Our 12-month target price is set at W110k derived using a 25E target P/E multiple of 24x. Our target multiple is set at a 15% premium to its global peers of 21x. We believe APR should be trading at a premium to its peers, given 1) APR's strong execution capabilities to capture dominant market share by volume in domestic market; 2) strong outperformance in the global market when international incumbents are seeing a decline in sales growth and 3) aggressive product pipeline in device segment as well as preparing for a new business opportunity into medical aesthetics in the long term  

Key risk factors that could impede the shares from reaching our target and that APR might face as it makes its path through the global expansion stage include: 1) Margin deterioration from sales channel diversification and unfavorable pricing mix and 2) Failure or delay in new biz roll-out could cause bottleneck in top-line growth.