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

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, the ship after-service subsidiary of <a href="https://www.smartkarma.com/entities/hd-hyundai-co-ltd" target="_blank" data-smartkarma-citation="entities:24075:1" rel="noopener">HD Hyundai (267250 KS)</a>, aims to raise up to US$550 million.</li>
<li>We previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/hd-hyundai-marine-solutions-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:135501" rel="noopener">HD Hyundai Marine Solutions IPO: The Investment Case</a></em></strong>. </li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.</li>
</ul>



HD Hyundai Marine Solution (443060 KS), the ship after-service subsidiary of HD Hyundai (267250 KS), aims to raise up to US$550 million.
We previously discussed the IPO in HD Hyundai Marine Solutions IPO: The Investment Case. 
We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.


HD Hyundai Marine Solutions IPO: Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> and <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> were in the market trying to raise over US$500m each.</li>
<li>Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, HD Hyundai Marine Solution (443060 KS) and Bharti Hexacom were in the market trying to raise over US$500m each.
Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.


ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, the ship after-service subsidiary of <a href="https://www.smartkarma.com/entities/hd-hyundai-co-ltd" target="_blank" data-smartkarma-citation="entities:24075:1" rel="noopener">HD Hyundai (267250 KS)</a>, aims to raise up to US$550 million.   </li>
<li>The international book-building will run from 8 to 22 April, while the domestic book will open from 16 to 22 April. Pricing will be announced on 24 April.</li>
<li>The investment case rests on solid top-line growth, a healthy order book, rising margins, cash generation, and modest leverage.</li>
</ul>



HD Hyundai Marine Solution (443060 KS), the ship after-service subsidiary of HD Hyundai (267250 KS), aims to raise up to US$550 million.   
The international book-building will run from 8 to 22 April, while the domestic book will open from 16 to 22 April. Pricing will be announced on 24 April.
The investment case rests on solid top-line growth, a healthy order book, rising margins, cash generation, and modest leverage.


HD Hyundai Marine Solutions IPO: The Investment Case

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

<ul>
<li>Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.</li>
<li>HD KSOE's inclusion worsens the valuation controversy. Applying HD KSOE's last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution's PER.</li>
<li>Currently, major local IPO funds see HD Hyundai Marine's valuation nearing ₩4T as excessive, despite the industry's revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.</li>
</ul>


Valuation controversy arises from comparing HD Hyundai Marine Solution, a ship AS specialist, with diverse global companies, leading to a target market cap of ₩5T.
HD KSOE's inclusion worsens the valuation controversy. Applying HD KSOE's last year PER without adjusting for a significant one-off profit seems to inflate HD Hyundai Marine Solution's PER.
Currently, major local IPO funds see HD Hyundai Marine's valuation nearing ₩4T as excessive, despite the industry's revival and potential growth in eco-friendly ship conversions, impacting the upcoming bookbuilding process.


Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$555m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship. 
In this note, we talk about the company’s historical performance.


HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures

South Korea

HD Hyundai Marine Solution Co., Ltd. operates as a engineering service company. The Company provides maintenance and other related services. HD Hyundai Marine Solution also offers ecological friendly solution development, smart solution utilizing information and communications technology, and power plant services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HD Hyundai Marine Solution (443060 KS)

HD Hyundai Marine Solutions IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would...

Arun George

ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

HD Hyundai Marine Solutions IPO: The Investment Case

The investment case rests on solid top-line growth, a healthy order book, rising margins, cash generation, and modest leverage.

Arun George

Local Color on HD Hyundai Marine Solution's Excessive IPO Valuation

This post conveys the sentiment among local IPO fund managers regarding the excessive valuation of the HD Hyundai Marine Solution IPO.

Sanghyun Park

HD Hyundai Marine Solution IPO - Strong Profitability Growth but Lacking in Disclosures

HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$555m in its Korean IPO. In this note, we talk about the company’s historical...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)