IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (2636 HK)</a>, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/transsion-holdings-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:273601" rel="noopener">Transsion Holdings H Share Listing: The Investment Case</a>. </li>
<li>While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. </li>
</ul>



Shenzhen Transsion Holdings (2636 HK), Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.
I discussed the H Share listing in Transsion Holdings H Share Listing: The Investment Case. 
While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. 


Transsion Holdings H Share Listing (2636 HK): Valuation Insights

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>3Q26 revenue is already reported at NT$1,494.2bn, about US$46.7bn, 2% above the top of the guide; the 15 October release turns on margins, the 4Q guide and 2027.</li>
<li>We expect January 2027 price increases to roughly offset wider 2nm and overseas dilution, holding gross margin near 65-67%; 2027 capex is the bigger unknown.</li>
<li>Target price NT$2,920 (15% upside): 26.9x 2026 EPS, reflecting what we see as a permanent re-rating since 2019; TSMC trades at 17.9x 2027 earnings versus 23.0x for big US tech.</li>
</ul>


3Q26 revenue is already reported at NT$1,494.2bn, about US$46.7bn, 2% above the top of the guide; the 15 October release turns on margins, the 4Q guide and 2027.
We expect January 2027 price increases to roughly offset wider 2nm and overseas dilution, holding gross margin near 65-67%; 2027 capex is the bigger unknown.
Target price NT$2,920 (15% upside): 26.9x 2026 EPS, reflecting what we see as a permanent re-rating since 2019; TSMC trades at 17.9x 2027 earnings versus 23.0x for big US tech.


TSMC 3Q26 Preview: 2027 Price Increases Should Hold Margins; Further Share Upside from Here

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn units in Jun 2026, down 12% YoY and 4% MoM.</li><li>Cumulatively, local manufacturing/assembly declined by 8% YoY with 13.10mn units in 6M2026, compared to 14.24mn units in 6M2025.</li><li>Mobile phone imports during the month surged 6x YoY and more than doubled MoM, likely due to pre-budget buying and the launch of AIRLINK’s Apple mono store.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn units in Jun 2026, down 12% YoY and 4% MoM.Cumulatively, local manufacturing/assembly declined by 8% YoY with 13.10mn units in 6M2026, compared to 14.24mn units in 6M2025.Mobile phone imports during the month surged 6x YoY and more than doubled MoM, likely due to pre-budget buying and the launch of AIRLINK’s Apple mono store.

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.</li><li>(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.</li><li>(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.</li></ul>

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement.(±) Crude oil prices surged more than 5% after shipping through the Strait of Hormuz was disrupted.(+) The BOI approved nine investment projects worth more than Bt66bn, spanning the food, aviation, and renewable energy industries.

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn...

Topline Securities

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring

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52-week Range

Market Cap (USDm)

P/E

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Transsion Holdings H Share Listing (2636 HK): Valuation Insights

Transsion, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80. In...

Arun George

TSMC 3Q26 Preview: 2027 Price Increases Should Hold Margins; Further Share Upside from Here

We expect January 2027 price increases to roughly offset wider 2nm and overseas dilution, holding gross margin near 65-67%; 2027 capex is the...

Vincent Fernando, CFA

Pakistan Telecom: Local Manufacturing/Assembly of Cell Phones Down 12% YoY in Jun-26

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.93mn...

Topline Securities

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

Krungthai XSpring Zoom Eng. July 9, 2026

(+) Chipmakers rebound, led by Broadcom, after Apple announced a USD30bn chip purchase agreement. (±) Crude oil prices surged more than 5% after...

Krungthai XSpring