In today’s briefing:
- Single-Day ETF Flow Event Not to Be Missed in Korea in December
- Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics
- Revu Corporation IPO Valuation Analysis
Single-Day ETF Flow Event Not to Be Missed in Korea in December
- Ecopro Co will replace Celltrion Inc. Their float market cap difference is nearly 5 trillion won, so it doesn’t seem likely that this will reverse by the end of November.
- Ecopro may not have a very significant passive impact x ADTV, given its still high trading volume. On the other hand, Celltrion seems likely to be the target of traders.
- From a trading perspective, it’s important to focus on the potential price impact of this flow event on Celltrion, which could be amplified depending on the possibility of merger cancellation.
Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics
- The bankers provided additional valuation framework using P/S basis for Doosan Robotics and based on this methodology, the IPO price range is from 19,000 won to 24,000 won.
- This does not mean that the bankers have actually lowered the IPO price range but rather they have provided another framework to value the company.
- We continue to have a Positive view of the Doosan Robotics IPO.
Revu Corporation IPO Valuation Analysis
- Our base case valuation of Revu Corp is target price of 19,403 won, which is 47% higher than the high end of the IPO price range (13,200 won).
- Revu’s main business is marketing using influencers who are major content providers in the SNS advertising market.
- The influencer based marketing/advertising is one of the highest growing segments and we believe Revu Corp has an attractive platform to further expand its business on a profitable basis.
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