Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>APR announced it will delay its IPO. Now, APR's book building has been postponed to 2 to 8 February. The IPO price range remains the same.</li>
<li>The company has provided updated preliminary sales and operating profits for 2023 in the revised IPO prospectus. Revenue was a bit light but OP was better than expected in 4Q23.</li>
<li>Our base case valuation of APR is 370,809 won per share which represents an 85% upside from the high end of the bankers' valuation range (200,000 won).</li>
</ul>


APR announced it will delay its IPO. Now, APR's book building has been postponed to 2 to 8 February. The IPO price range remains the same.
The company has provided updated preliminary sales and operating profits for 2023 in the revised IPO prospectus. Revenue was a bit light but OP was better than expected in 4Q23.
Our base case valuation of APR is 370,809 won per share which represents an 85% upside from the high end of the bankers' valuation range (200,000 won).


<ul>
<li>Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers' valuation range. </li>
<li>We estimate APR to generate sales of 683.9 billion won (up 25.7% YoY) and operating profit of 114.6 billion won (up 39.5% YoY) in 2024. </li>
<li>APR is one of the best IPOs in the Korean cosmetics sector in the past several years.</li>
</ul>


Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers' valuation range. 
We estimate APR to generate sales of 683.9 billion won (up 25.7% YoY) and operating profit of 114.6 billion won (up 39.5% YoY) in 2024. 
APR is one of the best IPOs in the Korean cosmetics sector in the past several years.


<ul>
<li>APR is getting ready to complete an IPO in KOSPI in February 2024. The IPO price range is from 147,000 won to 200,000 won. </li>
<li>According to the bankers' valuation, the company's valuation is expected to range from 1.1 trillion won to 1.6 trillion won post IPO. </li>
<li>The company's best selling product is its skin care beauty device product called Medicube Age-R. </li>
</ul>


APR is getting ready to complete an IPO in KOSPI in February 2024. The IPO price range is from 147,000 won to 200,000 won. 
According to the bankers' valuation, the company's valuation is expected to range from 1.1 trillion won to 1.6 trillion won post IPO. 
The company's best selling product is its skin care beauty device product called Medicube Age-R. 


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>The September KOSPI Size Index rebalancing could bring back the typical price impacts seen over the past decade, unlike the March rebalancing.</li>
<li>The previous rebalancing had anomalies due to newly listed stocks in LARGE and a stronger downward trend in LARGE-to-MID transitions, disrupting the expected price impact.</li>
<li>For September's rebalancing, fewer distortions are expected compared to March. The NPS Mid to Small Cap fund, a key influence, shows no significant changes in benchmark or AUM.</li>
</ul>


The September KOSPI Size Index rebalancing could bring back the typical price impacts seen over the past decade, unlike the March rebalancing.
The previous rebalancing had anomalies due to newly listed stocks in LARGE and a stronger downward trend in LARGE-to-MID transitions, disrupting the expected price impact.
For September's rebalancing, fewer distortions are expected compared to March. The NPS Mid to Small Cap fund, a key influence, shows no significant changes in benchmark or AUM.


Examining the September Reshuffle of the KOSPI Size Index Series

Douglas Research Advisory

<ul>
<li>We discuss the potential additions and deletions to KOSPI 200 in December 2024 amid big declines in share prices of many stocks in KOSPI in the past week.</li>
<li>The eight potential additions are up on average 8.5% from end of 2023. The eight potential deletion candidates are down on average 39.1% YTD.</li>
<li>The average market cap of the seven potential additions is 1.9 trillion won. The average market cap of the seven potential deletion candidates is 0.6 trillion won.</li>
</ul>


We discuss the potential additions and deletions to KOSPI 200 in December 2024 amid big declines in share prices of many stocks in KOSPI in the past week.
The eight potential additions are up on average 8.5% from end of 2023. The eight potential deletion candidates are down on average 39.1% YTD.
The average market cap of the seven potential additions is 1.9 trillion won. The average market cap of the seven potential deletion candidates is 0.6 trillion won.


Potential Additions and Deletions to KOSPI 200 in December 2024 Amid Market Downturn

South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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APR (278470 KS)

Why Is APR IPO Getting Delayed?

APR announced it will delay its IPO. Its book building has been postponed to 2 to 8 February. The IPO price range is the same. The company has...

Douglas Kim

APR IPO Valuation Analysis

Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers' valuation...

Douglas Kim

APR IPO Preview

APR is getting ready to complete an IPO in KOSPI in February 2024. According to the bankers' valuation, the company's valuation is expected to...

Douglas Kim

Examining the September Reshuffle of the KOSPI Size Index Series

This post examines the potential for flow trading setups targeting the September rebalancing of the KOSPI Size Index Series.

Sanghyun Park

Potential Additions and Deletions to KOSPI 200 in December 2024 Amid Market Downturn

We discuss the potential additions and deletions to KOSPI 200 in December 2024 amid big declines in share prices of many stocks in KOSPI in the...

Douglas Kim

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