Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.</li>
<li>In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.
In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Crealights Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crealights-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:49401:1" rel="noopener">Crealights Technology (1191 HK)</a>, an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  </li>
<li>For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.</li>
<li>At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to <a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a>, or 5.1x P/S, implying at least 15% upside. </li>
</ul>



Crealights Technology (1191 HK), an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  
For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.
At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to CIG Shanghai (6166 HK), or 5.1x P/S, implying at least 15% upside. 


Crealights Technology (1191 HK) IPO: Lighting Up

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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.</li>
<li>Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.</li>
<li>Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.</li>
</ul>


Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.
Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.
Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.


TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.
We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Huagong Tech Co Ltd A / Equity Capital Markets

<ul>
<li>HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.
We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


United States

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

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Coherent (COHR US)

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Crealights Technology (1191 HK) IPO: Lighting Up

Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Osbert Tang, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

​Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Crealights Technology (1191 HK) IPO: Lighting Up

​Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Osbert Tang, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

​Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.