Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>Kurly is the number one player in Korea focusing on e-commerce of fresh foods. Kurly's most recent valuation was about 4 trillion won in December 2021.</li>
<li>Coupang is trading at P/S and P/GP multiples of 1.2x and 7.4x (2021), respectively. Using these valuation multiples, Kurly's valuation would be from 1.9 trillion won to 2.2 trillion won.</li>
<li>These valuations would represent nearly half of the 4 trillion won in private market valuation it received in December 2021.</li>
</ul>


Kurly is the number one player in Korea focusing on e-commerce of fresh foods. Kurly's most recent valuation was about 4 trillion won in December 2021.
Coupang is trading at P/S and P/GP multiples of 1.2x and 7.4x (2021), respectively. Using these valuation multiples, Kurly's valuation would be from 1.9 trillion won to 2.2 trillion won.
These valuations would represent nearly half of the 4 trillion won in private market valuation it received in December 2021.


Kurly: A Market Leader in Fresh Foods E-Commerce Market in Korea

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Vision Fund's public portfolio lost $10bn in Q1 marking the third time in four quarters that valuation losses were in the tens of billions</li>
<li>Global tech weaness remains the main challenge as portfolio losses are matched with concerns on the private portfolio, especially ARM</li>
<li>And worries about ARM also feed into leverage concerns as Softbank's QoQ decline in reported LTV was driven by an ARM upgrade.  Meanwhile, CDS prices are near all-time highs</li>
</ul>


Vision Fund's public portfolio lost $10bn in Q1 marking the third time in four quarters that valuation losses were in the tens of billions
Global tech weaness remains the main challenge as portfolio losses are matched with concerns on the private portfolio, especially ARM
And worries about ARM also feed into leverage concerns as Softbank's QoQ decline in reported LTV was driven by an ARM upgrade.  Meanwhile, CDS prices are near all-time highs


Softbank Group - First Look at Q1 22 Performance

<ul>
<li>Oasis Corp is the market leader of organic foods online sales in Korea. </li>
<li>Oasis Corp generated sales of 356.9 billion won (up 49.6% YoY) and an operating margin of 1.6% in 2021. From 2017 to 2021, Oasis Corp's sales increased by 45.9% CAGR.</li>
<li>Oasis Corp has been consistently profitable unlike its competitors such as Kurly, Coupang, and SSG.com.</li>
</ul>


Oasis Corp is the market leader of organic foods online sales in Korea. 
Oasis Corp generated sales of 356.9 billion won (up 49.6% YoY) and an operating margin of 1.6% in 2021. From 2017 to 2021, Oasis Corp's sales increased by 45.9% CAGR.
Oasis Corp has been consistently profitable unlike its competitors such as Kurly, Coupang, and SSG.com.


Oasis Corp: Market Leader of Organic Foods Online Sales in Korea

<ul>
<li>Didi shares jumped 24% on reports regulatory relief was at hand. That is good news for Softbank although the halo effect boosting Alibaba had more of a valuation impact</li>
<li>Less noticed but also relevant as a potential outcome is the de-listing of Zhangmen Education which fell 50% Monday and is down 97% for VF in total</li>
<li>Softbank shares trade at a 43% discount to fair value and remain range-bound.  Tech market sentiment remains the primary driver and we continue to be cautious</li>
</ul>


Didi shares jumped 24% on reports regulatory relief was at hand. That is good news for Softbank although the halo effect boosting Alibaba had more of a valuation impact
Less noticed but also relevant as a potential outcome is the de-listing of Zhangmen Education which fell 50% Monday and is down 97% for VF in total
Softbank shares trade at a 43% discount to fair value and remain range-bound.  Tech market sentiment remains the primary driver and we continue to be cautious


Softbank Group - Didi Relief and ZME Pain Highlight Multiple Potential Outcomes

Event-Driven

<ul>
<li>On 23 March, Korea Exchange launched two Korean REITs related indices, including KRX REITs TOP 10 Index and KRX REITs TOP 10 Leverage Index.</li>
<li>Korea Exchange will list two more REITs related ETFs in KOSPI on 24 May including Arirang Fn KREIT ETF (429740 KS) and HEROES REITs IGIS Active ETF (429870 KS). </li>
<li>The launch of the two new REIT indices by the Korea Exchange and two new REIT ETFs are likely to accelerate higher demand for high quality REITs in Korea. </li>
</ul>


On 23 March, Korea Exchange launched two Korean REITs related indices, including KRX REITs TOP 10 Index and KRX REITs TOP 10 Leverage Index.
Korea Exchange will list two more REITs related ETFs in KOSPI on 24 May including Arirang Fn KREIT ETF (429740 KS) and HEROES REITs IGIS Active ETF (429870 KS). 
The launch of the two new REIT indices by the Korea Exchange and two new REIT ETFs are likely to accelerate higher demand for high quality REITs in Korea. 


Launch of Two New REIT Indices by KRX and Two New REIT ETFs in Korea

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

Kurly: A Market Leader in Fresh Foods E-Commerce Market in Korea

Kurly is the number one player in Korea focusing on e-commerce of fresh foods in Korea. Kurly's most recent valuation was about 4 trillion won in...

Douglas Kim

Softbank Group - First Look at Q1 22 Performance

Public valuation losses again exceeded $10bn as a last day meltdown for SenseTime marred an otherwise stable quarter for China. Global tech,...

Kirk Boodry

Oasis Corp: Market Leader of Organic Foods Online Sales in Korea

Oasis Corp is the market leader of organic foods online sales in Korea. Oasis Corp has been consistently profitable unlike its competitors such as...

Douglas Kim

Softbank Group - Didi Relief and ZME Pain Highlight Multiple Potential Outcomes

Good news on Didi and recent gains for Coupang and Goto highlight the potential for Vision Fund companies to re-rate although the delisting of...

Kirk Boodry

Launch of Two New REIT Indices by KRX and Two New REIT ETFs in Korea

The launch of the two new REIT indices by the Korea Exchange and two new REIT ETFs are likely to accelerate higher demand for high quality REITs in...

Douglas Kim

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