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

Myungin Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/myungin-pharmaceutical" target="_blank" data-smartkarma-citation="entities:45685:1" rel="noopener">Myungin Pharmaceutical (MYUNGIN KS)</a> raised around US$142m in its upcoming Korean IPO.</li>
<li>It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.</li>
<li>In this note, we talk about the firm's trading dynamics.</li>
</ul>



Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
In this note, we talk about the firm's trading dynamics.


Myungin Pharma Pre-IPO: Strong Insti Subscription Rates

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Myungin Pharm's IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range.</li>
<li>A total of 2,028 domestic and foreign institutional investors participated in the IPO demand forecast. The demand ratio was 488.9 to 1.</li>
<li>Our base case valuation of Myungin Pharm is market cap of 1.2 trillion won, and target price of 80,349 won per share, which is 39% higher than the IPO price.</li>
</ul>


Myungin Pharm's IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range.
A total of 2,028 domestic and foreign institutional investors participated in the IPO demand forecast. The demand ratio was 488.9 to 1.
Our base case valuation of Myungin Pharm is market cap of 1.2 trillion won, and target price of 80,349 won per share, which is 39% higher than the IPO price.


Myungin Pharmaceutical IPO Bookbuilding Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/myungin-pharmaceutical" target="_blank" data-smartkarma-citation="entities:45685:1" rel="noopener">Myungin Pharmaceutical (MYUNGIN KS)</a> is looking to raise up to US$142m in its upcoming Korean IPO.</li>
<li>It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning

<ul>
<li>
<a href="https://www.smartkarma.com/entities/myungin-pharmaceutical" target="_blank" data-smartkarma-citation="entities:45685:1" rel="noopener">Myungin Pharmaceutical (MYUNGIN KS)</a>  is looking to raise up to US$142m in its upcoming Korean IPO.</li>
<li>Myungin Pharm specializes in central nervous system (CNS) therapeutics, with an extensive product line-up of over 200 CNS products. </li>
<li>In this note, we provide updates on the firm’s past performance.</li>
</ul>



Myungin Pharmaceutical (MYUNGIN KS)  is looking to raise up to US$142m in its upcoming Korean IPO.
Myungin Pharm specializes in central nervous system (CNS) therapeutics, with an extensive product line-up of over 200 CNS products. 
In this note, we provide updates on the firm’s past performance.


Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders

<ul>
<li>Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. </li>
<li>Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  </li>
<li>We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. </li>
</ul>


Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. 
Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  
We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. 


Myungin Pharmaceutical IPO Valuation Analysis

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Myungin Pharmaceutical (MYUNGIN KS)

Myungin Pharma Pre-IPO: Strong Insti Subscription Rates

Myungin Pharmaceutical raised $142m in Korean IPO, specializing in CNS therapeutics with expertise in drugs for stroke, Parkinson's,...

Nicholas Tan

Myungin Pharmaceutical IPO Bookbuilding Analysis

Myungin Pharm's IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range. The demand ratio was 488.9 to 1.

Douglas Kim

Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning

Myungin Pharm is looking to raise up to US$142m in its upcoming Korean IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders

Myungin Pharm is looking to raise up to US$142m in its upcoming Korean IPO. In this note, we provide updates on the firm’s past performance.

Nicholas Tan

Myungin Pharmaceutical IPO Valuation Analysis

Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Myungin Pharma Pre-IPO: Strong Insti Subscription Rates

​Myungin Pharmaceutical raised $142m in Korean IPO, specializing in CNS therapeutics with expertise in drugs for stroke, Parkinson's,...

Nicholas Tan

Myungin Pharmaceutical IPO Bookbuilding Analysis

Myungin Pharm's IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range. The demand ratio was 488.9 to 1.

Douglas Kim

Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning

Myungin Pharm is looking to raise up to US$142m in its upcoming Korean IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Myungin Pharm Pre-IPO: Domestic Leader, Partial Monetization for Founders

Myungin Pharm is looking to raise up to US$142m in its upcoming Korean IPO. In this note, we provide updates on the firm’s past performance.

Nicholas Tan

Myungin Pharmaceutical IPO Valuation Analysis

Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.

Douglas Kim

Myungin Pharmaceutical raised $142m in Korean IPO, specializing in CNS therapeutics with expertise in drugs for stroke, Parkinson's,...