In today’s briefing:
- Astera Labs IPO Valuation Analysis
- Migao Group IPO – Last Listing Didn’t Do Well, This One Might Struggle Too
Astera Labs IPO Valuation Analysis
- Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).
- We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.
- Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.
Migao Group IPO – Last Listing Didn’t Do Well, This One Might Struggle Too
- Migao Group Holdings (9879 HK) is looking to raise up to US$124m in its Hong Kong IPO.
- Migao Group (Migao) is a vertically-integrated national potash fertilizer company in China.
- In this note, we look at the firm’s past performance and share our thoughts on valuation.
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