Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

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<li>To value Aproele, we used an 18.2x P/E multiple based on our 2021 net profit estimate of 8.9 billion won. The valuation multiple of 18.2x was derived from an average of the comps' P/E multiples from 2019 to 2021.</li>
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This resulted in an implied market cap of 161 billion won or 21,910 won per share. The IPO price range is from 19,000 won to 21,600 won so our target price is close to the high end of the IPO price range. Therefore, we would not take this IPO deal, given the lack of enough upside. 
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<li>Aproele is a rechargeable battery equipment maker in Korea. Aproele has focused on the power conversion and circuit technologies for the rechargeable battery equipment. The company's main product is the high-temperature pressurized charger, which is a device that can improve the performance of the battery produced by maximizing the charging/discharging efficiency of the EV batteries.</li>
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To value Aproele, we used an 18.2x P/E multiple based on our 2021 net profit estimate of 8.9 billion won. The valuation multiple of 18.2x was derived from an average of the comps' P/E multiples from 2019 to 2021.

This resulted in an implied market cap of 161 billion won or 21,910 won per share. The IPO price range is from 19,000 won to 21,600 won so our target price is close to the high end of the IPO price range. Therefore, we would not take this IPO deal, given the lack of enough upside. 

Aproele is a rechargeable battery equipment maker in Korea. Aproele has focused on the power conversion and circuit technologies for the rechargeable battery equipment. The company's main product is the high-temperature pressurized charger, which is a device that can improve the performance of the battery produced by maximizing the charging/discharging efficiency of the EV batteries.


Established in 2000, Aproele is a rechargeable battery equipment maker in Korea which is getting ready to complete its IPO in the next few weeks. The IPO price range is from 19,000 won to 21,600 won. The IPO deal size is from $22 million to $25 million. According to the bankers' valuation, the expected market cap of the company after the IPO is from 140 billion won to 159 billion won.Aproele has focused on the power conversion and circuit technologies for the rechargeable battery equipment. The company's main product is the high-temperature pressurized charger, which is a device that can improve the performance of the battery produced by maximizing the charging/discharging efficiency of the EV batteries. The company's main customers include lithium ion based rechargeable battery makers such as <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>.The company generated sales of 67.4 billion won (up 11.1% YoY) and an operating profit of 10.4 billion won (up 44.1% YoY) in 2019.The EV related stocks have been some of the best-performing ones in the Korean stock market this year. In the table below, we provide a list of the 21 top EV related stocks in Korea, which are up 36.2% on average YTD compared to KOSPI which is flat YTD.

Established in 2000, Aproele is a rechargeable battery equipment maker in Korea which is getting ready to complete its IPO in the next few weeks. The IPO price range is from 19,000 won to 21,600 won. The IPO deal size is from $22 million to $25 million. According to the bankers' valuation, the expected market cap of the company after the IPO is from 140 billion won to 159 billion won.Aproele has focused on the power conversion and circuit technologies for the rechargeable battery equipment. The company's main product is the high-temperature pressurized charger, which is a device that can improve the performance of the battery produced by maximizing the charging/discharging efficiency of the EV batteries. The company's main customers include lithium ion based rechargeable battery makers such as LG Chem Ltd (051910 KS).The company generated sales of 67.4 billion won (up 11.1% YoY) and an operating profit of 10.4 billion won (up 44.1% YoY) in 2019.The EV related stocks have been some of the best-performing ones in the Korean stock market this year. In the table below, we provide a list of the 21 top EV related stocks in Korea, which are up 36.2% on average YTD compared to KOSPI which is flat YTD.

South Korea

A-PRO is one of the key suppliers of rechargeable Li-ion battery manufacturing equipment to the world.

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Aproele (APRO US)

Aproele IPO Valuation Analysis

To value Aproele, we used an 18.2x P/E multiple based on our 2021 net profit estimate of 8.9 billion won. The valuation multiple of 18.2x was...

Douglas Kim

Aproele IPO Preview

Established in 2000, Aproele is a rechargeable battery equipment maker in Korea which is getting ready to complete its IPO in the next few weeks....

Douglas Kim

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