APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

Equity Capital Markets

Daehan Shipbuilding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daehan-shipbuilding" target="_blank" data-smartkarma-citation="entities:45401:1" rel="noopener">Daehan Shipbuilding (439260 KS)</a>  is looking to raise up to US$370m in its upcoming Korean IPO.</li>
<li>It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Daehan Shipbuilding (439260 KS)  is looking to raise up to US$370m in its upcoming Korean IPO.
It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD100mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Kakaopay, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 27th. The aggregated holding was USD625.5bn.
We estimate that foreign flows to be inflows of USD100mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Kakaopay, Naver.


KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.</li>
<li>Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won. </li>
<li>Our target valuation multiple of 5.7x is 20% premium to the comps' P/B valuation multiple which is justified due to the company's higher ROE, operating margins and stronger balance sheet.</li>
</ul>


Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.
Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won. 
Our target valuation multiple of 5.7x is 20% premium to the comps' P/B valuation multiple which is justified due to the company's higher ROE, operating margins and stronger balance sheet.


<ul>
<li><em><strong>DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so far this year.</strong></em></li>
<li>The IPO price range is 42,000 won to 50,000 won per share. At the high end of the IPO price range, it could raise as much as 500 billion won.</li>
<li>The bankers used four companies including HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Mipo as comps for DH Shipbuilding. </li>
</ul>


DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so far this year.
The IPO price range is 42,000 won to 50,000 won per share. At the high end of the IPO price range, it could raise as much as 500 billion won.
The bankers used four companies including HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Mipo as comps for DH Shipbuilding. 


Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Samsung Heavy Industries / Equity Bottom-Up

<ul>
<li>SHI reported robust Q1 2025 results with revenue of KRW 2.49T (+6% YoY) and operating profit of KRW 123B (+58% YoY), reflecting improved offshore project execution and margin expansion.</li>
<li>Management reiterated FY2025 guidance of KRW 10.5T revenue and KRW 630B operating profit, with offshore accounting for ~40% of new orders and a USD 9.8B full-year target</li>
<li>With LNG carrier replacement demand, FLNG ramp-up, and leadership in eco-vessels, SHI’s earnings trajectory supports its 22x FY27E P/E, despite execution and competition risks.</li>
</ul>


SHI reported robust Q1 2025 results with revenue of KRW 2.49T (+6% YoY) and operating profit of KRW 123B (+58% YoY), reflecting improved offshore project execution and margin expansion.
Management reiterated FY2025 guidance of KRW 10.5T revenue and KRW 630B operating profit, with offshore accounting for ~40% of new orders and a USD 9.8B full-year target
With LNG carrier replacement demand, FLNG ramp-up, and leadership in eco-vessels, SHI’s earnings trajectory supports its 22x FY27E P/E, despite execution and competition risks.


Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)

Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of

Daehan Shipbuilding is looking to raise up to US$370m in its upcoming Korean IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

DH Shipbuilding IPO Valuation Analysis

Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO...

Douglas Kim

DH Shipbuilding IPO Preview

DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so...

Douglas Kim

Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

SHI posts strong Q1 results, reaffirms FY2025 guidance with focus on offshore projects and LNG carrier demand driving earnings growth.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of

Daehan Shipbuilding is looking to raise up to US$370m in its upcoming Korean IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

KRX Foreign Holding Weekly (Jun 27th): SK Hynix, Kakaopay, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Kakaopay, Naver.

Ke Yan, CFA, FRM

DH Shipbuilding IPO Valuation Analysis

Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO...

Douglas Kim

DH Shipbuilding IPO Preview

DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so...

Douglas Kim

Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

​SHI posts strong Q1 results, reaffirms FY2025 guidance with focus on offshore projects and LNG carrier demand driving earnings growth.

Rahul Jain

SHI posts strong Q1 results, reaffirms FY2025 guidance with focus on offshore projects and LNG carrier demand driving earnings growth.