[Click eStock] "JSTEC, Biggest Beneficiary of India's Electric Vehicle Market Opening"

Stunning Value Research analyzed on the 8th that JSTEC is the biggest beneficiary of the opening of the Indian electric vehicle market. No investment opinion or target price was presented.

On the 2nd of this month, JSTEC signed a contract worth 47 billion KRW to supply automated equipment for prismatic secondary battery manufacturing with IBC, an Indian secondary battery manufacturer. Youngdae Jeon, a researcher at Stunning Value Research, said, "JSTEC has consecutively signed secondary battery contracts worth 16 billion KRW in February last year, 17.1 billion KRW in November, and 47 billion KRW this year," adding, "They are currently supplying secondary batteries for India, and the contract scale is expected to grow gradually."

He especially forecasted that JSTEC will transform into a specialized secondary battery company starting this year. As of the end of last year, the sales composition of JSTEC was led by display equipment at 28.8%, followed by secondary batteries at 27.7%, semiconductor equipment at 19.2%, bio-diagnostic kit equipment at 16.6%, and laser equipment at 7.8%. He said, "Secondary batteries accounted for the second highest sales proportion," and predicted, "Starting this year, together with IBC, JSTEC is expected to shift from a display and semiconductor equipment company to a specialized secondary battery company for electric vehicles targeting the Indian electric vehicle market."

He emphasized, "Especially as JSTEC holds a 20% stake in IBC, making it the second largest shareholder, JSTEC is likely to dominate recognition in India as IBC grows into a global secondary battery cell company," and added, "They are also expected to enjoy market premiums such as IBC's future Nasdaq listing."