In today’s briefing:
- Target Cosmo AM&T as a Prime Candidate for KOSPI 200 Special Entry in December
- Ecopro Materials IPO Valuation Analysis
Target Cosmo AM&T as a Prime Candidate for KOSPI 200 Special Entry in December
- The introduction of float market cap is anticipated to apply not only to sector-based screening for the KOSPI 200 but also to special entry considerations.
- Cosmo AM&T emerges as a direct beneficiary of this change. It currently ranks 52nd within the KOSPI, maintaining a tight gap with the borderline (50th).
- Once it enters the KOSPI 200, it will also become a part of KOSPI 200 IT. As a result, the estimated flow size is approximately ₩230B, about 6x ADTV.
Ecopro Materials IPO Valuation Analysis
- Our base case valuation for Ecopro Materials is implied price per share of 40,325 won per share, which is within the IPO price range of 36,200 won to 46,000 won.
- Given the lack of upside relative to the IPO price range, we have a negative view of this IPO.
- Ecopro Materials is engaged in the business of manufacturing and selling high-nickel precursors, one of the key materials for high-nickel anode materials for secondary batteries.
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