In today’s briefing:
- Doosan Robotics IPO Trading – Strong Insti Subscription Rates but Still Feels like a Punt
- CJ Corp: FTC Could Crack Down on CJ Olive Young With Huge Fines
- Korea Small Cap Gem #25: Taeyoung E&C [P/E of 1x and P/B of 0.2x]
- Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US
Doosan Robotics IPO Trading – Strong Insti Subscription Rates but Still Feels like a Punt
- Doosan Robotics (454910 KS) raised around US$318m in its Korea IPO, after pricing its IPO at the top end of the range at KRW26,000/share.
- Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
- In this note, we will talk about the demand for the deal and other trading dynamics.
CJ Corp: FTC Could Crack Down on CJ Olive Young With Huge Fines
- CJ Corp’s share price declined sharply by 10.7% to reach 80,200 won on 4 October. CJ Olive Young is the number one health & beauty store chain in Korea.
- According to local media, CJ Olive Young is in danger of being fined large amounts of money by the Fair Trade Commission (FTC).
- It appears likely that CJ Corp’s share price could fall further close to the five year low end of the trading range (60,000 won) in the next several weeks.
Korea Small Cap Gem #25: Taeyoung E&C [P/E of 1x and P/B of 0.2x]
- Taeyoung Engineering & Construction (009410 KS) is the 25th company in our Korea Small Cap Gems series.
- Taeyoung E&C is a mid-sized construction company in Korea with a market cap of 146 billion won. Its shares are trading at P/E of 1x and P/B of 0.2x.
- At the end of 1H 2023, the company had 6.1 trillion won in order backlog, representing a backlog/sales ratio is 2.3x.
Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US
- Hugel Inc (145020 KS) reported 28% YoY growth in both revenue and operating profit to KRW81.6B and KRW28B in 2Q23, respectively, driven by solid performance of botulinum toxins and fillers.
- Hugel has resubmitted marketing application for botulinum toxin in the U.S. for the third time, with approval expected in 1Q24. The U.S. is the world’s single largest botulinum toxin market.
- The company is seeing North America, Australia, New Zealand, and China as future growth engines to achieve its long-term target revenue of KRW1 trillion and operating profit margin of 45%.
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