Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>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.</li>
<li>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. </li>
<li>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.</li>
</ul>


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.


<ul>
<li>LS Materials is getting ready to complete its IPO in Korea in late November. The IPO price range is from 4,400 won to 5,500 won per share. </li>
<li>According to the bankers' valuation, the expected market cap after the IPO is from 298 billion won to 372 billion won. </li>
<li>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.</li>
</ul>


LS Materials is getting ready to complete its IPO in Korea in late November. The IPO price range is from 4,400 won to 5,500 won per share. 
According to the bankers' valuation, the expected market cap after the IPO is from 298 billion won to 372 billion won. 
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.


Equity Bottom-Up

<ul>
<li>In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024. </li>
<li>The top 20 market cap rechargeable battery related stocks in Korea are down on average 15.9% YTD, underperforming KOSPI which is down 6.7% in the same period.</li>
<li>Many rechargeable battery related names in Korea continue to have lofty valuations. The 20 rechargeable battery names are trading at median P/E of 79.7x in 2023 and 39x in 2024.</li>
</ul>


In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024. 
The top 20 market cap rechargeable battery related stocks in Korea are down on average 15.9% YTD, underperforming KOSPI which is down 6.7% in the same period.
Many rechargeable battery related names in Korea continue to have lofty valuations. The 20 rechargeable battery names are trading at median P/E of 79.7x in 2023 and 39x in 2024.


A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024

South Korea

LS materials.,Ltd. operates electronic equipment production businesses. The Company produces capacitors and other products. LS materials conducts businesses across worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

LS Materials (417200 KS)

LS Materials IPO Valuation Analysis

Our base case valuation of LS Materials IPO is 6,628 won per share, 21% higher than the high end of the IPO price range. LS Materials is one of the...

Douglas Kim

LS Materials IPO Preview

LS Materials, a major player in large-size ultracapacitors, is set to complete its IPO in Korea with an expected market cap of 298 billion won to...

Douglas Kim

A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024

In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LS Materials IPO Valuation Analysis

Our base case valuation of LS Materials IPO is 6,628 won per share, 21% higher than the high end of the IPO price range. LS Materials is one of the...

Douglas Kim

LS Materials IPO Preview

​LS Materials, a major player in large-size ultracapacitors, is set to complete its IPO in Korea with an expected market cap of 298 billion won to...

Douglas Kim

A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024

In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024.

Douglas Kim

LS Materials, a major player in large-size ultracapacitors, is set to complete its IPO in Korea with an expected market cap of 298 billion won to...