Nomura Securities has initiated coverage on ChangXin Memory Technologies, or CXMT, assigning the company a price target of RMB 116, according to an Odaily report dated July 27. The target is based on a 20x price-to-earnings multiple. On that basis, the valuation would place CXMT at roughly twice Micron’s valuation. The same estimate also suggests the company’s share price would stand about 13.4 times above its IPO price. At the target price, CXMT’s implied market capitalization is about RMB 7.76 trillion. The report did not provide additional details beyond the target price, valuation multiple, comparison with Micron, and the implied market cap.
Nomura Securities initiated coverage on ChangXin Memory Technologies (CXMT) on July 27 and set a price target of RMB 116, according to Odaily. The target implies a 20x price-to-earnings multiple.
Based on that valuation, CXMT would be valued at twice Micron. It also implies the company’s share price is about 13.4 times higher than its IPO price, with an estimated market capitalization of roughly RMB 7.76 trillion.
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