At the IPO offer price of RM0.25, MINOX is trading at 11.2x based on FY22 core net EPS of 2.2 sen. Meanwhile, MINOX’s forward P/E valuation for FY23-24f is estimated at 9.4x and 8.1x, respectively. We arrived at our fair value of RM0.37 (49.1% potential upside from its IPO price) by ascribing a target P/E of 13x to our forecasted FY23-24f average EPS of 2.87 sen. The assigned P/E is more than a 50% discount to the Bursa Malaysia Industrial Production P/E of 28.57, due to MINOX having a smaller market capitalisation.