In today’s briefing:
- ALT Co IPO Valuation Analysis
- ECM Weekly (9th July 2023) – Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman
ALT Co IPO Valuation Analysis
- Our base case valuation of ALT is 33,365 won per share, which represents 63% higher than the high end of the IPO price range of 20,500 won.
- We estimate the company to generate sales of 69.7 billion won (up 57.3% YoY) in 2023 and 92.2 billion won (up 32.3% YoY) in 2024.
- ALT’s main business is in the testing of non-memory semiconductor value chain products including Display Drive IC, CMOS image sensor, and Power Management IC.
ECM Weekly (9th July 2023) – Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, Tryt Inc (9164 JP) announced a somewhat reasonable pricing range, while Fadu (440110 KS) looks to open up the Korean market for larger IPOs again.
- On the placement front, Socionext (6526 JP) found itself in the eye of a storm after its stupendous 6x increase since listing.
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