Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

Kioxia, formerly the Toshiba Memory Corporation, plans to seek a listing in October this year.  The company has a long track record in the memory industry with more than 30 years of history. It was the technology leader as the inventor of NAND flash memory as well as 3D NAND technology. Kioxia is currently the second largest player in the NAND market. The NAND flash market was characterized by supply glut in 2019 and has been recovering in 2020. Looking forward, we think the demand is uncertain in the near term given the declining shipment of mobile devices but we believe that over the longer term, the demand growth is visible both due to the expansion of memory in mobile devices and demand from data centers. We have a preliminary valuation for the company at USD 22-24 billion based on the company's guidance of long term operating margin and peer EV/EBITDA.

Kioxia, formerly the Toshiba Memory Corporation, plans to seek a listing in October this year.  The company has a long track record in the memory industry with more than 30 years of history. It was the technology leader as the inventor of NAND flash memory as well as 3D NAND technology. Kioxia is currently the second largest player in the NAND market. The NAND flash market was characterized by supply glut in 2019 and has been recovering in 2020. Looking forward, we think the demand is uncertain in the near term given the declining shipment of mobile devices but we believe that over the longer term, the demand growth is visible both due to the expansion of memory in mobile devices and demand from data centers. We have a preliminary valuation for the company at USD 22-24 billion based on the company's guidance of long term operating margin and peer EV/EBITDA.

Kioxia IPO Early Thought: Inventor of the NAND Flash

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The SIA commented today on the impact to US semiconductor makers of sanctions against Russia</li>
<li>Russia accounts for negligible consumption of technology products, so embargos should not materially impact chip sales</li>
<li>The SIA believes that there are sufficient alternate sources of supply that the absence of Russian raw materials should not pose an immediate risk</li>
</ul>


The SIA commented today on the impact to US semiconductor makers of sanctions against Russia
Russia accounts for negligible consumption of technology products, so embargos should not materially impact chip sales
The SIA believes that there are sufficient alternate sources of supply that the absence of Russian raw materials should not pose an immediate risk


Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

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Kioxia Holdings (6600 JP)

Kioxia IPO Early Thought: Inventor of the NAND Flash

Kioxia, formerly the Toshiba Memory Corporation, plans to seek a listing in October this year. The company has a long track record in the memory...

Ke Yan, CFA, FRM

Ukraine Invasion's Semiconductor Impact

How will the chip market be impacted by sanctions against Russia? The SIA expects a negligible demand decrease and no short-term impact tot he...

Jim Handy

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