Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

TEMC: Reduces IPO Price & Bookbuilding Results

Equity Capital Markets

<ul>
<li>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. </li>
<li>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. </li>
<li>Our target price is based on a target P/E of 8.5x in 2023 which is the average P/E of the comps.</li>
</ul>


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.


Temc

TEMC IPO Valuation Analysis