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 40 Companies in Korea in July 2022

WCP: Leading Producer of Separators for EV Batteries in Korea

Block Deal Sale of SK IE Technology by Premier Partners: Trying to Dump Shares on a Dead Cat Bounce

A Pair Trade Between LG Chem & LG Energy Solution

LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead

LG Energy Solution: End of the 3 Months Lock Up Period, Higher Short Selling, & JV with Stellantis

Event-Driven

<ul>
<li>Our base case valuation LG Energy Solution is implied market cap of 75 trillion won or target price of 319,089 won, representing 25% below current share price.</li>
<li>Currently, LGES is trading at a premium valuation multiple on a EV/EBITDA (2023E) versus CATL. We believe LGES should trade at a discount to CATL in the next 6-12 months. </li>
<li>LGES's 6 months lock-up ends on 27 July and there are 4.3% of outstanding shares that can be sold which is likely to put negative pressure on share price.</li>
</ul>


Our base case valuation LG Energy Solution is implied market cap of 75 trillion won or target price of 319,089 won, representing 25% below current share price.
Currently, LGES is trading at a premium valuation multiple on a EV/EBITDA (2023E) versus CATL. We believe LGES should trade at a discount to CATL in the next 6-12 months. 
LGES's 6 months lock-up ends on 27 July and there are 4.3% of outstanding shares that can be sold which is likely to put negative pressure on share price.


Contemporary Amperex Technology (CATL) (300750 CH)

LGエネルギーソリューション：6ヶ月のロックアップ期間の終了と評価感度分析