Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

Posco International Corporation / Event-Driven

<ul>
<li>We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.</li>
<li>These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.</li>
<li>Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.</li>
</ul>


We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.
These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.
Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.


End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024

<ul>
<li>We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.</li>
<li>These 45 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.</li>
<li>Among these 45 stocks, top five market cap stocks include Fadu, Ottogi Corporation, CanariaBio,  Top Material, and PhilEnergy.  </li>
</ul>


We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.
These 45 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.
Among these 45 stocks, top five market cap stocks include Fadu, Ottogi Corporation, CanariaBio,  Top Material, and PhilEnergy.  


End of Mandatory Lock-Up Periods for 45 Companies in Korea in October 2023

<ul>
<li>In this insight, we discuss the potential inclusion and exclusion candidates for the KOSDAQ 150 rebalance in December 2023. </li>
<li>The 8 lowest market cap stocks in KOSDAQ 150 are among the main candidates to be excluded from the KOSDAQ 150 rebalance in December 2023.</li>
<li>Potential inclusions for KOSDAQ 150 rebalance in December 2023 include Fadu, GigaVis, Jeio, PhilEnergy, and Manyo Factory.</li>
</ul>


In this insight, we discuss the potential inclusion and exclusion candidates for the KOSDAQ 150 rebalance in December 2023. 
The 8 lowest market cap stocks in KOSDAQ 150 are among the main candidates to be excluded from the KOSDAQ 150 rebalance in December 2023.
Potential inclusions for KOSDAQ 150 rebalance in December 2023 include Fadu, GigaVis, Jeio, PhilEnergy, and Manyo Factory.


KOSDAQ 150 Rebalance Candidates in December 2023

<ul>
<li>We discuss the end of the mandatory lock-up periods for 40 stocks in Korea in August 2023, among which 2 are in KOSPI and 38 are in KOSDAQ.</li>
<li>These 40 stocks on average could be subject to further selling pressures in August and could underperform relative to the market. </li>
<li>Among these 40 stocks, the top five market cap stocks include HK inno.N, PhilEnergy, CJ CGV Co Ltd, Sure Soft Tech, and CanariaBio.</li>
</ul>


We discuss the end of the mandatory lock-up periods for 40 stocks in Korea in August 2023, among which 2 are in KOSPI and 38 are in KOSDAQ.
These 40 stocks on average could be subject to further selling pressures in August and could underperform relative to the market. 
Among these 40 stocks, the top five market cap stocks include HK inno.N, PhilEnergy, CJ CGV Co Ltd, Sure Soft Tech, and CanariaBio.


End of Mandatory Lock-Up Periods for 40 Companies in Korea in August 2023

Equity Capital Markets

<ul>
<li>Our base case valuation of PhilEnergy is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price range of 30,000 won. </li>
<li>We believe a premium valuation multiple to the comps (20%) is appropriate due to PhilEnergy's higher sales growth rate and higher ROE than the comps in 2021 to 2023.</li>
<li>We estimate the company to generate sales of 312.5 billion won in 2023 (up 64.7% YoY) and 361.5 billion won (up 15.7% YoY) in 2024.</li>
</ul>


Our base case valuation of PhilEnergy is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price range of 30,000 won. 
We believe a premium valuation multiple to the comps (20%) is appropriate due to PhilEnergy's higher sales growth rate and higher ROE than the comps in 2021 to 2023.
We estimate the company to generate sales of 312.5 billion won in 2023 (up 64.7% YoY) and 361.5 billion won (up 15.7% YoY) in 2024.


South Korea

Philenergy Co., Ltd. operates battery manufacturing businesses. The Company produces secondary batteries, fuel cells, and other products. Philenergy conducts businesses in Asia.

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PhilEnergy (378340 KS)

End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024

We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.

Douglas Kim

End of Mandatory Lock-Up Periods for 45 Companies in Korea in October 2023

We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.

Douglas Kim

KOSDAQ 150 Rebalance Candidates in December 2023

In this insight, we discuss the potential inclusion and exclusion candidates for the KOSDAQ 150 rebalance in December 2023.

Douglas Kim

End of Mandatory Lock-Up Periods for 40 Companies in Korea in August 2023

We discuss the end of the mandatory lock-up periods for 40 stocks in Korea in August 2023, among which 2 are in KOSPI and 38 are in KOSDAQ.

Douglas Kim

PhilEnergy IPO Valuation Analysis

Our base case valuation of PhilEnergy IPO is target price of 41,545 won per share, which represents 38% higher than the high end of the IPO price...

Douglas Kim

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