In today’s briefing:
- Myungin Pharmaceutical IPO Bookbuilding Analysis
- HMM: Results of the Tender Offer
- Samsung Heavy Industries – Premium Sustained, Delivery the Key
Myungin Pharmaceutical IPO Bookbuilding Analysis
- Myungin Pharm’s IPO price has been confirmed at 58,000 won, which is at the high end of the IPO price range.
- A total of 2,028 domestic and foreign institutional investors participated in the IPO demand forecast. The demand ratio was 488.9 to 1.
- Our base case valuation of Myungin Pharm is market cap of 1.2 trillion won, and target price of 80,349 won per share, which is 39% higher than the IPO price.
HMM: Results of the Tender Offer
- On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
- Its two largest shareholders (Korea Development Bank – KDB and Korea Ocean Business Corp – KOBC) both participated in the tender offer.
- With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM.
Samsung Heavy Industries – Premium Sustained, Delivery the Key
- Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.
- Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.
- FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.
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