Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Openedges Technology / Equity Capital Markets

<ul>
<li>Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. </li>
<li>Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. </li>
<li>
<a href="https://biz.chosun.com/stock/market_trend/2022/08/16/6JZRHBLIEBHWZL2WTNYPLZZTZA/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">Open Edges Technology</a> is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. </li>
</ul>


Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. 
Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. 

Open Edges Technology is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. 


Open Edges Technology IPO Valuation Analysis

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

JFrog, the liquid software company, will report financial results for the fourth quarter and fiscal year 2020 on February 11, 2021 following market close. JFrog successfully completed IPO in September 2020 and sold ~9.7 million shares at IPO price of $44 per share. Net proceeds reached ~$393 million and JFrog shares rose ~36% since IPO. We saw a temporary selling pressure on JFrog stock price due to early lock-up expiration in respect to 25% of shares under lock-up agreements. However, insiders and shareholders did not rush to sell JFrog shares in November and December previous year.In our insight we will focus on JFrog 4Q:20 earnings preview and set a new 12-month price target on JFrog stock.

JFrog, the liquid software company, will report financial results for the fourth quarter and fiscal year 2020 on February 11, 2021 following market close. JFrog successfully completed IPO in September 2020 and sold ~9.7 million shares at IPO price of $44 per share. Net proceeds reached ~$393 million and JFrog shares rose ~36% since IPO. We saw a temporary selling pressure on JFrog stock price due to early lock-up expiration in respect to 25% of shares under lock-up agreements. However, insiders and shareholders did not rush to sell JFrog shares in November and December previous year.In our insight we will focus on JFrog 4Q:20 earnings preview and set a new 12-month price target on JFrog stock.

Bear-Case Is Highly Unlikely. Risk/Reward Skewed To The Upside

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC</a> held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they reported numerous exciting developments, three key items stood out for us. Firstly, the extent of their leadership using EUV in high volume manufacturing. Secondly, the fact that their 5nm ramp, currently in progress, will be even faster than their 7nm ramp. This is made possible by the fact that they are experiencing lower defect density levels on 5nm at a comparable point in its ramp compared to 7nm. Thirdly, they revealed that, unlike their main competitors, they are going with an enhanced FinFET transistor design at 3nm rather than moving to Gate-All-Around. Here's a look in more detail at the background to these key announcements and why they matter.

TSMC held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they reported numerous exciting developments, three key items stood out for us. Firstly, the extent of their leadership using EUV in high volume manufacturing. Secondly, the fact that their 5nm ramp, currently in progress, will be even faster than their 7nm ramp. This is made possible by the fact that they are experiencing lower defect density levels on 5nm at a comparable point in its ramp compared to 7nm. Thirdly, they revealed that, unlike their main competitors, they are going with an enhanced FinFET transistor design at 3nm rather than moving to Gate-All-Around. Here's a look in more detail at the background to these key announcements and why they matter.

TSMC. Three Key Updates From A Remarkable Technology Symposium.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight developments that are inconsistent with a major bottom in equities that suggests the broad equity market is not yet out of the woods.  In fact, during today's action, the 2760 support level on the S&amp;P 500 briefly held but ultimately gave way. With the SPX holding below 2760 today, we are looking for downside targets of 2650 first, and then potentially 2470 if that fails to hold.

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight developments that are inconsistent with a major bottom in equities that suggests the broad equity market is not yet out of the woods.  In fact, during today's action, the 2760 support level on the S&amp;P 500 briefly held but ultimately gave way. With the SPX holding below 2760 today, we are looking for downside targets of 2650 first, and then potentially 2470 if that fails to hold.

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

U.S. Equity Strategy: Growth Surging Relative to Value

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Open Edges Technology IPO Valuation Analysis

Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range...

Douglas Kim

Bear-Case Is Highly Unlikely. Risk/Reward Skewed To The Upside

JFrog looks like a more attractive stock at current valuations keeping in mind forthcoming IPO of key VC-backed rival GitLab Inc.

Andrei Zakharov

TSMC. Three Key Updates From A Remarkable Technology Symposium.

TSMC held a series of virtual technology symposia last week during which they provided key updates on their process technology roadmaps. While they...

William Keating

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight...

Vermilion Research

U.S. Equity Strategy: Growth Surging Relative to Value

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this...

Vermilion Research

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