The creator is an analyst at NH Funding & Securities. He will be reached at [email protected] – Ed.
Amosense has excellent technological capabilities within the wi-fi charging market and advantages from an expanded scope for wi-fi charging. The corporate has secured subsequent technology automotive electronics and IoT applied sciences corresponding to UWB, key sharing system and hydrogen sensor module applied sciences and is predicted to make severe earnings from these applied sciences beginning this 12 months.
Gives differentiated competitiveness for wi-fi charging options
Amosense was based in 2008 and specializes within the manufacture of state-of-the-art supplies (e.g. shielding movies for wi-fi chargers and LTCC substrates) and modules (together with wi-fi charging, automotive and lighting modules). In 2020, the corporate’s gross sales have been labeled as shielding for wi-fi chargers (33.9%), wi-fi charging modules (31.zero%), automotive modules (2.three%), lighting modules (11.7%) and IoT units (zero , 7%).
Amosense is the world’s first developer of protecting movies for wi-fi chargers (which have been utilized to the Galaxy S6) and has differentiated technological features for wi-fi charging options. It’s noteworthy that Amosense in all probability accounts for round 73% of the vary of wi-fi charging modules and 40% of the vary of protecting movies for its principal buyer. Whereas Amosense’s income has been considerably impacted by the addition of distributors to clients, income is predicted to extend sooner or later as wi-fi charging, beforehand out there totally on smartphones, more and more strikes to wearable units corresponding to wi-fi earbuds and smartwatches needs to be utilized.
Capitalizing on automotive electronics and next-generation IoT applied sciences
Over the previous three years, Amosense has invested round 20% of its gross sales in analysis and improvement, thereby securing next-generation automotive electronics and IoT applied sciences corresponding to ultra-wide-band (UWB), key-sharing programs and hydrogen sensor module applied sciences. These efforts ought to lead to full-fledged revenue technology beginning this 12 months. UWB has attracted consideration as the following technology wi-fi know-how due to its accuracy and safety. As a UWB module companion for NXP (a semiconductor firm), Amosense is predicted to begin mass-producing UWB modules and digital keys of the following technology from August this 12 months, which is able to mark the world’s first advertising and marketing of such merchandise.
As a promising supplies / components firm, the corporate is entitled to a particular exemption from sure itemizing necessities for Kosdaq. A complete of two.78 million shares are to be supplied to the general public (2.22 million new shares and 556,000 current shares). The capital raised from the deliberate IPO is for use for capability growth (W 12.56 billion), R&D actions (W 11.59 billion) and debt compensation (W 5.71 billion). Based mostly on the IPO worth vary and earnings projections for 2023F, the corporate’s P / E ratio for 2021E is above 10.zero to 12.3x.