Report
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For Business Accounts Only
Soosan Industries (SSI) is a private maintenance firm that provides general maintenance services for power plants in South Korea. The services provided by the firm covers ordinary (routine) maintenance and planned preventive maintenance, which includes preventive and predictive type maintenance.
Revenue had slightly fluctuated over the track period, owing to the pandemic, whilst SSI has managed to grow its order backlog. As its business scaled, its profitability improved as well, with margins expanding over the track period. Based on a preliminary look at margins, the firm seems to be doing better than the industry’s average.
Given the downstream nature of where the firm sits, it is highly reliant on the underlying energy generation sector, which is subjected to government policies/regulations. The other energy segments are set to ride on tailwinds which could outweigh the overhang on the tougher outlook on the thermal energy segment, and the firm has growth plans, with the balance sheet to back it.
Soosan Industries Pre-IPO
Soosan Industries is looking to raise about US$189m in its upcoming Korean IPO.Soosan Industries (SSI) is a private maintenance firm that provides general maintenance services for power plants in South Korea. The services provided by the firm covers ordinary (routine) maintenance and planned preventive maintenance, which includes preventive and predictive type maintenance.
Revenue had slightly fluctuated over the track period, owing to the pandemic, whilst SSI has managed to grow its order backlog. As its business scaled, its profitability improved as well, with margins expanding over the track period. Based on a preliminary look at margins, the firm seems to be doing better than the industry’s average.
Given the downstream nature of where the firm sits, it is highly reliant on the underlying energy generation sector, which is subjected to government policies/regulations. The other energy segments are set to ride on tailwinds which could outweigh the overhang on the tougher outlook on the thermal energy segment, and the firm has growth plans, with the balance sheet to back it.
Underlying
Soosan Industries
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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