IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a>, the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   </li>
<li>
<a href="https://www.smartkarma.com/entities/dn-automotive-corporation" target="_blank" data-smartkarma-citation="entities:20840:1" rel="noopener">DN Automotive (007340 KS)</a> is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.</li>
<li>The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.</li>
</ul>



DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   

DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>DN Solutions is getting ready to complete its IPO in Korea in May 2025. The IPO price range is from 65,000 won to 89,700 won.</li>
<li>The book building for the institutional investors will last from 22 to 28 April. The expected IPO offering amount is from 1.14 trillion won to 1.57 trillion won.</li>
<li>The IPO price range is based on DN Solutions' net profit of 317.4 billion won, P/E of 25.2x, and IPO discount rates of 29.1% to 48.6%.</li>
</ul>


DN Solutions is getting ready to complete its IPO in Korea in May 2025. The IPO price range is from 65,000 won to 89,700 won.
The book building for the institutional investors will last from 22 to 28 April. The expected IPO offering amount is from 1.14 trillion won to 1.57 trillion won.
The IPO price range is based on DN Solutions' net profit of 317.4 billion won, P/E of 25.2x, and IPO discount rates of 29.1% to 48.6%.


Equity Bottom-Up

In this note, we explain the Korean government's recent announcement to reduce robots/automation equipment manufacturing subsidies and provide a list of Korean companies that are the major players in the robotics/automation equipment industry. The Korean manufacturing sector is one of the most highly automated in the world. The Korean companies currently benefit from decent corporate tax breaks ranging from 3 to 7% on investments in industrial automation equipment, which vary depending on the…

In this note, we explain the Korean government's recent announcement to reduce robots/automation equipment manufacturing subsidies and provide a list of Korean companies that are the major players in the robotics/automation equipment industry. The Korean manufacturing sector is one of the most highly automated in the world. The Korean companies currently benefit from decent corporate tax breaks ranging from 3 to 7% on investments in industrial automation equipment, which vary depending on the…

Reduction in Robots Manufacturing Subsidies

South Korea

SMEC Co., Ltd. engages in the machinery and communication industry business. The Company's machinery business produces CNC lathe, machine center, robot, laser, and catalogue archives. In addition, communication industry business develops BcN solution, mobile solution, video solution, security solution, and catalogue archives.

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Smec Co Ltd (099440 KS)

DN Solutions IPO: The Bull Case

The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT...

Arun George

DN Solutions IPO Preview

DN Solutions is getting ready to complete its IPO in Korea in May 2025. DN Solutions is expected to be one of the largest IPOs in Korea in 2025....

Douglas Kim

Reduction in Robots Manufacturing Subsidies

In this note, we explain the Korean government's recent announcement to reduce robots/automation equipment manufacturing subsidies and provide a...

Douglas Kim

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