External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>On the back of technological innovation in autonomous mobile robots (AMR) with &gt;800 end customers across 40 countries, Geekplus (72% revenue from overseas in 2024) is set to ride on the structural increase in the penetration rate of warehouse fulfilment AMRs over the coming years.</li><li>Our results from product comparison and selected customers’ payback analysis enhance our confidence in Geekplus’s competitive edges.</li><li>We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On the back of technological innovation in autonomous mobile robots (AMR) with &gt;800 end customers across 40 countries, Geekplus (72% revenue from overseas in 2024) is set to ride on the structural increase in the penetration rate of warehouse fulfilment AMRs over the coming years.Our results from product comparison and selected customers’ payback analysis enhance our confidence in Geekplus’s competitive edges.We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a>  is looking to raise up to $300m in its upcoming Hong Kong IPO.</li>
<li>It is a leader in the global autonomous mobile robots (AMR) market.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Geekplus Technology (2590 HK)  is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Chinese Autonomous Mobile Robotics player, <a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a> plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.</li>
<li>Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.</li>
<li>Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.</li>
</ul>


Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a> is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.</li>
<li>I discussed the investment case in <a href="https://www.smartkarma.com/insights/geekplus-technology-ipo-2590-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:192127" rel="noopener">Geekplus Technology IPO (2590 HK): The Investment Case</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.</li>
</ul>



Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
I discussed the investment case in Geekplus Technology IPO (2590 HK): The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.


Geekplus Technology IPO (2590 HK): Valuation Insights

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.</li>
<li>The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.</li>
<li>I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.</li>
</ul>


Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.


Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

China

Beijing Geekplus Technology Co., Ltd. manufactures and distributes intelligent robotic products. The Company produces picking systems, moving systems, sorting systems, storage retrieval systems, and other robotic systems for intelligent logistics automation solutions. Beijing Geekplus Technology markets its products worldwide.

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Geekplus Technology (2590 HK)

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E.

CMB International

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Beijing Geekplus is looking to raise up to $300m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Beijing Geek IPO: Not Worth It

Chinese robotics company Geekplus Technology plans to raise $300m in HKEx IPO at $2.5bn valuation. Top line growth has slowed down while exposure...

Shifara Samsudeen, FCMA, CGMA

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus, a leader in the global autonomous mobile robot (AMR) market, is seeking to raise US$300 million. In this note, I present my forecasts and...

Arun George

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Geekplus (2590 HK) - A Rising Star in Global AMR for Warehouse Automation...

We forecast Geekplus to deliver 34% revenue CAGR in 2024-2027E, and potentially achieve meaningful profit starting from 2026E.

CMB International

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Beijing Geekplus is looking to raise up to $300m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Beijing Geek IPO: Not Worth It

​Chinese robotics company Geekplus Technology plans to raise $300m in HKEx IPO at $2.5bn valuation. Top line growth has slowed down while exposure...

Shifara Samsudeen, FCMA, CGMA

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus, a leader in the global autonomous mobile robot (AMR) market, is seeking to raise US$300 million. In this note, I present my forecasts and...

Arun George

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

​Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Chinese robotics company Geekplus Technology plans to raise $300m in HKEx IPO at $2.5bn valuation. Top line growth has slowed down while exposure...

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...