Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Soosan Industries / Equity Capital Markets

<ul>
<li>Our base case valuation of Soosan Industries is target price of 56,383 won, which is 31% higher than the high end of the IPO price range of 43,100 won. </li>
<li>Our valuation is based on 14.1x P/E (20% premium to KEPCO KPS) using our estimated net profit of 57.1 billion won in 2023. </li>
<li>Soosan Industries provides comprehensive maintenance services for major nuclear, thermal, and renewable power plants in Korea. Soosan Industries is the only private maintenance company for main nuclear power plant equipment. </li>
</ul>


Our base case valuation of Soosan Industries is target price of 56,383 won, which is 31% higher than the high end of the IPO price range of 43,100 won. 
Our valuation is based on 14.1x P/E (20% premium to KEPCO KPS) using our estimated net profit of 57.1 billion won in 2023. 
Soosan Industries provides comprehensive maintenance services for major nuclear, thermal, and renewable power plants in Korea. Soosan Industries is the only private maintenance company for main nuclear power plant equipment. 


Event-Driven

<ul>
<li>Korea Investment Management will be launching a new nuclear power related ETF called Kindex Nuclear Theme Deep Search ETF on 28 June. </li>
<li>NH-Amundi Asset Management will also be launching Hanaro Nuclear iSelect ETF on 28 June. Both ETFs are the first ones to focus on the nuclear power related stocks in Korea.</li>
<li>The launch of these ETFs should have a positive impact on the major nuclear power related stocks including Doosan Enerbility (034020 KS) and Kepco Plant Service &amp; Engineering (051600 KS).</li>
</ul>


Korea Investment Management will be launching a new nuclear power related ETF called Kindex Nuclear Theme Deep Search ETF on 28 June. 
NH-Amundi Asset Management will also be launching Hanaro Nuclear iSelect ETF on 28 June. Both ETFs are the first ones to focus on the nuclear power related stocks in Korea.
The launch of these ETFs should have a positive impact on the major nuclear power related stocks including Doosan Enerbility (034020 KS) and Kepco Plant Service &amp; Engineering (051600 KS).


Launch of Kindex Nuclear Theme Deep Search ETF & Hanaro Nuclear ISelect ETF in Korea

<ul>
<li>Soosan Industries is getting ready for an IPO in Korea at end of July. The IPO offering range is from $155 million to $191 million.</li>
<li>Soosan Industries provides comprehensive maintenance services for major nuclear, thermal, and renewable power plants in Korea. <strong>It is the only private maintenance company for main nuclear power plant equipment. </strong>
</li>
<li>In our view, this is the third most interesting IPO opportunity in Korea this year so far, after <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> and HPSP.</li>
</ul>


Soosan Industries is getting ready for an IPO in Korea at end of July. The IPO offering range is from $155 million to $191 million.
Soosan Industries provides comprehensive maintenance services for major nuclear, thermal, and renewable power plants in Korea. It is the only private maintenance company for main nuclear power plant equipment. 

In our view, this is the third most interesting IPO opportunity in Korea this year so far, after LG Energy Solution (373220 KS) and HPSP.


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.

<p>The closing date for the stock market this year is December 30 (Thursday). So, <strong>the ex-dividend date</strong> for the fourth quarter and fiscal year-end (for the December settlement companies) is <strong>December 29</strong> (Wednesday).</p><p>Among local stocks that have consistently paid dividends over the past three years, stocks with a <strong>dividend yield of 4%</strong> or higher at this point based on the FnGuide consensus DPS are as follows. Breaking down by industry, there are many financial and steel/chemical stocks in the list, which, of course, isn't surprising at all.</p><div class="content-highlight"><p>The stocks highlighted in yellow in the list below (POSCO and Shinhan Financial) are stocks that pay quarterly dividends. And the stocks highlighted in red (Hana Financial and KB Financial) pay interim dividends.</p></div><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/690/original/Screen+Shot+2021-11-09+at+9.27.33+AM.png?1636468072" class="editor-image img-responsive" data-smartkarma-image-id="240690"></figure></section></section>

The closing date for the stock market this year is December 30 (Thursday). So, the ex-dividend date for the fourth quarter and fiscal year-end (for the December settlement companies) is December 29 (Wednesday).Among local stocks that have consistently paid dividends over the past three years, stocks with a dividend yield of 4% or higher at this point based on the FnGuide consensus DPS are as follows. Breaking down by industry, there are many financial and steel/chemical stocks in the list, which, of course, isn't surprising at all.The stocks highlighted in yellow in the list below (POSCO and Shinhan Financial) are stocks that pay quarterly dividends. And the stocks highlighted in red (Hana Financial and KB Financial) pay interim dividends.

Korea Dividend Stocks: +4% Yearend Yield & +50% YoY Growth with +₩10B ADTV

South Korea

KEPCO Plant Service & Engineering Co., Ltd. provides maintenance services for power plants and industrial plants.  The Company's main service areas are turbine maintenance, generator and motor maintenance, pump maintenance, and boiler maintenance.

Kepco Plant Service & Engineering (051600 KS)

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Kepco Plant Service & Engineering (051600 KS)

Soosan Industries IPO Valuation Analysis

Our base case valuation of Soosan Industries is target price of 56,383 won, which is 31% higher than the high end of the IPO price range of 43,100...

Douglas Kim

Launch of Kindex Nuclear Theme Deep Search ETF & Hanaro Nuclear ISelect ETF in Korea

The launch of the new nuclear power related ETFs should have a positive impact on the major nuclear power related stocks including Doosan...

Douglas Kim

Soosan Industries IPO Preview

Soosan Industries is getting ready for an IPO in Korea at end of July. This is the third most interesting IPO opportunity in Korea this year so...

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Korea Dividend Stocks: +4% Yearend Yield & +50% YoY Growth with +₩10B ADTV

This post searches and filters Korea's high dividend stocks meeting the conditions of a +4% yield and a +50% YoY growth with an ADTV of ₩10B based...

Sanghyun Park

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