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Smartkarma Originals

Zigbang: Number One Proptech App in Korea

By | Smartkarma Originals
  • Zigbang is a leading property search platform in Korea. Zigbang’s strategy is to capitalize on the digitalization of living space, real estate transactions and smart home devices. 
  • In January 2022, Zigbang agreed to acquire Samsung SDS’ home internet of things (IoT) unit for about $85 million to further penetrate the smart home industry.
  • In late June 2022, Zigbang received 100 billion won in investment from IMM Investment, KDB Bank, and Hana Financial Investment, valuing the company at 2.5 trillion won.

• Korea/Asia, New Economy, IPOs, Events • (Opens in a new window) ⧉

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Kakao Mobility: Number One Mobility Company in Korea

By | Smartkarma Originals
  • Kakao Mobility provides taxi, car chauffeur, navigation, and delivery services in Korea. Kakao Mobility’s Kakao T app is the number one mobility company in Korea with 31 million members.
  • Kakao Mobility is considering both an IPO and a strategic sale of the company. MBK Partners is in discussions with Kakao Mobility for a controlling 40% stake in the company. 
  • The company has achieved excellent growth in sales and profits. Kakao Mobility had sales of 546.5 billion won (up 95.1% YoY) and operating profit of 12.6 billion won in 2021.

• Korea/Asia, New Economy, IPOs, Events • (Opens in a new window) ⧉

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Kurly: A Market Leader in Fresh Foods E-Commerce Market in Korea

By | Smartkarma Originals
  • Kurly is the number one player in Korea focusing on e-commerce of fresh foods. Kurly’s most recent valuation was about 4 trillion won in December 2021.
  • Coupang is trading at P/S and P/GP multiples of 1.2x and 7.4x (2021), respectively. Using these valuation multiples, Kurly’s valuation would be from 1.9 trillion won to 2.2 trillion won.
  • These valuations would represent nearly half of the 4 trillion won in private market valuation it received in December 2021.

• Korea/Asia, New Economy, IPOs, Events • (Opens in a new window) ⧉

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Preferred Networks – The AI Revolutionary

By | Smartkarma Originals
  • Preferred Networks is generally considered Japan’s leading AI and deep learning company with collaborations with numerous conglomerates across many industries. 
  • The company offers significant gearing into labour saving technologies and could potentially become a global leader in AI over time. 
  • In addition, it has demonstrated exceptional power efficiency with its deep learning technology which could prove a critical competitive advantage.

LightStream Research • Japan/Asia Long-Short • (Opens in a new window) ⧉

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USJ – Beneficiary of Reopening and Growing Popularity of Anime and Gaming

By | Smartkarma Originals
  • Universal Studios Japan has suffered significantly from the COVID pandemic just as Oriental Land has. 
  • However, as Japan reopens the company should benefit from a resurgence in tourist arrivals. 
  • In addition, it could emerge as a key play on expanding the popularity of Japanese IP overseas.

LightStream Research • Japan/Asia Long-Short • (Opens in a new window) ⧉

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TBM – From Papyrus To Paper To Limex?

By | Smartkarma Originals
  • TBM was established in 2011 and has developed “LIMEX” a composite material made from limestone which can be used as a substitute for paper and plastic. 
  • The material benefits significantly from rising environmental awareness as it helps reduce the consumption of pulp, plastics and water as well as reducing transport costs. 
  • With a wide variety of commercial partnerships and use cases LIMEX appears to offer significant expansion potential for TBM.

LightStream Research • Japan/Asia Long-Short • (Opens in a new window) ⧉

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APAC Healthcare – Good Bet on Re-Opening; Continued Strong Recovery in Top Picks

By | Smartkarma Originals
  • With the declining number of daily new infections, most countries in APAC region are in process to relax their COVID-related restrictions and border re-opening.
  • While hospitals are the prime beneficiaries of re-opening, medical devices companies will also benefit from the resumption of elective surgeries. Monkeypox is not expected to have big adverse effect.
  • Investment thesis for four top picks in APAC healthcare sector remains intact, and their recent quarterly results depict their continued growth momentum.

• Global Healthcare Analyst • (Opens in a new window) ⧉

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IdentityMind: AML and KYC for Fintech

By | Smartkarma Originals
  • IdentityMind (1254693D US) has a SaaS platform which builds regulatory technologies for fintech companies, crypto trading platforms and ICOs.
  • Fraud is prevalent in the ICO market and the rise of regulations increasing demand for KYC/AML services will drive the company’s future growth.
  • IdentityMind was acquired by Acuant (an identity verification company) in April 2020, for an undisclosed amount.

LightStream Research • Equity Analyst • (Opens in a new window) ⧉

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Continuity: On-Demand Portal for Policy Management

By | Smartkarma Originals
  • Continuity Control (0058892Z US) is an on-demand portal for policy management also providing an auditing program for banks and fintech companies.  
  • In December 2021, the company was acquired by Mitratech (a global technology partner for corporate legal, risk and compliance and HR professionals), for an undisclosed amount.
  • The amount of regulations continues to increase and growing deposits mean that quick strategic decisions need to be taken, with which Continuity’s products will aid.

LightStream Research • Equity Analyst • (Opens in a new window) ⧉

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Shufti Pro: Identity Verification Using AI

By | Smartkarma Originals
  • Shufti Pro (1988739D LN) provides AI-based identification verification solutions offering real-time global identity verification for KYC/AML and KYB compliance.
  • In 2020, the company grew its revenue by over 100% due to strong adoption skills and flexibility allowing to capture the growth in demand due to the COVID-19 pandemic.
  • While flexibility helps Shufti Pro stand out from competitors, global expansions, growth in identity fraud and a number of strong partnerships would drive company revenues over the medium-term.

LightStream Research • Equity Analyst • (Opens in a new window) ⧉

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