Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>I-Scream Media reported excellent results in 1H26. The company generated sales of 92.5 billion won (up 18.5% YoY) and operating profit of 23.9 billion won (up 64.5% YoY) in 1H26.</li>
<li>The company is listening to its minority shareholders and seriously improving its corporate governance with higher shareholder returns. Estimated dividend yield is 13% this year.</li>
<li>I Scream Media is trading at P/E of 4.5x and EV/EBITDA of 1.3x based on recent prices and TTM financials. Net cash as a percentage of market cap is 74%. </li>
</ul>


I-Scream Media reported excellent results in 1H26. The company generated sales of 92.5 billion won (up 18.5% YoY) and operating profit of 23.9 billion won (up 64.5% YoY) in 1H26.
The company is listening to its minority shareholders and seriously improving its corporate governance with higher shareholder returns. Estimated dividend yield is 13% this year.
I Scream Media is trading at P/E of 4.5x and EV/EBITDA of 1.3x based on recent prices and TTM financials. Net cash as a percentage of market cap is 74%. 


I-Scream Media: Listening to Minority Shareholders and Estimated Dividend Yield of 13%

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.</li>
<li>In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.
In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Digging into Overlooked Small and Micro Caps, Numbers Not Narrative

Jakub Magaram

Digging into Overlooked Small and Micro Caps

Numbers Not Narrative

Digging into overlooked small and micro caps where the numbers tell a better story than the market does.

<ul>
<li>Every so often you find a business that makes you re-check the numbers, because they look too good for where the stock is sitting. iScream Media is one of them.</li>
<li>Almost every primary-school teacher in South Korea opens its software on their screen every day.</li>
<li>It sells textbooks that schools re-order year after year.</li>
</ul>


Every so often you find a business that makes you re-check the numbers, because they look too good for where the stock is sitting. iScream Media is one of them.
Almost every primary-school teacher in South Korea opens its software on their screen every day.
It sells textbooks that schools re-order year after year.


i-Scream Media: 93% of Korea’s Teachers, Four Times Earnings

<ul>
<li>A key catalyst is a famous local retail investor (Park Young-Ok) recently started to go activist on this company.</li>
<li>Park Young-Ok is demanding that the company return at least 50% of its free cash flow to its shareholders (30% for dividends and 20% for buybacks/share cancellations). </li>
<li>I Scream Media has cheap valuation multiples, trading at EV/EBITDA of 2.3x, with ROE of 20%+ and operating margin of nearly 30%. </li>
</ul>


A key catalyst is a famous local retail investor (Park Young-Ok) recently started to go activist on this company.
Park Young-Ok is demanding that the company return at least 50% of its free cash flow to its shareholders (30% for dividends and 20% for buybacks/share cancellations). 
I Scream Media has cheap valuation multiples, trading at EV/EBITDA of 2.3x, with ROE of 20%+ and operating margin of nearly 30%. 


Korea Small Cap Gem #53: I-Scream Media (Park Young-Ok Goes Activist)

Equity Capital Markets

<ul>
<li>I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price range.</li>
<li>A total of 561 institutional investors participated in the IPO survey. The final demand ratio was 31.3 to 1.</li>
<li>Our valuation analysis suggests an implied price per share of 41,450 won, which represent a 29.5% upside from the IPO price.</li>
</ul>


I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price range.
A total of 561 institutional investors participated in the IPO survey. The final demand ratio was 31.3 to 1.
Our valuation analysis suggests an implied price per share of 41,450 won, which represent a 29.5% upside from the IPO price.


I-Scream Media IPO Book Building Results Analysis

South Korea

i-Scream Media is a digital education content company.

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I-Scream Media (461300 KS)

I-Scream Media: Listening to Minority Shareholders and Estimated Dividend Yield of 13%

I Scream Media is listening to its minority shareholders and seriously improving its corporate governance with higher shareholder returns....

Douglas Kim

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

i-Scream Media: 93% of Korea’s Teachers, Four Times Earnings

Every so often you find a business that makes you re-check the numbers, because they look too good for where the stock is sitting. iScream Media is...

Jakub Magaram

Korea Small Cap Gem #53: I-Scream Media (Park Young-Ok Goes Activist)

Park Young-Ok is demanding that I Scream Media return at least 50% of its free cash flow to its shareholders (30% for dividends and 20% for...

Douglas Kim

I-Scream Media IPO Book Building Results Analysis

I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

I-Scream Media: Listening to Minority Shareholders and Estimated Dividend Yield of 13%

I Scream Media is listening to its minority shareholders and seriously improving its corporate governance with higher shareholder returns....

Douglas Kim

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

​Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

i-Scream Media: 93% of Korea’s Teachers, Four Times Earnings

Every so often you find a business that makes you re-check the numbers, because they look too good for where the stock is sitting. iScream Media is...

Jakub Magaram

Korea Small Cap Gem #53: I-Scream Media (Park Young-Ok Goes Activist)

Park Young-Ok is demanding that I Scream Media return at least 50% of its free cash flow to its shareholders (30% for dividends and 20% for...

Douglas Kim

I-Scream Media IPO Book Building Results Analysis

I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price...

Douglas Kim

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...