Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.</li>
<li>This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO. </li>
<li>One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.</li>
</ul>


Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO. 
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.


<ul>
<li>Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.</li>
<li>The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.</li>
<li><em><strong>The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.</strong></em></li>
</ul>


Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.


South Korea

Samyang Comtech Co.,Ltd. provides bulletproof and protection solutions. The Company manufactures rotary wing aircraft bulletproof plates, crash-resistant boarding seats, and other equipment. Samyang Comtech markets its products worldwide.

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Samyang Comtech (484590 KS)

Samyang Comtech IPO Valuation Analysis

Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share, representing a...

Douglas Kim

Samyang Comtech IPO Preview

Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. The company has experienced a surging growth...

Douglas Kim

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