Amosense: Armed with Next-generation Automotive Electronics and IoT Technolog


The author is an analyst at NH Investment & Securities. He can be reached at kyeongkeun.kang@nhqv.com. - Ed.

Amosense has outstanding technological capabilities in the wireless charging market and benefits from an expanded scope for wireless charging. The company has secured next generation automotive electronics and IoT technologies such as UWB, key sharing system and hydrogen sensor module technologies and is expected to make serious profits from these technologies starting this year.


Offers differentiated competitiveness for wireless charging solutions

Amosense was founded in 2008 and specializes in the manufacture of state-of-the-art materials (e.g. shielding films for wireless chargers and LTCC substrates) and modules (including wireless charging, automotive and lighting modules). In 2020, the company's sales were classified as shielding for wireless chargers (33.9%), wireless charging modules (31.0%), automotive modules (2.3%), lighting modules (11.7%) and IoT devices (0 , 7%).

Amosense is the world's first developer of shielding films for wireless chargers (which have been applied to the Galaxy S6) and has differentiated technological functions for wireless charging solutions. It is noteworthy that Amosense probably accounts for around 73% of the range of wireless charging modules and 40% of the range of shielding foils for its main customer. While Amosense's revenue has been significantly impacted by the addition of vendors to customers, revenue is expected to increase in the future as wireless charging, previously available primarily on smartphones, increasingly moves to wearable devices such as wireless earbuds and smartwatches should be applied.


Capitalizing on automotive electronics and next-generation IoT technologies

Over the past three years, Amosense has invested around 20% of its sales in research and development, thereby securing next-generation electronics and IoT technologies such as ultra-wide-band (UWB), key sharing systems and hydrogen sensor module technologies. These efforts should result in a full-fledged profit generation starting this year. UWB has attracted attention as the next generation wireless technology because of its accuracy and security. As a UWB module partner for NXP (a semiconductor company), Amosense is expected to start mass-producing UWB modules and digital keys of the next generation from August this year, which will mark the world's first marketing of such products.

As a promising materials / parts company, the company is entitled to a special exemption from certain listing requirements for Kosdaq. A total of 2.78 million shares are to be offered to the public (2.22 million new shares and 556,000 existing shares). The capital raised from the planned IPO is to be used for capacity expansion (W 12.56 billion), R&D activities (W 11.59 billion) and debt repayment (W 5.71 billion). Based on the IPO price range and earnings projections for 2023F, the company's P / E ratio for 2021E is between 10.0 and 12.3x.



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