Report
EUR 97.11
For Business Accounts Only
Hyundai Engineering (HEC) is an engineering firm that covers the entire life-cycle, from procurement, development, maintenance post-completion of the building/project. As per Korea Construction Association in 2021, it ranks in 6th position, with a construction capacity of KRW8.5 tn.
There have been a number of news reports since our last note regarding the firm securing projects with an eco-friendly tilt, which could garner investor interest.
Post the IPO, Hyundai E&C would own 36.7% of the firm. Despite its recent share price correction, were HEC to list at our fair value estimate, were one to short the holdco, there exists a 2-12% return potential.
We have looked at the deal earlier:
Hyundai Engineering Pre-IPO - Order Backlog Aids Visibility However, Margins Have Been Fluctuating
Hyundai Engineering Pre-IPO - Unjustifiable Premium to Most Domestic Peers
Hyundai Engineering IPO
Hyundai Engineering is looking to raise up to US$1bn in its Korea IPO.Hyundai Engineering (HEC) is an engineering firm that covers the entire life-cycle, from procurement, development, maintenance post-completion of the building/project. As per Korea Construction Association in 2021, it ranks in 6th position, with a construction capacity of KRW8.5 tn.
There have been a number of news reports since our last note regarding the firm securing projects with an eco-friendly tilt, which could garner investor interest.
Post the IPO, Hyundai E&C would own 36.7% of the firm. Despite its recent share price correction, were HEC to list at our fair value estimate, were one to short the holdco, there exists a 2-12% return potential.
We have looked at the deal earlier:
Hyundai Engineering Pre-IPO - Order Backlog Aids Visibility However, Margins Have Been Fluctuating
Hyundai Engineering Pre-IPO - Unjustifiable Premium to Most Domestic Peers
Underlying
Hyundai Engineering
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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