Why is Ingenic Semiconductor (300223.SZ) trading at <20x P/E with net cash on the balance sheet?
If you're looking for actual value in Chinese semis instead of chasing hype, look at $Ingenic Semiconductor Co.,Ltd.(300223)$ at ¥109.61. They design AIoT vision processors and automotive memory/analog chips (through ISSI), hold more cash than debt, and trade at just 19.6x earnings while the sector average is closer to 37x. Average analyst target is way up at ¥187.50.
On Friday, volume spiked to almost 2x normal (55.1M shares). It pushed up to ¥116.57 early before the broader market selloff pulled it back to ¥109.61. Clearly a battle going on right around the ¥110 level.
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