Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Our NAV valuation of Zeus Co suggests an implied price target of 32,991 won, which is 13% lower than current share price. </li>
<li>Given the lack of upside, we would avoid Zeus shares at current prices.</li>
<li>Currently, JET Co is listed on Tokyo PRO Market Exchange. JET Co is expected to switch its listing to the Tokyo Standard Market Exchange. </li>
</ul>


Our NAV valuation of Zeus Co suggests an implied price target of 32,991 won, which is 13% lower than current share price. 
Given the lack of upside, we would avoid Zeus shares at current prices.
Currently, JET Co is listed on Tokyo PRO Market Exchange. JET Co is expected to switch its listing to the Tokyo Standard Market Exchange. 


Zeus Co: Listing of JET Co Japanese Subsidiary and NAV Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeus-co-ltd" target="_blank" data-smartkarma-citation="entities:5093:1" rel="noopener"><strong>Zeus Co Ltd (079370 KS)</strong></a>, a maker of semiconductor equipment, flat panel display equipment, and facility automation solutions, intends to spin off 95%-held <strong><a href="https://www.smartkarma.com/entities/j-e-t-co-ltd" target="_blank" data-smartkarma-citation="entities:40057:1" rel="noopener">J.E.T. Co (6228 JP)</a></strong> next month.</li>
<li>J.E.T., a  semiconductor etching equipment play, will list on the <a href="https://www.jpx.co.jp/english/news/1021/20230821_19.html" target="_blank" rel="noopener">25 September</a>. Pricing is expected around the <a href="http://www.tokyoipo.com/top/iposche/index.php?j_e=E" target="_blank" rel="noopener">5 September</a>. </li>
<li>Zeus' share price has fallen 33% in the past month. That may be justified. </li>
</ul>



Zeus Co Ltd (079370 KS), a maker of semiconductor equipment, flat panel display equipment, and facility automation solutions, intends to spin off 95%-held J.E.T. Co (6228 JP) next month.
J.E.T., a  semiconductor etching equipment play, will list on the 25 September. Pricing is expected around the 5 September. 
Zeus' share price has fallen 33% in the past month. That may be justified. 


Zeus Co (079370 KS): Is J.E.T.'s Spin-Off Priced In?

Japan

J.E.T. Co., Ltd. manufactures and distributes semiconductor cleaning devices. The Company produces single leaf washing devices, batch washers, and other equipment. J.E.T. also produces internal short checkers, open event checkers, electrolyte leak checkers, ultrasonic welding monitoring systems, and other products.

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J.E.T. (6228 JP)

Zeus Co: Listing of JET Co Japanese Subsidiary and NAV Valuation

Our NAV valuation of Zeus Co suggests an implied price target of 32,991 won, which is 13% lower than current share price.

Douglas Kim

Zeus Co (079370 KS): Is J.E.T.'s Spin-Off Priced In?

I think the recent correction in Zeus was justifiable. It may well correct further. Until J.E.T is priced next month - and perhaps not even then -...

David Blennerhassett

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