Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Dominant domestic market position in the Korean ERP software market, second only to SAP, providing a stable revenue base.</li>
  <li>Strategic shift towards a cloud-based subscription model is driving recurring revenue growth and margin expansion.</li>
  <li>The recent acquisition by global private equity firm EQT Partners is expected to accelerate global expansion and enhance corporate governance.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Dominant domestic market position in the Korean ERP software market, second only to SAP, providing a stable revenue base.
  Strategic shift towards a cloud-based subscription model is driving recurring revenue growth and margin expansion.
  The recent acquisition by global private equity firm EQT Partners is expected to accelerate global expansion and enhance corporate governance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Sky Network Television / Equity Bottom-Up

<ul>
<li>Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.</li>
<li>We modestly reduce our earnings estimates but retain OUTPERFORM.</li>
<li>We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.</li>
</ul>


Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.
We modestly reduce our earnings estimates but retain OUTPERFORM.
We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in February and March 2026. </li>
<li>I provide a list of 30 companies in the Korean stock market that have announced share buyback programs in the past two months. </li>
<li>There were seven companies with more than 200 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.</li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in February and March 2026. 
I provide a list of 30 companies in the Korean stock market that have announced share buyback programs in the past two months. 
There were seven companies with more than 200 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (February & March 2026)

Equity Capital Markets

<ul>
<li>Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). </li>
<li>Our base case target price is based on P/E of 25.3x (20% premium to comps' average valuation multiple) using our estimated net profit of 17 billion won in 2025. </li>
<li>This valuation premium is appropriate due to Dozn's higher sales growth rate, higher net margins, and higher ROE versus the comps. </li>
</ul>


Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). 
Our base case target price is based on P/E of 25.3x (20% premium to comps' average valuation multiple) using our estimated net profit of 17 billion won in 2025. 
This valuation premium is appropriate due to Dozn's higher sales growth rate, higher net margins, and higher ROE versus the comps. 


<ul>
<li>Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.</li>
<li>The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.</li>
<li>Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea.</li>
</ul>


Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.
The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.
Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea.


South Korea

Dozn Inc. provides software development services. The Company develops payment software and other products. Dozn conducts businesses in South Korea.

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Dozn (462860 KS)

Primer: Dozn (462860 KS) - Apr 2026

Dominant domestic market position in the Korean ERP software market, second only to SAP, providing a stable revenue base. Strategic shift...

αSK Primers

Sky TV Playing Defense

Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees. We modestly reduce our...

Forsyth Barr

Dozn IPO Valuation Analysis

Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO...

Douglas Kim

Dozn IPO Preview

Dozn is getting ready to complete its IPO in Korea in March 2025. Dozn is emerging as a prominent business-to-business (B2B) digital solution...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Dozn (462860 KS) - Apr 2026

Dominant domestic market position in the Korean ERP software market, second only to SAP, providing a stable revenue base. Strategic shift...

αSK Primers

Sky TV Playing Defense

Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees. We modestly reduce our...

Forsyth Barr

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (February & March 2026)

In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in February and March...

Douglas Kim

Dozn IPO Valuation Analysis

Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO...

Douglas Kim

Dozn IPO Preview

Dozn is getting ready to complete its IPO in Korea in March 2025. Dozn is emerging as a prominent business-to-business (B2B) digital solution...

Douglas Kim