Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Top Material (360070 KS) is a target price of 37,965 won per share, which is 33% higher than the mid-point of the IPO price range. </li>
<li>Given the solid upside, we have a Positive view of the IPO. Our base case valuation is based on 25.6x P/E using our estimated net profit in 2022. </li>
<li>We estimate the company to generate sales of 73.7 billion won (up 131.1% YoY) and operating profit of 14.1 billion won (up 190.3% YoY) in 2022.</li>
</ul>


Our base case valuation of Top Material (360070 KS) is a target price of 37,965 won per share, which is 33% higher than the mid-point of the IPO price range. 
Given the solid upside, we have a Positive view of the IPO. Our base case valuation is based on 25.6x P/E using our estimated net profit in 2022. 
We estimate the company to generate sales of 73.7 billion won (up 131.1% YoY) and operating profit of 14.1 billion won (up 190.3% YoY) in 2022.


<ul>
<li>Top Material is getting ready for an IPO in October in Korea. The IPO price range is from 27,000 won to 30,000 won.</li>
<li>Established in 2012, Top Material's main business is in system engineering. It also provides high performance electrode and cathode materials for the lithium ion based rechargeable batteries.</li>
<li>Top Material had sales of 31.9 billion won (up 375% YoY) and operating profit of 4.8 billion won (up 930% YoY) in 2021.</li>
</ul>


Top Material is getting ready for an IPO in October in Korea. The IPO price range is from 27,000 won to 30,000 won.
Established in 2012, Top Material's main business is in system engineering. It also provides high performance electrode and cathode materials for the lithium ion based rechargeable batteries.
Top Material had sales of 31.9 billion won (up 375% YoY) and operating profit of 4.8 billion won (up 930% YoY) in 2021.


South Korea

Top Material Co., Ltd. operates battery manufacturing businesses. The Company produces lithium batteries and other products. Top Material conducts businesses in South Korea.

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Top Material (360070 KS)

Top Material IPO Valuation Analysis

Our base case valuation of Top Material (360070 KS) is a target price of 37,965 won per share, which is 33% higher than the mid-point of the IPO...

Douglas Kim

Top Material IPO Preview

Top Material is getting ready for an IPO in October in Korea. Top Material's main business is in system engineering. It also provides electrode and...

Douglas Kim

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