• We obtained more clarity and insights from Y Ventures Group (YVEN)’s briefing today following its announcement of its US$50m Initial Coin Offering (ICO) launch for its AORA coins.
• AORA coins will be used as primary tokens for online shopping on AORA, the first blockchain-enabled global buying platform and slated to launch in 2Q19.
• Maintain ADD. Our Target Price of $0.62 is based on 30x FY19F P/E (16% discount to peers).

Launches US$50m ICO for AORA

Y Ventures (YVEN) formed a 60:40 JV with Arke Blockchain Engineering Pte Ltd for the development of AORA, an e-commerce buying platform that will help consumers to purchase products from several of the world’s most popular webstores and marketplaces from the US and China.

The JV launched its own utility coins – AORA coins – through an ICO to raise US$20m-50m that will be used to fund the development and roll-out of AORA.

ICO commenced at end-Jul 2018 and will end on 30 Nov 2018. ICO will release 250m AORA coins out of a total supply of 625m.

Source: CGS-CIMB Research - 01 Aug 2018