Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as the Korea Gold Exchange. </li>
<li>If we annualize the company's net profit in 1Q 2026, that would suggest annualized net profit of 291 billion won. </li>
<li>If we attach a 10x P/E on annualized net profit of 291 billion won, this would suggest market cap of 2.9 trillion won (136% higher than its current market cap).</li>
</ul>


The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as the Korea Gold Exchange. 
If we annualize the company's net profit in 1Q 2026, that would suggest annualized net profit of 291 billion won. 
If we attach a 10x P/E on annualized net profit of 291 billion won, this would suggest market cap of 2.9 trillion won (136% higher than its current market cap).


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were discussed on Smartkarma this week: EQT's tilt for <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a>, and <a href="https://www.smartkarma.com/entities/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a>'s Scheme with Zurich Insurance Group.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>, and <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a>.</li>
</ul>


I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were discussed on Smartkarma this week: EQT's tilt for Douzone Bizon (012510 KS), and Clearview Wealth (CVW AU)'s Scheme with Zurich Insurance Group.
Key updates/news also took place on: Qoria (QOR AU), Insignia Financial (IFL AU), Humm Group (HUM AU), Mandom Corp (4917 JP), and Raksul Inc (4384 JP).


Asia-Pac M&A Weekly Wrap: Douzone Bizon, Clearview Wealth, Qoria, Insignia, Humm, Mandom, Raksul

<ul>
<li>Software play <a href="https://www.smartkarma.com/entities/douzone-bizon-co-ltd" target="_blank" data-smartkarma-citation="entities:20161:1" rel="noopener">Douzone Bizon (012510 KS)</a> has <a href="https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20260223000008" target="_blank" rel="noopener">announced</a> PE outfit EQT Partners is seeking to acquire all remaining free-float shares through a Tender Offer.</li>
<li>EQT, holding 34.9% of shares out following an SPA in November last year, is offering ₩120k/share for 57.7% of shares out, in a move to voluntary delist the company.</li>
<li>The Offer period is from 23rd February to 24th March, with payment on the 26th March. There is no minimum acceptance condition.</li>
</ul>


Software play Douzone Bizon (012510 KS) has announced PE outfit EQT Partners is seeking to acquire all remaining free-float shares through a Tender Offer.
EQT, holding 34.9% of shares out following an SPA in November last year, is offering ₩120k/share for 57.7% of shares out, in a move to voluntary delist the company.
The Offer period is from 23rd February to 24th March, with payment on the 26th March. There is no minimum acceptance condition.


Douzone Bizon (012510 KS): EQT Reloads & Seeks Delisting

<ul>
<li>This insight provides details of the tender offer for Douzone Bizon by EQT Partners for US$1.5 billion. Target shares for the tender offer are about 57.7% of outstanding shares.</li>
<li>Tender offer price is 120,000 won which is same as the as the acquisition price by EQT for a 34.9% stake in Douzone Bizon in November 2025.</li>
<li>We estimate that post this tender offer, EQT's stake in Douzone Bizon could rise to about 55%-75%, but not enough for a full delisting this time around.</li>
</ul>


This insight provides details of the tender offer for Douzone Bizon by EQT Partners for US$1.5 billion. Target shares for the tender offer are about 57.7% of outstanding shares.
Tender offer price is 120,000 won which is same as the as the acquisition price by EQT for a 34.9% stake in Douzone Bizon in November 2025.
We estimate that post this tender offer, EQT's stake in Douzone Bizon could rise to about 55%-75%, but not enough for a full delisting this time around.


Tender Offer of 57.7% of Outstanding Shares of Douzon Bizon for US$1.5 Billion

<ul>
<li>It was reported in Seoul Economic Daily today that EQT Partners is close to acquiring a controlling stake (31.4%) in Douzone Bizon (012510 KS).</li>
<li>A 31.4% stake of Douzone is now worth  0.91 trillion won (with no premium or discount). </li>
<li>Douzone's chairman Kim has demanded up to twice the market cap of the company for the management rights premium. </li>
</ul>


It was reported in Seoul Economic Daily today that EQT Partners is close to acquiring a controlling stake (31.4%) in Douzone Bizon (012510 KS).
A 31.4% stake of Douzone is now worth  0.91 trillion won (with no premium or discount). 
Douzone's chairman Kim has demanded up to twice the market cap of the company for the management rights premium. 


EQT Partners - To Acquire a Controlling Stake In Douzone Bizon & A Tender Offer of Minority Shares?

South Korea

Douzone Bizon Co., Ltd. develops and markets computer software.  The company develops MIS, ERP, e-Business Solutions, EFIS, SEM(Strategic Enterprise Management), BPS(Business Process Management), and ERM(Enterprise Risk Management). The Company's products target small and medium-sized enterprises.

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Douzone Bizon (012510 KS)

Korea Small Cap Gem #61: ITCEN Global

The real driver of ITCEN Global's sales, profits, and value is the Digital Asset and Web3 vertical, run partly through strategic holdings such as...

Douglas Kim

Asia-Pac M&A Weekly Wrap: Douzone Bizon, Clearview Wealth, Qoria, Insignia, Humm, Mandom, Raksul

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett