Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  </li>
<li>The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.</li>
<li><em><strong>A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024. </strong></em></li>
</ul>


On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  
The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.
A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024. 


Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

The Pinkfong Company / Equity Capital Markets

<ul>
<li>The Pinkfong Company successfully completed its IPO book building process. It finalized the IPO price at 38,000 won (high end of the IPO price range). </li>
<li>A total of 2,300 domestic and international institutions participated in the book building process. The IPO competition ratio was 615.9 to 1.  </li>
<li>Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months). </li>
</ul>


The Pinkfong Company successfully completed its IPO book building process. It finalized the IPO price at 38,000 won (high end of the IPO price range). 
A total of 2,300 domestic and international institutions participated in the book building process. The IPO competition ratio was 615.9 to 1.  
Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months). 


The Pinkfong Company IPO Book Building Analysis

<ul>
<li>Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months). </li>
<li>This represents a 22% upside to the high end of the IPO price range. Given the reasonable upside, we have a Positive view of the Pinkfong Co IPO.</li>
<li>Pinkfong Co is one of the most sought-after acquisition candidates in the global animation industry and this is one of the major reasons why it should trade at premium valuation. </li>
</ul>


Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months). 
This represents a 22% upside to the high end of the IPO price range. Given the reasonable upside, we have a Positive view of the Pinkfong Co IPO.
Pinkfong Co is one of the most sought-after acquisition candidates in the global animation industry and this is one of the major reasons why it should trade at premium valuation. 


The Pinkfong Company IPO Valuation Analysis

<ul>
<li>The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. </li>
<li>The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.</li>
<li>At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).</li>
</ul>


The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. 
The company plans to issue 2 million shares in this listing. The IPO price range is from 32,000 won to 38,000 won per share.
At this price range, the expected expected market cap of the Pinkfong company ranges from 463 billion won (US$331 million) to 550 billion won ($393 million).


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>New smartphone offering from Micron lifts memory plays which may help EUV also.</li>
<li>Comments from Onsemi management that auto has turned the corner positive for Rohm, Fuji Elec, Renesas.</li>
<li>Kadokawa/Bandai Namco's Nightreign sells 3.5m copies in 4-days, plus a new DLC on the way.</li>
</ul>


New smartphone offering from Micron lifts memory plays which may help EUV also.
Comments from Onsemi management that auto has turned the corner positive for Rohm, Fuji Elec, Renesas.
Kadokawa/Bandai Namco's Nightreign sells 3.5m copies in 4-days, plus a new DLC on the way.


Japan Morning Connection: Coreweave +25% and Numbers from HP Enterprise Sets Positive Semi Tone

Japan

Kadokawa Corporation operates as a publishing company. The Company provides books publication, magazines publication, and other services. Kadokawa also operates video making, network entertainment designing, and other businesses.

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Kadokawa (9468 JP)

Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

Shift Up announced that it will be postponing its IPO to July. A major investment positive is the enormous initial success of Stellar Blade which...

Douglas Kim

The Pinkfong Company IPO Book Building Analysis

The Pinkfong Company successfully completed its IPO book building process. It finalized the IPO price at 38,000 won (high end of the IPO price range).

Douglas Kim

The Pinkfong Company IPO Valuation Analysis

Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share which represents a...

Douglas Kim

The Pinkfong Company IPO Preview

The Pinkfong company (creator of the Baby Shark brand) is getting ready to complete its IPO in KOSDAQ in 4Q 2025. The IPO price range is from...

Douglas Kim

Japan Morning Connection: Coreweave +25% and Numbers from HP Enterprise Sets Positive Semi Tone

Kadokawa and Bandai Namco attractive as longs, may be increased focus on derivative wire and cable plays as well as Japan's EUV related.

Andrew Jackson

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