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.

Event-Driven

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.</li>
<li>The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.</li>
<li>Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. </li>
</ul>


One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.
The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.
Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. 


One Store IPO: Changes Comps But Maintains Same IPO Price Range

<ul>
<li>SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we look at valuations for its main segments.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we look at valuations for its main segments.


<ul>
<li>SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we undertake a peer comparison for its two largest verticals.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we undertake a peer comparison for its two largest verticals.


SK Shieldus IPO - Peer Comparison - Better Top Line Growth, Worse Margin Decline

Private Capital Markets

<ul>
<li>Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022. </li>
<li>Toss is expected to have a value range of 10 trillion won to 15 trillion won in the upcoming funding round in 2Q 2022. </li>
<li>Kakao Bank has P/S multiple of 20.2x in 2021. Applying this multiple on Viva Republica's sales of 781 billion won, this would imply a valuation of 15.8 trillion won. </li>
</ul>


Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022. 
Toss is expected to have a value range of 10 trillion won to 15 trillion won in the upcoming funding round in 2Q 2022. 
Kakao Bank has P/S multiple of 20.2x in 2021. Applying this multiple on Viva Republica's sales of 781 billion won, this would imply a valuation of 15.8 trillion won. 


Viva Republica (Toss): To Become the First Decacorn in Korea

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.

Sumeet Singh

One Store IPO: Changes Comps But Maintains Same IPO Price Range

The bankers used new comps in the OneStore IPO valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than...

Douglas Kim

SK Shieldus IPO - Fairly Valued, at Best

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we talk about...

Sumeet Singh

SK Shieldus IPO - Peer Comparison - Better Top Line Growth, Worse Margin Decline

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we undertake a...

Sumeet Singh

Viva Republica (Toss): To Become the First Decacorn in Korea

Viva Republica (Toss), one of the largest fintech companies in Korea, is expected to become the first decacorn in Korea in 2Q 2022 with valuation...

Douglas Kim

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