SINGAPORE (Aug 2): DBS Vickers Securities is maintaining its “buy” call on Catalist-listed Y Ventures Group with an unchanged target price of 77 cents, which is based on 20 times FY19F EV/EBITA and at a 15% discount to larger peers’ 23 times due to the group’s smaller scale.
This comes after news of Y Ventures’ Tuesday launch of its US$50 million ($68.3 million) initial coin offering (ICO) of AORA Coin tokens via Luminore 8 – the group’s joint venture (JV) with Arke Blockchain Engineering – to raise funds for the development and roll-out of Luminore 8’s AORA platform.
To recap, Y Ventures says it intends for the platform to be the world’s first blockchain-enabled global buying platform that allows consumers to purchase real-world products from any online store and marketplace using cryptocurrencies.
