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.