Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.</li>
<li>My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.</li>
<li>Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.</li>
</ul>


A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.
My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.
Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.


Elice Group IPO Bookbuilding Results Analysis

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>The Australian logistics sector is set for growth with $27 billion in global investments planned.</li><li>Key industry changes include Graeme Torre's new role at Hongkong Land and ADIA's hotel sale for $274 million.</li><li>PGIM Real Estate appointed David Fassbender as Head of Asia Pacific amid significant development projects.</li></ul>

The Australian logistics sector is set for growth with $27 billion in global investments planned.Key industry changes include Graeme Torre's new role at Hongkong Land and ADIA's hotel sale for $274 million.PGIM Real Estate appointed David Fassbender as Head of Asia Pacific amid significant development projects.

Asia Real Estate Tracker (04-Mar-2026): Australian logistics set to grow with $27B investment.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For September 2026, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$26bn.</li>
<li>
The average premium for the new transactions announced (or first discussed) in September was ~46%; and a year-to-date average of ~45%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For September 2026, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$26bn.

The average premium for the new transactions announced (or first discussed) in September was ~46%; and a year-to-date average of ~45%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [Sept 2026 Wrap]: Northern Star, Kadoya Sesame, Ingenia, Leopalace21, IDP, Sharingtech

<ul>
<li>My base case valuation of Elice Group is target price of 62,353 won per share. This is 11.4% lower than the low end of the IPO price range. </li>
<li>Given the lack of upside, I have a Negative View of this IPO. The bankers used eight overseas companies as comps for Elice Group. I disagree. </li>
<li>My base case valuation of Elice Group is based on a P/E of 34.7x my estimated net profit of 20.1 billion in 2026. </li>
</ul>


My base case valuation of Elice Group is target price of 62,353 won per share. This is 11.4% lower than the low end of the IPO price range. 
Given the lack of upside, I have a Negative View of this IPO. The bankers used eight overseas companies as comps for Elice Group. I disagree. 
My base case valuation of Elice Group is based on a P/E of 34.7x my estimated net profit of 20.1 billion in 2026. 


<ul>
<li>I tally 37- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: Tender Offers for <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> and <a href="https://www.smartkarma.com/entities/kadoya-sesame-mills-inc" target="_blank" data-smartkarma-citation="entities:10367:1" rel="noopener">Kadoya Sesame Mills (2612 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, <a href="https://www.smartkarma.com/entities/gabia-inc" target="_blank" data-smartkarma-citation="entities:13535:1" rel="noopener">Gabia Inc (079940 KS)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine Co Ltd (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>.</li>
</ul>


I tally 37- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Tender Offers for Leopalace21 Corp (8848 JP) and Kadoya Sesame Mills (2612 JP).
Key updates/news also took place on: Cleanaway Waste Management (CWY AU), European Lithium (EUR AU), Gabia Inc (079940 KS), Refine Co Ltd (377450 KS), and FleetPartners Group (FPR AU).


Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

South Korea

Gabia Inc. provides Internet domain registration services.  The Company offers customer support and services such as Web hosting, domain registration and management, and Web agency.  Gabia also provides solution for Internet shopping mall and e-learning business.

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Gabia Inc (079940 KS)

Elice Group IPO Bookbuilding Results Analysis

A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500...

Douglas Kim

Asia Real Estate Tracker (04-Mar-2026): Australian logistics set to grow with $27B investment.

The Australian logistics sector is set for growth with $27 billion in global investments, highlighted by key leadership changes and major real...

Asia Real Estate Tracker

Asia-Pac M&A [Sept 2026 Wrap]: Northern Star, Kadoya Sesame, Ingenia, Leopalace21, IDP, Sharingtech

For the month of Sept, 11 new deals were discussed on Smartkarma, with an overall deal size of ~US$26bn. The average premium for the new deals...

David Blennerhassett

Elice Group IPO Valuation Analysis

My base case valuation of Elice Group is target price of 62,353 won per share. This is 11.4% lower than the low end of the IPO price range.

Douglas Kim

Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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