Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

OASIS IPO Pricing Is Not Even Worth Reviewing: Strongly Recommend Avoiding It

Oasis Corp IPO Preliminary Book Building Results

Oasis Corp: Market Leader of Organic Foods Online Sales in Korea

Coupang: Market Share Loss Likely Due to Launch of Naver's 24 Hours Next Day Delivery Service

The Blockchain Delusion. A (Mostly) Bearish Investment Thesis.

Equity Capital Markets

<ul>
<li>Our base case valuation of Oasis Corp is EV of 605 billion won, implied market cap of 788 billion won, and target price of 24,847 won per share. </li>
<li>This is 18.5% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Oasis Corp IPO.</li>
<li>The end of COVID pandemic and relaxed regulations for hypermarkets in early morning delivery services are likely to have greater negative impact on Oasis Corp. </li>
</ul>


Our base case valuation of Oasis Corp is EV of 605 billion won, implied market cap of 788 billion won, and target price of 24,847 won per share. 
This is 18.5% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Oasis Corp IPO.
The end of COVID pandemic and relaxed regulations for hypermarkets in early morning delivery services are likely to have greater negative impact on Oasis Corp. 


OASIS /Korea

Oasis Corp IPO Valuation Analysis