HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a> has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.</li>
<li>We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. </li>
<li>At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. </li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK) has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.
We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. 
At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. 


Wuxi Lead Equipment (470 HK): Almost Fair

China

CIG Shanghai engages in the research, development, production, and sale of information and communications technology products. Its offerings include telecommunications broadband terminals, wireless network equipment, smart home gateways, industrial hardware and software, and high-speed optical modules for home, enterprise, industrial, telecom, and data center applications. The company was founded in 2005 and is headquartered in Shanghai, China.

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CIG Shanghai (6166 HK)

Wuxi Lead Equipment (470 HK): Almost Fair

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wuxi Lead Equipment (470 HK): Almost Fair

​Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...