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WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries. WCP focuses on the production of wet separators for rechargeable batteries for EVs and Ceramic Coated Separators. It is a subsidiary of W-Scope, which is listed in Japan.
WCP reported a 3.2x increase in sales in FY20 and another 1.6x increase in sales in FY21. The significant jump in sales also aided margins, helping the company to more than double its EBITDA margin over FY19-21, leading to a 12x increase in EBITDA. WCP plans to spend another KRW8bn on expanding its production three fold by 2024.
However, the company’s cash flow generation hasn't grown inline with its earnings and thus its debt has been creeping up. Moreover, its parent has faced going concern issues and is involved in a patent litigation with Ashai Kensai for some of its products.
WCP Pre-IPO
WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries. WCP focuses on the production of wet separators for rechargeable batteries for EVs and Ceramic Coated Separators. It is a subsidiary of W-Scope, which is listed in Japan.
WCP reported a 3.2x increase in sales in FY20 and another 1.6x increase in sales in FY21. The significant jump in sales also aided margins, helping the company to more than double its EBITDA margin over FY19-21, leading to a 12x increase in EBITDA. WCP plans to spend another KRW8bn on expanding its production three fold by 2024.
However, the company’s cash flow generation hasn't grown inline with its earnings and thus its debt has been creeping up. Moreover, its parent has faced going concern issues and is involved in a patent litigation with Ashai Kensai for some of its products.
Underlying
W-SCOPE CHUNGJU PLANT CO LTD
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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