doosan Robotics IPO: Exuberance Results in Valuation Disconnect

The IPO has coincided with a fortuitous rerating of peers. The risk is that sentiment can quickly shift the other way before listing. Valuation...

Arun George

Doosan Robotics IPO - Updated Thoughts on Valuation - Sentiments Going Out of Control

Doosan Robotics (454910 KS) is looking to raise up to US$318m in its Korean IPO. In this note, we share our updated thoughts on valuation.

Ethan Aw

Doosan Robotics: Strong Initial Book Building Results

Chosun Business Daily mentioned today that initial results of Doosan Robotics book building have been very strong. Our base case valuation per...

Douglas Kim

Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics

The bankers provided additional valuation framework using P/S basis for Doosan Robotics and based on this methodology, the IPO price range is from...

Douglas Kim

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