Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.</li>
<li>The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.</li>
<li>Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won). </li>
</ul>


Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won). 


Dowoo Insys IPO Book Building Results Analysis

<ul>
<li>Dowoo Insys is getting ready to complete its IPO in Korea. Dowoo Insys is one of the first companies in Korea to commercialize ultra thin glass (UTG) for foldable displays.</li>
<li>The IPO price range is 29,000 won to 32,000 won.  At the high end of the IPO price range, the expected market cap of the company is 351 billion won.</li>
<li>The bankers used five companies including Synopex, Duksan Neolux, and Innox Advanced Materials as comparable companies. The bankers used these companies' average EV/EBITDA multiple of 15x to value Dowoo Insys.</li>
</ul>


Dowoo Insys is getting ready to complete its IPO in Korea. Dowoo Insys is one of the first companies in Korea to commercialize ultra thin glass (UTG) for foldable displays.
The IPO price range is 29,000 won to 32,000 won.  At the high end of the IPO price range, the expected market cap of the company is 351 billion won.
The bankers used five companies including Synopex, Duksan Neolux, and Innox Advanced Materials as comparable companies. The bankers used these companies' average EV/EBITDA multiple of 15x to value Dowoo Insys.


<ul>
<li>Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27%  higher than the high end of the IPO price range (32,000 won). </li>
<li>We used an EV/EBITDA multiple of 14.9x to value the company, which is 10% premium to the comps' valuation multiples in 2024.</li>
<li>The decline in operating margin remains one of the biggest risk factors on the company. Its major customers such as Samsung Display are putting increasing pressure to reduce its prices.</li>
</ul>


Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27%  higher than the high end of the IPO price range (32,000 won). 
We used an EV/EBITDA multiple of 14.9x to value the company, which is 10% premium to the comps' valuation multiples in 2024.
The decline in operating margin remains one of the biggest risk factors on the company. Its major customers such as Samsung Display are putting increasing pressure to reduce its prices.


South Korea

Dowooinsys Co.,Ltd operates display glass production businesses. The Company manufactures ultra-thin tempered glasses for flexible displays. Dowooinsys conducts businesses worldwide.

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Dowooinsys (484120 KS)

Dowoo Insys IPO Book Building Results Analysis

Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.

Douglas Kim

Dowoo Insys IPO Preview

Dowoo Insys IPO has been put on hold after it was revealed that some of the contracts between its current largest shareholder and its previous...

Douglas Kim

Dowoo Insys IPO Valuation Analysis

Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the high end of the IPO price range...

Douglas Kim

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