Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.</li>
<li>The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.</li>
<li>All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.</li>
</ul>


In a recent discussion with a client, one of the questions that was raised was regarding the impact the local investors are having on the corporate governance reforms in Korea.
The number of local investors in the Korean stock market has jumped in the past few years from 5.3 million in 2017 to 14.4 million in 2022.
All in all, I think Korea is about 3-5 years behind Japan in various corporate governance reforms. So it has a lot of catching up to do.


Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations

Equity Capital Markets

<ul>
<li>Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.</li>
<li>We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company's strong growth in sales and profits.</li>
<li>On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).</li>
</ul>


Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.
We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company's strong growth in sales and profits.
On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).


Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> achieved its highest performance ever in 2023. Revenue grew 27% YoY to KRW180 billion, 6% higher than the forecast of KRW170 billion announced early last year.</li>
<li>As demand for equipment increased rapidly in major countries, overseas sales last year exceeded KRW100 billion for the first time, and specially in Brazil, annual sales exceeded KRW40 billion.</li>
<li>With a positive outlook, Classys is expected to maintain growth trajectory. The company expects 2024 annual revenue of KRW225 billion, up 25% YoY. </li>
</ul>



Classys (214150 KS) achieved its highest performance ever in 2023. Revenue grew 27% YoY to KRW180 billion, 6% higher than the forecast of KRW170 billion announced early last year.
As demand for equipment increased rapidly in major countries, overseas sales last year exceeded KRW100 billion for the first time, and specially in Brazil, annual sales exceeded KRW40 billion.
With a positive outlook, Classys is expected to maintain growth trajectory. The company expects 2024 annual revenue of KRW225 billion, up 25% YoY. 


Classys (214150 KS): 2023 Sales Beat Guidance to Reach Record High; Stellar Performance to Continue

<ul>
<li>In this insight, we discuss a trading strategy for APR (278470 KS) which starts trading on 27 February. APR is the most anticipated IPO in Korea so far in 2024.</li>
<li>Our base case (6 months - 1 year) target price of APR is 370,809 won, which is 48% higher than the IPO price. </li>
<li><em><strong>We recommend investors to take some profits off the table (30%-50%) if the share price shoots higher by 100% to 200%+ from the IPO price on the first day.  </strong></em></li>
</ul>


In this insight, we discuss a trading strategy for APR (278470 KS) which starts trading on 27 February. APR is the most anticipated IPO in Korea so far in 2024.
Our base case (6 months - 1 year) target price of APR is 370,809 won, which is 48% higher than the IPO price. 
We recommend investors to take some profits off the table (30%-50%) if the share price shoots higher by 100% to 200%+ from the IPO price on the first day.  


Trading Strategy of APR on the First Day of IPO

<ul>
<li>APR reported a very strong IPO book-building results. APR IPO price has been determined at 250,000 won, which is 25% higher than the high end of the IPO price range.</li>
<li>A total of 1,969 institutional investors participated in this IPO book-building. The demand ratio was 663 to 1. APR IPO will start trading on 26 February. </li>
<li>Our base case valuation of APR is target price of 370,809 won per share which represents a 48% upside from the IPO price of 250,000 won. </li>
</ul>


APR reported a very strong IPO book-building results. APR IPO price has been determined at 250,000 won, which is 25% higher than the high end of the IPO price range.
A total of 1,969 institutional investors participated in this IPO book-building. The demand ratio was 663 to 1. APR IPO will start trading on 26 February. 
Our base case valuation of APR is target price of 370,809 won per share which represents a 48% upside from the IPO price of 250,000 won. 


South Korea

Classys Inc. operates as a medical equipment manufacturing company. The Company develops and sells non surgical painless fat reduction instruments, fat freezing fat reduction instruments, and other products. Classys markets its products worldwide.

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Classys (214150 KS)

Classys: One of Korea's Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends

Classys, a top beauty medical device company in Korea, is trading at reasonable valuations with strong growth in sales and profits. They recently...

Douglas Kim