Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.</li>
<li>A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024. </li>
<li>Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.</li>
</ul>


Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the high end of the IPO price range.
A total of 2,168 institutional investors participated in this IPO book building. The demand ratio was 649 to 1. Samhyun will start trading on 21 March 2024. 
Our base case valuation of Samhyun is implied market cap of 396 billion won or target price of 37,402 won, which is 25% higher than the IPO price.


Samhyun IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).</li>
<li>Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.</li>
</ul>


Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).
Given the moderate upside, we have a Positive view of Samhyun IPO. Our base case valuation is based on P/E of 34.6x net profit of 8.6 billion won in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time.


<ul>
<li>Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. The IPO total offering amount is 40 billion won to 50 billion won. </li>
<li>The company generated sales of 99.8 billion won (up 45.5% YoY) and operating profit of 9.8 billion won (up 250% YoY) in 2023.</li>
<li>Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time. </li>
</ul>


Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. The IPO total offering amount is 40 billion won to 50 billion won. 
The company generated sales of 99.8 billion won (up 45.5% YoY) and operating profit of 9.8 billion won (up 250% YoY) in 2023.
Samhyun developed one of the world's first CVVD (Continuously Variable Valve Duration) technology for automobile engines, which improves fuel efficiency by controlling the engine's valve opening time. 


South Korea

Samhyun Co,Ltd. operates machinery part production businesses. The Company produces high-voltage electric compressors, motors, coolers, and other products. Samhyun conducts businesses in South Korea.

Samhyun (SAM KS)

Samhyun IPO Bookbuilding Results Analysis

Samhyun reported excellent IPO bookbuilding results. Samhyun's IPO price has been determined at 30,000 won per share, which is 20% higher than the...

Douglas Kim

Samhyun IPO Valuation Analysis

Our base case valuation of Samhyun is target price of 28,106 won, which is 25% higher than the mid-point of the IPO price range (22,500 won).

Douglas Kim

Samhyun IPO Preview

Samhyun is getting ready to complete its IPO on the KOSDAQ exchange in March. Samhyun developed one of the world's first CVVD technology for...

Douglas Kim