Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li><em><strong>Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (95% higher than the high end of the IPO price). </strong></em></li>
<li>Sanil Electric has higher sales growth, operating margins, and ROE than the comps. </li>
<li>We estimate Sanil Electric to generate sales of 283.4 billion won (up 32.1% YoY) and operating profit of 79 billion won (up 69.6% YoY) in 2024. </li>
</ul>


Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (95% higher than the high end of the IPO price). 
Sanil Electric has higher sales growth, operating margins, and ROE than the comps. 
We estimate Sanil Electric to generate sales of 283.4 billion won (up 32.1% YoY) and operating profit of 79 billion won (up 69.6% YoY) in 2024. 


<ul>
<li>Sanil Electric is getting ready to complete its IPO in late July in KOSPI. The IPO price range is from 24,000 won to 30,000 won per share. </li>
<li>The company is planning is raise between 182.4 billion won and 228 billion won in this IPO. The book building for the institutional investors lasts from 9 to 15 July. </li>
<li>Sanil Electric is best known for making special transformers used for special purposes in environments with severe weather changes, such as offshore wind power, solar power, and offshore plants. </li>
</ul>


Sanil Electric is getting ready to complete its IPO in late July in KOSPI. The IPO price range is from 24,000 won to 30,000 won per share. 
The company is planning is raise between 182.4 billion won and 228 billion won in this IPO. The book building for the institutional investors lasts from 9 to 15 July. 
Sanil Electric is best known for making special transformers used for special purposes in environments with severe weather changes, such as offshore wind power, solar power, and offshore plants. 


South Korea

Sanil Electric Co., Ltd. operates electrical equipment manufacturing businesses. The Company produces oil-immersed transformers, cast resin transformers, dry-type transformers, reactors, and other products. Sanil Electric conducts businesses in South Korea.

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Sanil Electric (062040 KS)

Sanil Electric IPO Valuation Analysis

Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (95% higher than the high end of the IPO...

Douglas Kim

Sanil Electric IPO Preview

Sanil Electric is getting ready to complete its IPO in late July in KOSPI. The company is planning is raise between 182.4 billion won and 228...

Douglas Kim

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