Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

Kakao Brain Corp / Private Capital Markets

<ul>
<li>One of the most promising projects that Kakao Brain is currently developing includes an AI Korean language model called KoGPT, which would be similar to ChatGPT service. </li>
<li>In February 2023, Kakao Brain created a major magazine cover which was the first time in South Korea that an AI-based artwork has been published on a major magazine cover.</li>
<li>There are five major companies including Kakao Brain, Naver Corp, SK Telecom, KT Corp, and LG AI Research that are actively developing Korean language versions of Chat GPT.</li>
</ul>


One of the most promising projects that Kakao Brain is currently developing includes an AI Korean language model called KoGPT, which would be similar to ChatGPT service. 
In February 2023, Kakao Brain created a major magazine cover which was the first time in South Korea that an AI-based artwork has been published on a major magazine cover.
There are five major companies including Kakao Brain, Naver Corp, SK Telecom, KT Corp, and LG AI Research that are actively developing Korean language versions of Chat GPT.


Kakao Brain: Leading Provider of AI Based Text-To-Image Service & Launch of KoGPT in 2H 2023

Equity Capital Markets

<div class="content-highlight">
<p><strong>Vaiv Company</strong> is getting ready for an IPO on the KOSDAQ exchange in the coming weeks. Vaiv Company, which specializes in artificial intelligence and big data, was recently renamed from Daum Soft previously.</p>
<p>There is likely to be a healthy demand for this IPO driven by the company's solid technology in AI &amp; big data analysis, strong backers (including Kakao Corp), and recent solid share price performance of one of its competitors Saltlux (304100 KS), whose share price is up 18% from its IPO price (it was up as much as 90%+ from its IPO price).</p>
</div><p>The bankers used two companies including Wise I-tech and Selvas AI as comparable companies to Vaiv Co. Using their annualized net profit from 3Q 2019 to 2Q 2020 and applying their recent prices, the average P/E of 28.6x was derived. The bankers then applied Viav's estimated net profit of 8.6 billion won in 2022 and discounted this at a 15% cost of capital to derive the present value of 6 billion won or EPS of 1,059 won. Applying a P/E of 28.6x results in an implied price per share of 30,348 won. Applying an additional IPO discount range of 7.7% - 24.2% results in an IPO price range of 23,000 won to 28,000 won. </p>


Vaiv Company is getting ready for an IPO on the KOSDAQ exchange in the coming weeks. Vaiv Company, which specializes in artificial intelligence and big data, was recently renamed from Daum Soft previously.
There is likely to be a healthy demand for this IPO driven by the company's solid technology in AI &amp; big data analysis, strong backers (including Kakao Corp), and recent solid share price performance of one of its competitors Saltlux (304100 KS), whose share price is up 18% from its IPO price (it was up as much as 90%+ from its IPO price).
The bankers used two companies including Wise I-tech and Selvas AI as comparable companies to Vaiv Co. Using their annualized net profit from 3Q 2019 to 2Q 2020 and applying their recent prices, the average P/E of 28.6x was derived. The bankers then applied Viav's estimated net profit of 8.6 billion won in 2022 and discounted this at a 15% cost of capital to derive the present value of 6 billion won or EPS of 1,059 won. Applying a P/E of 28.6x results in an implied price per share of 30,348 won. Applying an additional IPO discount range of 7.7% - 24.2% results in an IPO price range of 23,000 won to 28,000 won. 

South Korea

VAIV Company Inc. operates application software businesses. The Company develops artificial intelligence data processing and analysis software, behavior analysis software, and other products. VAIV conducts business in Korea.

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VAIV Co Inc (301300 KS)

Kakao Brain: Leading Provider of AI Based Text-To-Image Service & Launch of KoGPT in 2H 2023

One of the most promising projects that Kakao Brain is currently developing includes an AI Korean language model called KoGPT, which would be...

Douglas Kim

Vaiv Company (Daum Soft) IPO Preview

Vaiv Company is getting ready for an IPO on the KOSDAQ exchange in the coming weeks. Vaiv Company, which specializes in artificial intelligence...

Douglas Kim

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