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

Myungin Pharmaceutical IPO Bookbuilding Analysis

Douglas Research Advisory

Equity Capital Markets

Myungin Pharmaceutical / Equity Capital Markets

<ul>
<li>Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. </li>
<li>Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  </li>
<li>We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. </li>
</ul>


Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. 
Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  
We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. 


Chong Kun Dang Pharmaceutical (185750 KS)

Myungin Pharmaceutical IPO Valuation Analysis