In today’s briefing:
- Ecopro Materials IPO – Updated Thoughts on Valuation – Sentiment Has Gotten Worse
- Honasa Consumer IPO – Thoughts on Valuations
- LS Materials IPO Valuation Analysis
- Qyuns Therapeutics (荃信生物) Pre-IPO: Mixed View on Two Core Products
Ecopro Materials IPO – Updated Thoughts on Valuation – Sentiment Has Gotten Worse
- EcoPro Materials (ECO123 KS) is looking to raise up to US$469m in its Korean IPO.
- Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
- In our previous notes, we covered the company’s performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we will share our updated thoughts on valuation.
Honasa Consumer IPO – Thoughts on Valuations
- Honasa Consumer is looking to raise about US$200m in its upcoming India IPO.
- HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
- In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.
LS Materials IPO Valuation Analysis
- Our base case valuation of LS Materials IPO is target price of 6,628 won per share, which is 21% higher than the high end of the IPO price range.
- We estimate LS Materials to generate sales of 155.5 billion won (down 4% YoY) and 197.2 billion won (up 26.8% YoY) in 2024.
- LS Materials is one of the largest players globally in the large-size ultracapacitors, which stabilize power supply and are used to replace and supplement primary batteries and lithium-ion batteries.
Qyuns Therapeutics (荃信生物) Pre-IPO: Mixed View on Two Core Products
- Qyuns Therapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.
- In this note, we examine the company’s core products, namely QX002N, an IL-17A antibody, and QX005N, an IL-4Rα antibody. We also look at the company’s management and pre-IPO investors.
- We are of mixed views for its two core products. We also think the management and pre-IPO investors are of mediocre quality.
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