Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

TeraView Holdings PLC / Equity Capital Markets

<ul>
<li>TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a listing in Korea.</li>
<li>The IPO price range is from 7,000 won to 8,000 won per share. The book building for the institutional investors will be from 13 to 19 November. </li>
<li>The company provides ultra-precision inspection equipment and technology services (solutions) that detect microscopic cracks and errors that cannot be seen with the naked eye based on a technology called 'terahertz'. </li>
</ul>


TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a listing in Korea.
The IPO price range is from 7,000 won to 8,000 won per share. The book building for the institutional investors will be from 13 to 19 November. 
The company provides ultra-precision inspection equipment and technology services (solutions) that detect microscopic cracks and errors that cannot be seen with the naked eye based on a technology called 'terahertz'. 


TeraView Holdings IPO Preview - The First U.K. Based Company to Pursue a Listing in Korea

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.</li>
<li>The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.</li>
<li>At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.</li>
</ul>


Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.
The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.
At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.


Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.</li><li>The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.</li><li>Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.</li></ul>

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

<ul><li>Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.</li><li>The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.</li><li>The gross margin of 60.6% also exceeded expectations due to a favorable product mix.</li></ul>

Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.The gross margin of 60.6% also exceeded expectations due to a favorable product mix.

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Last night, the S&amp;P announced that with the deletion of <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc-2f9bfa3a-65a7-41f9-a157-e59603846420" target="_blank" data-smartkarma-citation="entities:40439:1" rel="noopener">Arcadium Lithium (ALTM US)</a> from the S&amp;P Midcap 400, <a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493:1" rel="noopener">Entegris Inc (ENTG US)</a> would replace it.</li>
<li>Entegris is a company providing Materials Solutions and Purity Solutions to the semiconductor industry (they sell to circuit/memory cos, SPE mfrs, gas/chem cos, wafer growers, etc.</li>
<li>Because of how this company is being added, it is a bit interesting. It will be effective Wednesday 5 March at the close with US$1.2bn to buy.</li>
</ul>


Last night, the S&amp;P announced that with the deletion of Arcadium Lithium (ALTM US) from the S&amp;P Midcap 400, Entegris Inc (ENTG US) would replace it.
Entegris is a company providing Materials Solutions and Purity Solutions to the semiconductor industry (they sell to circuit/memory cos, SPE mfrs, gas/chem cos, wafer growers, etc.
Because of how this company is being added, it is a bit interesting. It will be effective Wednesday 5 March at the close with US$1.2bn to buy.


Entegris (ENTG US) Promotion to S&P MidCap400

United States

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

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Teradyne Inc (TER US)

TeraView Holdings IPO Preview - The First U.K. Based Company to Pursue a Listing in Korea

TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a...

Douglas Kim

Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck

Advantest (6857 JP) dominates AI supply chain testing, expanding capacity and investing in next-gen platforms for future growth, but faces risks...

Rahul Jain

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong...

Baptista Research

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025. The company achieved revenue of $686 million, which was...

Baptista Research

Entegris (ENTG US) Promotion to S&P MidCap400

The S&P Index Committee for the US main indices has announced that semiconductor mfg supplier Entegris will replace Arcadium Lithium next Weds at...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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TeraView Holdings IPO Preview - The First U.K. Based Company to Pursue a Listing in Korea

TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a...

Douglas Kim

Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck

​Advantest (6857 JP) dominates AI supply chain testing, expanding capacity and investing in next-gen platforms for future growth, but faces risks...

Rahul Jain

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong...

Baptista Research

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025. The company achieved revenue of $686 million, which was...

Baptista Research

Entegris (ENTG US) Promotion to S&P MidCap400

The S&P Index Committee for the US main indices has announced that semiconductor mfg supplier Entegris will replace Arcadium Lithium next Weds at...

Travis Lundy

Advantest (6857 JP) dominates AI supply chain testing, expanding capacity and investing in next-gen platforms for future growth, but faces risks...