In today’s briefing:
- APR IPO Book-Building Results Analysis
- Douzone Bizon: A Strong Turnaround Story in the Korean Software Industry
APR IPO Book-Building Results Analysis
- APR reported a very strong IPO book-building results. APR IPO price has been determined at 250,000 won, which is 25% higher than the high end of the IPO price range.
- A total of 1,969 institutional investors participated in this IPO book-building. The demand ratio was 663 to 1. APR IPO will start trading on 26 February.
- Our base case valuation of APR is target price of 370,809 won per share which represents a 48% upside from the IPO price of 250,000 won.
Douzone Bizon: A Strong Turnaround Story in the Korean Software Industry
- Douzone Bizon’s results turned around strongly in 2023. It had sales of 353.6 billion won (up 16.2% YoY) and operating profit of 68.4 billion won (up 50.4% YoY) in 2023.
- The company plans to release software platforms with artificial intelligence capable functions in 1Q 2024.
- The sharp increase in the share price and market cap of Douzone Bizon raises the probability of the company being included in the KOSPI 200 rebalance in 2024.
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