KOREA INVESTMENT HOLDINGS CO., LTD.

(A071050)
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S.Korea's Hyundai Engineering postpones planned IPO, cites valuation problems

01/27/2022 | 10:12pm EDT
Employees of Hyundai Group walk behind the company's logo at its headquarters in Seoul

SEOUL, Jan 28 (Reuters) - South Korean builder Hyundai Engineering Co Ltd, an affiliate of Hyundai Motor Group, said on Friday it has decided to postpone an upcoming initial public offering (IPO) which had been expected to raise as much as $1 billion.

Pricing had been expected to be finalised in late January, with a listing in Seoul expected in February. The company didn't indicate when a listing might now take place.

In a regulatory filing on Friday, Hyundai Engineering cited difficulty receiving a proper assessment of the company's value during institutional bookbuilding this month as one factor in the postponement. It did not specify other factors.

In December the company, ranked among South Korea's top seven construction firms, said it aimed to raise up to 1.2 trillion won, with an indicative price range of 57,900 to 75,700 won per share.

The offer was to consist of 4 million new shares, plus 12 million existing shares from Hyundai Engineering's shareholders, Hyundai Motor Group Chairman Euisun Chung, Honorary Chairman Mong-Koo Chung, Hyundai Glovis, Kia Corp and Hyundai Mobis.

Analysts said sentiment toward the construction industry in general has been hit after a deadly wall collapse at a different builder's work site in Korea earlier this month, raising cost concerns.

"We see the domestic construction industry shouldering a heavier burden in overall safety management costs after the collapse. This is why investor sentiment has soured on construction companies," said Kang Kyung-tae, analyst at Korea Investment & Securities.

"The rapidly changing (overall) market situation in January, involving liquidity taking flight from certain markets, also had an effect."

($1 = 1,205.0800 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Jacqueline Wong and Kenneth Maxwell)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION -1.10% 18000 End-of-day quote.7.14%
HYUNDAI GLOVIS CO., LTD. 0.00% 207000 End-of-day quote.23.21%
HYUNDAI MOTOR COMPANY 0.27% 184000 End-of-day quote.-11.96%
KIA CORPORATION -0.24% 82400 End-of-day quote.0.24%
KOREA INVESTMENT HOLDINGS CO., LTD. 0.00% 69100 End-of-day quote.-14.37%
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Financials
Sales 2022 2 430 B 1,92 B 1,92 B
Net income 2022 1 074 B 0,85 B 0,85 B
Net Debt 2022 - - -
P/E ratio 2022 3,68x
Yield 2022 5,21%
Capitalization 3 998 B 3 154 M 3 154 M
Capi. / Sales 2022 1,65x
Capi. / Sales 2023 1,53x
Nbr of Employees 57
Free-Float 62,1%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 69 100,00 KRW
Average target price 112 777,78 KRW
Spread / Average Target 63,2%
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Managers and Directors
Nam-Goo Kim Chairman & Chief Executive Officer
Ju-Won Kim President & Director
Gwang-Ok Kim Compliance Officer
Hobart Lee Epstein Independent Director
Jae-Hwan Kim Independent Director
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