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.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<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

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: SPX +0.1% UST Yields 4.25%(down !) on hot August CPI Print; UAW plans strike strategy as no deal yet with US Big 3 autos; China vs Apple: Confused messaging. </li>
<li>JAPAN:  NKY Futs -0.2% vs Cash; USDJPY 147.5; Kishida focuses on wage hikes after cabinet reshuffle; Softbank wins on ARM - prices at $51;  Fanuc to SELL at GS.</li>
<li>JAPAN X:  Kirin (and Sapporo) Embrace AI for Demand Forecasting. We think that this trend in Japan will only increase - with positive implications for margins and profits. </li>
</ul>


OVERSEAS: SPX +0.1% UST Yields 4.25%(down !) on hot August CPI Print; UAW plans strike strategy as no deal yet with US Big 3 autos; China vs Apple: Confused messaging. 
JAPAN:  NKY Futs -0.2% vs Cash; USDJPY 147.5; Kishida focuses on wage hikes after cabinet reshuffle; Softbank wins on ARM - prices at $51;  Fanuc to SELL at GS.
JAPAN X:  Kirin (and Sapporo) Embrace AI for Demand Forecasting. We think that this trend in Japan will only increase - with positive implications for margins and profits. 


Ohayo Japan: Hot Inflaton Print...Ignored! JAPAN X: Kirin's AI to Revolutionize Production Planning

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>
<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 a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO. </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> and <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>. </li>
<li>In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.</li>
</ul>



Doosan Robotics (454910 KS) is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO. 
We previously discussed the IPO in Doosan Robotics IPO: The Bull Case and Doosan Robotics IPO: The Bear Case. 
In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.


Japan

FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill.  Fanuc participates in a joint venture with General Electric in the FA field.

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Fanuc Corp (6954 JP)

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

Ohayo Japan: Hot Inflaton Print...Ignored! JAPAN X: Kirin's AI to Revolutionize Production Planning

US markets ignore August CPI print; NKY Futs -0.2% vs Cash; USDJPY 147.5; Kishida focuses on wage hikes after cabinet reshuffle; Softbank wins on...

Mark Chadwick

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 IPO: Valuation Insights

The syndicate has disclosed an additional valuation methodology based on peers’ trailing P/S multiple in an updated prospectus. The P/S methodology...

Arun George

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