There were 31 new investment companies. Bio companies such as 40 billion won for

[New Investment and Billing Listing Trends]
*I woke up in the morning and the reality that it's 31 degrees at 9 o'clock... How did the rainy season pass like this summer..

*There were 31 new investment companies. Bio companies such as 40 billion won for AMID Bio, 27 billion won for Aims Medical, 22.7 billion won for FineTree Therapeutics, and 17 billion won for Adele. A healthcare company called MHG said it received 60 billion won from global PE, but I don't know where it is, so I don't know where it is, so I'm adding it. Including this, it was a unique two weeks where only bio companies received large funding.

*Another fun thing is that all the investments of content companies were made by early companies that reproduced content with webtoon IP. A start-up that received about 13 billion won in seed investment from Origin purchased old shares to Do Seven Entertainment (although it is not an accurate investment), and Keele received 2 billion won. Will the listing of Naver Webtoon increase the activity of content funds formed last year?

*Companies requesting a preliminary trial included CK Solution (COSPI), LuxRobo, Base, Dusen, Wellang, and MTX Bio. LuxRobo is a company that organized the fact that it first received an A in early 2019 when it was a screening process, but it's going to be listed... It feels a different story. The most interesting company is Dusen, where Kakao Pay is the second largest shareholder. Dusen is a fintech company that supplies technologies such as loan comparison, remittance, authentication, and billing of Kakao Pay. It shows the typical excellent software aspect with sales of 42.1 billion won and operating profit of 11.3 billion won. But it looks like Kakao Pay has acquired it, and if you look at the stockholder's list, CEO Cho Chul-hwan holds 56.94% and Kakao Pay holds 9.69%.

*The new approvals included 3Billion, an artificial intelligence-based rare disease diagnostic company, Cimes, a famous logistics robot company invested by SKT and Coupang, and Wavis, a manufacturer of 5G mobile communication materials.

*There is only ice cream media in the company that submitted the claim. In the case of ice cream media, it is a company that the parent company and the owner hold 77% of it. If you look at the bill, all of the companies such as sister-in-law, brother-in-law, nephew, and son appear, and they are causing various controversies. The public offering price suggested an enterprise value of about 520 billion won based on the top of the band, but the question is whether PER17 times is appropriate in that the net profit of the previous year was 30.2 billion won.

*To get a theoretical point out that the PER is high and low because of the market atmosphere... The basic logic of PER is the time it takes to recover the corresponding share price from the net profit of the time period. From that point of view, using the average of the sector or similar companies, the logic is to apply the consensus of "This is the industry's expectation that the market understands" to measure the expected value of the company's "market.

*PER has traditionally been an important value indicator since Warren Buffett and his teacher, and PER was a favorite indicator during the heyday of value investing that low-value companies are low-expectations or high-profit companies, and in Korea, people famous for value investing from the early 2000s to the mid-2010s mentioned.

*However, since 2010, the era of high PER has opened for a while as the U.S. Big Tech and Korea's Kakao/Naver justified 400 times of PER and 100 times of PER, and eventually dragged it down to around 30 times (though not Kakao).

*If the PER is high, it can be said that the company's value is "more expensive than what the market expects." However, I think we need to know whether we can justify the PER. Then, what was the basis of the expectation that justified this high PER in the past? There may have been many things, but when big tech started to make a profit, it was a sales growth rate. As a result, Korean startups were forced to spend too much marketing money to increase sales growth and eat the market later, and companies that simply did not apply this strategy wisely and grew sales only on marketing expenses without discrimination are now struggling.

*There was a lot of controversy after using it. 17 times the PER of ice cream media is not too much to listen to. Why do they say it's high? I'm very likely to be wrong because I'm short on knowledge, but personally, I think it's because I have low expectations for the education industry (such as a sharp drop in the number of students). And if you look at the sales trend of the company, it gives you the feeling that it peaked after ending high growth such as 60.9 billion in the 24th half (annual conversion of 120 billion), 125.4 billion in 23, 104.1 billion in 22, 112.9 billion in 21, 79 billion in 2020.

*In addition, the bigger controversy than the price is that when Ice Cream Edu was listed five years ago, as soon as the protection period was over, the owner sold 29 billion won to the market for four years and bought shares of construction technology, a holding company. In other words, as soon as it was listed, it was thrown to ants over a long period of time and strengthened its control. Ice Cream Edu was a good company, so I fought hard, but the stock price was long. Anyway, I was thinking about whether to erase it or not because it got long after using it. If it's not fun, I'll save it while reading it and I'll wrap it up here this week