Nomura starts CXMT coverage at 116 yuan after July 27 debut

Nomura initiated coverage of ChangXin Memory Technologies, or CXMT, with a 116 yuan target price based on a 20 times earnings multiple, implying a market capitalization of about 7.76 trillion yuan and roughly 13.4 times upside from the IPO price. The valuation is about double Micron's multiple, according to the brokerage. After CXMT's July 27 listing, market commentary was divided: B.TOP founder Jiang Zhuoer said the stock could jump initially and then pull back, while Mango Labs founder @dov_wo said he was long and described the setup as a 1:5 risk-reward trade. Northeast Securities offered a lower valuation range of 3.2 trillion yuan to 5.7 trillion yuan, underscoring wide uncertainty over early price discovery.