In today’s briefing:
- Netmarble Plans to Sell 2.6% Stake in HYBE Through PRS (Price Return Swap).
- Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24
Netmarble Plans to Sell 2.6% Stake in HYBE Through PRS (Price Return Swap).
- After the market close on 9 May, Netmarble announced that it plans to sell 2.6% stake in HYBE for 219.9 billion won.
- The transaction is based on PRS (price return swap) basis. Previous to this deal, Netmarble sold 2.5 million shares (about 6%) of HYBE shares in November 2023.
- We continue to remain negative on HYBE including on this deal involving Netmarble’s plan to sell additional 2.6% stake in HYBE.
Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24
- Classys (214150 KS) started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.
- The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.
- Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.
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