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

Tactical Trading: A Hong Kong Play on the AI Server Memory Supercycle

Tactical Trading – Hidden, Japanese AI Capex Beneficiaries

GigaDevice Semiconductor Secondary Listing (Hong Kong) Preview

GigaDevice Semiconductor HK Listing Valuation Analysis

Montage Technology (6809 HK) IPO: Decent Upside Potential

Montage Technology (6809 HK): US$1bn Offering at a Near 50% Discount to A-Shares

Douglas Research Advisory

Equity Capital Markets

Montage Technology / Equity Capital Markets

<ul>
<li>Our base case valuation of Montage Technology (6809 HK) is target price of HK$144.1 per share, representing 35% higher than the listing price of HK$106.89.</li>
<li>To value Montage Technology, we used three comps including GigaDevice Semiconductor (3986 HK), Renesas Electronics (6723 JP), and Rambus (RMBS US).</li>
<li>We have chosen to use a significant premium to value Montage Technology mainly due to its much stronger expected sales growth and net margins versus the comps. </li>
</ul>


Our base case valuation of Montage Technology (6809 HK) is target price of HK$144.1 per share, representing 35% higher than the listing price of HK$106.89.
To value Montage Technology, we used three comps including GigaDevice Semiconductor (3986 HK), Renesas Electronics (6723 JP), and Rambus (RMBS US).
We have chosen to use a significant premium to value Montage Technology mainly due to its much stronger expected sales growth and net margins versus the comps. 


モンタージュ・テクノロジー香港IPO評価分析