In today’s briefing:
- KRX Semicon Index Sep Rebalance — Watch Closely
- DH Shipbuilding IPO Valuation Analysis
KRX Semicon Index Sep Rebalance — Watch Closely
- 67 semi names screen into TMI Large-Mid; with stable churn, they’re a solid base for the Sept rebalance. Filter by ADTV and mkt cap to get likely basket.
- Last year’s Sept rebalance saw wild moves, especially in the week prior, driven by low visibility from the non-public BMI universe, which amped up uncertainty and volatility.
- This year’s TMI-based rebalance may see more front-loading and smoother flows, but with low market awareness and no playbook yet, chunky moves are still on the table.
DH Shipbuilding IPO Valuation Analysis
- Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.
- Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won.
- Our target valuation multiple of 5.7x is 20% premium to the comps’ P/B valuation multiple which is justified due to the company’s higher ROE, operating margins and stronger balance sheet.
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