Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Oasis Corp is EV of 605 billion won, implied market cap of 788 billion won, and target price of 24,847 won per share. </li>
<li>This is 18.5% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Oasis Corp IPO.</li>
<li>The end of COVID pandemic and relaxed regulations for hypermarkets in early morning delivery services are likely to have greater negative impact on Oasis Corp. </li>
</ul>


Our base case valuation of Oasis Corp is EV of 605 billion won, implied market cap of 788 billion won, and target price of 24,847 won per share. 
This is 18.5% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Oasis Corp IPO.
The end of COVID pandemic and relaxed regulations for hypermarkets in early morning delivery services are likely to have greater negative impact on Oasis Corp. 


<ul>
<li>Oasis Corp is getting ready to complete its IPO on KOSDAQ in February 2023. Oasis Corp is a leading online/offline provider of organic foods and other groceries in Korea.</li>
<li>IPO price range is from 30,500 won to 39,500 won, with a total offering amount of 160 billion won to 207 billion won. </li>
<li>Other than Coupang, the other three companies (bankers' valuation) may not be appropriate comps, mainly because they operate in different markets around the world and are much bigger in size.</li>
</ul>


Oasis Corp is getting ready to complete its IPO on KOSDAQ in February 2023. Oasis Corp is a leading online/offline provider of organic foods and other groceries in Korea.
IPO price range is from 30,500 won to 39,500 won, with a total offering amount of 160 billion won to 207 billion won. 
Other than Coupang, the other three companies (bankers' valuation) may not be appropriate comps, mainly because they operate in different markets around the world and are much bigger in size.


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.

<ul>
<li>Extending bookbuilding period to seven days (and test-the-waters) is unlikely to make any real difference. Leaving the financial capacity check to underwriters will likely cause sharp confusion in the market.</li>
<li>The purpose of penalizing so-called hot money, like flippers and non-pricing institutions, is understandable. However, whether FSC has fully considered the side effects caused by uniformly applying this is questionable.</li>
<li>Expanding the allowable price range on a listing day is the most crucial point we should pay attention to, and we must design a post-IPO trading strategy accordingly.</li>
</ul>


Extending bookbuilding period to seven days (and test-the-waters) is unlikely to make any real difference. Leaving the financial capacity check to underwriters will likely cause sharp confusion in the market.
The purpose of penalizing so-called hot money, like flippers and non-pricing institutions, is understandable. However, whether FSC has fully considered the side effects caused by uniformly applying this is questionable.
Expanding the allowable price range on a listing day is the most crucial point we should pay attention to, and we must design a post-IPO trading strategy accordingly.


Korea FSC's Official Rule Changes for Local IPOs & Key Takeaways

Private Capital Markets

<ul>
<li>Oasis Corp is the market leader of organic foods online sales in Korea. </li>
<li>Oasis Corp generated sales of 356.9 billion won (up 49.6% YoY) and an operating margin of 1.6% in 2021. From 2017 to 2021, Oasis Corp's sales increased by 45.9% CAGR.</li>
<li>Oasis Corp has been consistently profitable unlike its competitors such as Kurly, Coupang, and SSG.com.</li>
</ul>


Oasis Corp is the market leader of organic foods online sales in Korea. 
Oasis Corp generated sales of 356.9 billion won (up 49.6% YoY) and an operating margin of 1.6% in 2021. From 2017 to 2021, Oasis Corp's sales increased by 45.9% CAGR.
Oasis Corp has been consistently profitable unlike its competitors such as Kurly, Coupang, and SSG.com.


Oasis Corp: Market Leader of Organic Foods Online Sales in Korea

South Korea

OASIS Corp. of Korea operates as agricultural products distribution and food sales company. The Company wholesales, retails, and distributes organic food, ecology friendly agricultural products, and other related healthy foods. OASIS of Korea markets its products worldwide.

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OASIS /Korea (370190 KS)

Oasis Corp IPO Valuation Analysis

Our base case valuation of Oasis Corp is implied market cap of 788 billion won, and target price of 24,847 won per share, which is 18.5% lower than...

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Oasis Corp IPO Preview

Oasis Corp is getting ready to complete its IPO on KOSDAQ in February 2023. Oasis Corp is a leading online/offline provider of organic foods and...

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Korea FSC's Official Rule Changes for Local IPOs & Key Takeaways

This post details the rule changes for Korea's local IPOs, officially unveiled by Korea FSC, and provides key takeaways.

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Oasis Corp: Market Leader of Organic Foods Online Sales in Korea

Oasis Corp is the market leader of organic foods online sales in Korea. Oasis Corp has been consistently profitable unlike its competitors such as...

Douglas Kim

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