Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. The IPO price range is from 32,000 won to 40,200 won. </li>
<li>I-Scream Media is one of the the leading digital education platform companies in Korea. Its I-Scream S platform is used by more than 93% of elementary school classrooms in Korea.</li>
<li>Post IPO, Sigong Tech will have a 23.7% stake in I-Scream Media. Sigong Tech's stake in I-Scream media (at high end of IPO value) is 157% of its market cap.</li>
</ul>


I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. The IPO price range is from 32,000 won to 40,200 won. 
I-Scream Media is one of the the leading digital education platform companies in Korea. Its I-Scream S platform is used by more than 93% of elementary school classrooms in Korea.
Post IPO, Sigong Tech will have a 23.7% stake in I-Scream Media. Sigong Tech's stake in I-Scream media (at high end of IPO value) is 157% of its market cap.


Education Sector Analyst, Schoolhouse Solutions

Anik Siwach

Education Sector Analyst

Schoolhouse Solutions

Schoolhouse is a strategy and research provider for the Education sector. We publish differentiated reports and bespoke research on the sector, focused on private and public companies in Asia-Pacific. Our team has decades of experience working with Education companies ranging from K-12 to Tertiary and Edtech.

Strategy and Research Provider

Equity Bottom-Up

<ul>
<li>
Holistic Educational Suite: 3PL enriched its product portfolio, with the APAC debut of WritingLegends and BrightPath Assessement. </li>
<li>
Steady Financial Growth: Amidst challenges in the UK, 3PL's 9% ARPU growth highlights its consistent performance and market strength. </li>
<li>
Setting the Pace: With attractive-priced offerings, an integrated product approach, and an innovative teacher training vision, 3PL is expected to continue growing its top line as more schools join. </li>
</ul>



Holistic Educational Suite: 3PL enriched its product portfolio, with the APAC debut of WritingLegends and BrightPath Assessement. 

Steady Financial Growth: Amidst challenges in the UK, 3PL's 9% ARPU growth highlights its consistent performance and market strength. 

Setting the Pace: With attractive-priced offerings, an integrated product approach, and an innovative teacher training vision, 3PL is expected to continue growing its top line as more schools join. 


3P Learning (3PL): Steady Through the 3Rs, Eyes on FY24

<ul>
<li>Addition of Writing Legends to existing maths and literacy apps will create more opportunities to upsell and cross-sell. </li>
<li>
Brightpath, the recently acquired assessments technology provider, adds a new horizontal with the potential to reduce school customer churn</li>
<li>Competition is high from groups such as DreamBox, IXL, ABC Mouse, Khan Academy and <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S</a> . <a href="https://www.smartkarma.com/entities/3p-learning-ltd" target="_blank" data-smartkarma-citation="entities:5708:1" rel="noopener">3P Learning</a> remains a significant player with a strong customer base and improving product portfolio.</li>
</ul>


Addition of Writing Legends to existing maths and literacy apps will create more opportunities to upsell and cross-sell. 

Brightpath, the recently acquired assessments technology provider, adds a new horizontal with the potential to reduce school customer churn
Competition is high from groups such as DreamBox, IXL, ABC Mouse, Khan Academy and BYJU'S . 3P Learning remains a significant player with a strong customer base and improving product portfolio.


3P Learning (3PL): Rare Listed EdTech, Offering Exposure to the Growth in Digital Instruction

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/readytech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29105:1" rel="noopener">ReadyTech Holdings Ltd (RDY AU)</a> confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.</li>
<li>PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.</li>
<li>The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.</li>
</ul>



ReadyTech Holdings Ltd (RDY AU) confirmed that it received a conditional, non-binding indicative proposal from Pacific Equity Partners (PEP) at A$4.50 per share, a 38.9% premium to the undisturbed price.
PEP aims to jointly work with Pemba, the largest shareholder with a 32.01% stake, on the proposal. Microequities, the second-largest shareholder, is said to oppose the offer.
The offer represents an all-time price high but struck at a discount to peer multiples, suggesting room for a bump. At last close, the spread to the offer is 8.4%.


ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Falling analyst estimates can point to good short candidates.  This is especially true given Wall Street perpetual bias towards buy recommendations.   </li>
<li>The key judgement involves whether the negative sales or estimate revision is temporary or if they are indications of continuing weakness in the business. </li>
<li>These shorts can have very disparate characteristics: they can have high or low beta, be expensive or cheap, be favored or shunned.</li>
</ul>


Falling analyst estimates can point to good short candidates.  This is especially true given Wall Street perpetual bias towards buy recommendations.   
The key judgement involves whether the negative sales or estimate revision is temporary or if they are indications of continuing weakness in the business. 
These shorts can have very disparate characteristics: they can have high or low beta, be expensive or cheap, be favored or shunned.


Breaking Estimates Short Model Flags Beyond Meat, Zillow, Purple & Chegg

United States

Chegg, Inc. provides online educational platform. The Company offers homework help, course selection, note taking, manuals, and textbook rentals services. Chegg serves customers throughout the United States.

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Chegg Inc (CHGG US)

I-Scream Media IPO Preview

I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. I-Scream Media is one of the the leading digital education...

Douglas Kim

3P Learning (3PL): Steady Through the 3Rs, Eyes on FY24

3PL stock up 5% since the insight was posted, the market is responding favourably to their FY23 figures as we suggested.

Anik Siwach

3P Learning (3PL): Rare Listed EdTech, Offering Exposure to the Growth in Digital Instruction

3PL provides a rare ticket for an Australian-listed EdTech stock, with a focused management team and steady growth plans

Anik Siwach

ReadyTech’s Indicative Offer of A$4.50 from Pacific Equity Partners Good Enough?

The offer represents an all-time share price high but struck at a discount to peer multiples, suggesting room for a bump. At the last close, the...

Arun George

Breaking Estimates Short Model Flags Beyond Meat, Zillow, Purple & Chegg

Our Breaking Estimates Short Model Calls out Beyond Meat, Zillow, Purple & Chegg as short candidate. Presented here with commentary and the...

Eric Fernandez, CFA

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