Added to YB: 2024-03-07
Pitch date: 2024-03-05
3445.T [bullish]
RS Technologies Co., Ltd.
+29%
current return
Author Info
No bio for this author
Company Info
RS Technologies Co., Ltd. provides silicon wafer reclamation and sale services in Japan, Taiwan, China, Korea, the Americas, Europe, and rest of Asia.
Market Cap
JPY 99.1B
Pitch Price
JPY 2.8K
Price Target
N/A
Dividend
N/A
EV/EBITDA
5.38
P/E
10.56
EV/Sales
1.43
Sector
Semiconductors and Semiconductor Equipment
Category
value
RS Technologies Co., Ltd.: Deep Value Opportunity in Reclaimed Semiconductor Wafer Market
3445.T: At 1x EV/EBIT, 1.4x book, $500M market cap, RS owns 30% reclaimed wafer market; 40% GRITEK stake worth 2x RS cap, implies 3x undervaluation. Net cash = market cap. Stable 18% CAGR, 40% EBIT margins, 9% YoY growth. Risks from China cyclical exposure, low 10% dividend payout. With FY26 EBIT forecast of 16.8bn yen to 24.2bn yen, valuation justified; upside from continuing semi demand and new facilities.
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