Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

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Tekscend Photomask IPO: Market Leader with Strong Prospects Ahead

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Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> has set the IPO pricing at JPY2,900–3,000 per share, and will offer 39.6m shares raising around ¥115-118bn (US$800m) at a valuation of ¥240-250bn.</li>
<li>The company is a leading global photomask manufacturer with strength in advanced EUV masks, and generates most of its revenue from overseas markets.</li>
<li>We have compared the company against its closest pure-play peer <a href="https://www.smartkarma.com/entities/photronics-inc" target="_blank" data-smartkarma-citation="entities:6203:1" rel="noopener">Photronics Inc (PLAB US)</a>  and believe the IPO is valued attractively given its expansion plans and technological edge.</li>
</ul>



Tekscend Photomask (429A JP) has set the IPO pricing at JPY2,900–3,000 per share, and will offer 39.6m shares raising around ¥115-118bn (US$800m) at a valuation of ¥240-250bn.
The company is a leading global photomask manufacturer with strength in advanced EUV masks, and generates most of its revenue from overseas markets.
We have compared the company against its closest pure-play peer Photronics Inc (PLAB US)  and believe the IPO is valued attractively given its expansion plans and technological edge.


Tekscend Photomask IPO: Forecast and Valuation