[Click eStock] Woongjin ThinkBig Eyeing 1 Trillion Won in Sales... Valuation Up
Yuanta Securities forecasted on the 17th that Woongjin ThinkBig's sales will surpass 1 trillion KRW this year. This is due to the continuous increase in subscribers and ASP per person of SmartAll, as well as expected growth in offline education-related sales following the reopening. They also judged that the global expansion potential of ARpedia is high, making its realization highly likely. However, no investment opinion or target price was provided.
Woongjin ThinkBig is proactively responding with an AI education platform (Edutech) that combines education and AI. In August 2014, it launched 'Woongjin Book Club,' the industry's first membership-based learning and book service combining books, learning content, and a smart device called BookPad. In 2019, it expanded its business by launching 'SmartAll,' an AI-based customized learning paper for all subjects. As of the end of 2022, it has 230,000 members.
As a leader in Edutech, it is also expanding its scope. In August 2019, it introduced an interactive book, a new interactive reading method that stimulates imagination by incorporating AR (Augmented Reality) technology, and has been expanding its lineup. Based on the popularity of the interactive book, it also launched ARpedia, a global-targeted product. It is exporting to countries such as the UK, Taiwan, and Brazil, and is continuously expanding the countries and sales channels. In November 2021, it launched the SmartAll metaverse service.
Researcher Kwon Myung-jun of Yuanta Securities stated, "In particular, ARpedia is expected to act as a growth driver for the company due to its high global interest and high potential for entry and success, which is expected to be a factor for valuation upgrade."
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The 2022 performance recorded sales of 933.3 billion KRW and operating profit of 27.63 billion KRW, growing 14.7% and 3.1% year-on-year, respectively. Researcher Kwon said, "Growth is expected to continue in 2023," adding, "In particular, ARpedia, as a new concept education platform, has high business expansion potential and high potential for overseas sales growth, which will act as a factor to raise the company's valuation."
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