Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Hyundai Hyms is implied target price of 8,025 won per share, which is 27% higher than the high end of the IPO price range. </li>
<li>We believe Hyundai Hyms' valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships with HD Hyundai Heavy Industries.</li>
<li>Hyundai Hyms's main business includes shipbuilding equipment and related services. The company manufactures a wide variety of items necessary for ship construction, such as ship unit blocks and piping manufacturing.</li>
</ul>


Our base case valuation of Hyundai Hyms is implied target price of 8,025 won per share, which is 27% higher than the high end of the IPO price range. 
We believe Hyundai Hyms' valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships with HD Hyundai Heavy Industries.
Hyundai Hyms's main business includes shipbuilding equipment and related services. The company manufactures a wide variety of items necessary for ship construction, such as ship unit blocks and piping manufacturing.


<ul>
<li>Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won. </li>
<li>The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares. </li>
<li>Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms's main business includes shipbuilding equipment and related services. </li>
</ul>


Hyundai Hyms is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount is 43.5 billion to 54.9 billion won. 
The company is offering 8.7 million shares in this IPO, of which 40% are old shares and 60% are new shares. 
Hyundai Hyms specializes in shipbuilding equipment. Hyundai Hyms's main business includes shipbuilding equipment and related services. 


South Korea

Hyundai Hyms Co., Ltd. manufactures and distributes shipbuilding components. The Company produces fore blocks, aft blocks, ship pipes and steel outfittings, steel pretreatment, section cutting and built up, and other related products. Hyundai Hyms also produces gas generators.

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Hyundai Hyms (460930 KS)

Hyundai Hyms IPO Valuation Analysis

We believe Hyundai Hyms' valuation premium to the comps is appropriate due to much stronger operating profit growth and its strong relationships...

Douglas Kim

Hyundai Hyms IPO Preview

Hyundai Hyms, which specializes in shipbuilding equipment, is getting ready to complete its IPO in KOSDAQ in January. The total IPO offering amount...

Douglas Kim

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