In today’s briefing:
- Updated NAV Analysis of Doosan Corp Amid IPO of Doosan Robotics
- FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December
- Classys (214150 KS): Beautiful Growth Story Continues; No Sign of Slowing Down
Updated NAV Analysis of Doosan Corp Amid IPO of Doosan Robotics
- Our updated NAV analysis of Doosan Corp (000150 KS) suggests implied market cap of 3.6 trillion won or target price of 217,392 won which is 47% higher than current price.
- To value Doosan Corp, we have assumed a market value of 2.8 trillion won for Doosan Robotics (454910 KS).
- The sharp increase in share price of Doosan Corp today (up 28%) is likely to have been a reflection of the initial strong demand for Doosan Robotics IPO.
FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December
- The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of over US$1bn.
- We currently forecast one potential change at the next rebalance in December. There is another set of changes that could also take place.
- There has been a big increase in short interest on a couple of stocks while the rise has been more gradual on the other stocks.
Classys (214150 KS): Beautiful Growth Story Continues; No Sign of Slowing Down
- Classys (214150 KS) reported solid performance in 2Q23, with revenue and operating profit growing 40% and 52%, YoY, respectively, mainly driven by consumables sales in both domestic and overseas markets.
- Despite increase in advertising and R&D expenses, operating profit margin expanded 370 basis points to 50.4%. Net profit increased 34% YoY to KRW18.6 billion.
- With 1H23 revenue of KRW84.9 billion, Classys is on track to meet 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.
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