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[Asia Economy Reporter Hyunseok Yoo] InnoX is showing strong performance. Securities firms' analysis that the value of its subsidiaries and affiliates exceeds its market capitalization seems to be influencing the stock price.

As of 9:13 AM on the 21st, InnoX was trading at 15,500 KRW, up 900 KRW (6.16%) compared to the previous trading day.

NH Investment & Securities analyzed that InnoX's subsidiary TRS is conducting research and development on silicon-based anode materials, which are proposed as next-generation anode materials to improve the performance of secondary batteries.

InnoX incorporated TRS, a secondary battery anode material company, as a subsidiary in June last year, securing a 67.3% stake.

Sehun Son, a researcher at NH Investment & Securities, explained, "They are conducting R&D on silicon-based anode materials, which are attracting attention as next-generation anode materials," and added, "Application to some batteries is already at the commercialization stage."

Recently, Hansol Chemical and POSCO Chemical announced plans for mass production of silicon-based anode materials.

He continued, "The market penetration rate of silicon-based anode materials in secondary batteries will continue to rise," and explained, "The existing production capacity of 25 tons/month will be expanded to 75 tons/month by next month and to 150 tons/month by the end of next year."

Silicon has an expanding property, so microfabrication technology is essential to apply it to anode materials. Currently, TRS is the only company capable of microfabricating silicon powder down to 800nm.

Researcher Son analyzed, "TRS's sales were only 1 billion KRW last year but are expected to increase to 22 billion KRW in 2023," and added, "Considering the subsidiary's equity value (Alton Sports 37 billion KRW, TRS 111.7 billion KRW) and affiliate equity value (InnoX Advanced Materials 133.4 billion KRW), the discount rate compared to net asset value reaches 52.9%."

He added, "As the importance of silicon powder grows, TRS is attracting interest from domestic and overseas anode material companies," and "Considering the possibility of TRS's listing, the discount rate is expected to gradually increase."