Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers' valuation range. </li>
<li>We estimate APR to generate sales of 683.9 billion won (up 25.7% YoY) and operating profit of 114.6 billion won (up 39.5% YoY) in 2024. </li>
<li>APR is one of the best IPOs in the Korean cosmetics sector in the past several years.</li>
</ul>


Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers' valuation range. 
We estimate APR to generate sales of 683.9 billion won (up 25.7% YoY) and operating profit of 114.6 billion won (up 39.5% YoY) in 2024. 
APR is one of the best IPOs in the Korean cosmetics sector in the past several years.


<ul>
<li>APR is getting ready to complete an IPO in KOSPI in February 2024. The IPO price range is from 147,000 won to 200,000 won. </li>
<li>According to the bankers' valuation, the company's valuation is expected to range from 1.1 trillion won to 1.6 trillion won post IPO. </li>
<li>The company's best selling product is its skin care beauty device product called Medicube Age-R. </li>
</ul>


APR is getting ready to complete an IPO in KOSPI in February 2024. The IPO price range is from 147,000 won to 200,000 won. 
According to the bankers' valuation, the company's valuation is expected to range from 1.1 trillion won to 1.6 trillion won post IPO. 
The company's best selling product is its skin care beauty device product called Medicube Age-R. 


South Korea

APR Corporation of Korea operates cosmetics businesses. The Company develops and produces facial mask, lotion, elite fluid, and other products. APR also develops and manufactures beauty devices.

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APR (278470 KS)

APR IPO Valuation Analysis

Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers' valuation...

Douglas Kim

APR IPO Preview

APR is getting ready to complete an IPO in KOSPI in February 2024. According to the bankers' valuation, the company's valuation is expected to...

Douglas Kim

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