CMTX IPO Valuation Analysis

[CMTX: Bullish]

• Our base case valuation of CMTX is implied market cap of 1 trillion won or 106,847 won per share. CMTX is a likely inclusion candidate in KOSDAQ150 index in 2026.

• Our base case valuation is based on P/E of 14.9x using our estimated net profit of 69 billion won in 2026.

• Our base case valuation is 65% higher than the high end of the IPO price range. Given the excellent upside, we have a Positive View of this IPO.