SGIC IPO Valuation Analysis
Our base case valuation of Seoul Guarantee Insurance is target price of 32,463 won per share, which is 2.1% higher than the high end of the IPO price range.
All in all, we are not particularly impressed with SGIC's lack of top-line sales growth and worsening operating profit and margins in 1Q-3Q 2024.
Despite the much lower IPO price range and a promise for higher shareholder returns, we remain Negative on this IPO.
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