Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

HPSP Preview: A Korean IPO With Best Fundamentals So Far in 2022

Smartkarma Webinar | 2022 Semiconductor Outlook

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Capital Markets

<ul>
<li>Our base case valuation of HPSP is implied market cap of 810 billion won or target price of 38,228 won per share.</li>
<li>This is 53% higher than the high end of the IPO price range of 25,000 won.  Given the solid upside, we have a POSITIVE view of the HPSP IPO.</li>
<li>Our base case valuation uses our estimated net profit of 79.8 billion won in 2022 and P/E of 10.2x which is the median valuation multiple of its peers. </li>
</ul>


Our base case valuation of HPSP is implied market cap of 810 billion won or target price of 38,228 won per share.
This is 53% higher than the high end of the IPO price range of 25,000 won.  Given the solid upside, we have a POSITIVE view of the HPSP IPO.
Our base case valuation uses our estimated net profit of 79.8 billion won in 2022 and P/E of 10.2x which is the median valuation multiple of its peers. 


HPSP

HPSP IPO Valuation Analysis