In today’s briefing:
- TEMC IPO Valuation Analysis
TEMC IPO Valuation Analysis
- Our base valuation of TEMC is target price of 38,363 won per share. At the mid point of the IPO price range, our target price would represent a 10% upside.
- Typically, we require a 15-20% upside in terms of target price versus the IPO price. In this case, given the lack of upside, we have a Negative View.
- Our target price is based on a target P/E of 8.5x in 2023 which is the average P/E of the comps.
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