Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>ICTK reported excellent book building results. ICTK's IPO price has been determined at 20,000 won, which is 25% higher than the high end of the IPO price range.</li>
<li>ICTK is a security company specializing in Internet of Things (IoT) based on physical copy prevention technology called PUF which is a cutting-edge technology during the chip manufacturing process.</li>
<li>Our base case valuation is implied market cap of 376.8 billion won or target price of 28,694 won, which is 43% higher than the IPO price (20,000 won).</li>
</ul>


ICTK reported excellent book building results. ICTK's IPO price has been determined at 20,000 won, which is 25% higher than the high end of the IPO price range.
ICTK is a security company specializing in Internet of Things (IoT) based on physical copy prevention technology called PUF which is a cutting-edge technology during the chip manufacturing process.
Our base case valuation is implied market cap of 376.8 billion won or target price of 28,694 won, which is 43% higher than the IPO price (20,000 won).


<ul>
<li>Our base case valuation of ICTK is target price of 28,694 won, which is 79% higher than the high end of the IPO price range. </li>
<li>Our base case valuation is based on P/S multiple of 20.8x using our estimated sales of 18.1 billion won in 2025. </li>
<li>ICTK's operating margin improved from -129.9% in 2022 to -38.2% in 2023. We estimate its operating margin to improve further to -12.4% in 2024 and 17.7% in 2025.</li>
</ul>


Our base case valuation of ICTK is target price of 28,694 won, which is 79% higher than the high end of the IPO price range. 
Our base case valuation is based on P/S multiple of 20.8x using our estimated sales of 18.1 billion won in 2025. 
ICTK's operating margin improved from -129.9% in 2022 to -38.2% in 2023. We estimate its operating margin to improve further to -12.4% in 2024 and 17.7% in 2025.


South Korea

Korea Computer & Systems Inc. is an information technology software and service company. The Company's services include banking branch automation system, kiosk system, ATM processing and consulting services, security and surveillance system.

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Korea Computer & Systems (115500 KS)

ICTK IPO Book Building Results Analysis

ICTK reported excellent book building results. ICTK's IPO price has been determined at 20,000 won, which is 25% higher than the high end of the IPO...

Douglas Kim

ICTK IPO Valuation Analysis

Our base case valuation of ICTK is target price of 28,694 won, which is 79% higher than the high end of the IPO price range.

Douglas Kim

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