Report
EUR 97.11
For Business Accounts Only
Hyundai Engineering 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 6th position, with a construction capacity of KRW8.5 tn.
The firm has seen its construction capacity steadily growing, increasing its market positioning as per construction capacity from 9th in 2015 to 6th in 9M21. Owing to stronger demand and economic stimulus, it has also seen its new orders staging a bounceback in 9M21 YoY, with a backlog of orders providing topline visibility for future periods.
However, its margins have fluctuated owing to raw mat pressure and the firm pegs its asking valuation against much higher valued international peers. Selling shareholders could also remain an overhang on share price post lockup expiry, six months after listing.
Hyundai Engineering Pre-IPO
Hyundai Engineering is looking to raise up to US$1bn in its upcoming Korea IPO.Hyundai Engineering 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 6th position, with a construction capacity of KRW8.5 tn.
The firm has seen its construction capacity steadily growing, increasing its market positioning as per construction capacity from 9th in 2015 to 6th in 9M21. Owing to stronger demand and economic stimulus, it has also seen its new orders staging a bounceback in 9M21 YoY, with a backlog of orders providing topline visibility for future periods.
However, its margins have fluctuated owing to raw mat pressure and the firm pegs its asking valuation against much higher valued international peers. Selling shareholders could also remain an overhang on share price post lockup expiry, six months after listing.
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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