MakinaRocks IPO Valuation Analysis
My base case valuation of MakinaRocks is implied one-year target price of 21,075 won per share (41% higher than the high end of the IPO price range of 15,000 won).
MakinaRocks is a physical AI company specializing in complex industrial environments such as the automotive, semiconductor, and defense sectors.
It holds the second-largest number of patents in Korea for AI-based design and optimization, following Samsung Electronics.
Source: MakinaRocks
