Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

Grand Agriseeds Technology / Equity Bottom-Up

<ul><li>The HSI opened up 186 pts, with upswing once widening to more than 460 pts.</li><li>The market rebounded from a fourth consecutive session of decline, supported by strength in technology and semiconductor shares, as upbeat earnings and optimism surrounding AI-related businesses boosted investor confidence.</li><li>SSEC/SZSE/GEI moved by +1.41%/+2.44%/+3.14%, reaching their highest levels in more than a month as technology stocks staged strong gains.</li></ul>

The HSI opened up 186 pts, with upswing once widening to more than 460 pts.The market rebounded from a fourth consecutive session of decline, supported by strength in technology and semiconductor shares, as upbeat earnings and optimism surrounding AI-related businesses boosted investor confidence.SSEC/SZSE/GEI moved by +1.41%/+2.44%/+3.14%, reaching their highest levels in more than a month as technology stocks staged strong gains.

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (688836 CH)</a> concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.</li>
<li>The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.</li>
<li>We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. </li>
</ul>



Unitree Robotics (688836 CH) concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.
The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.
We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. 


Unitree Robotics (688836 CH) IPO: Valuation Insight

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Yangtze Memory Technologies / Equity Capital Markets

<ul>
<li><em><strong>YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge CXMT IPO. </strong></em></li>
<li>Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT's current market cap. </li>
<li>Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (000660 KS) and Samsung Electronics (005930 KS). </li>
</ul>


YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge CXMT IPO. 
Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT's current market cap. 
Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (000660 KS) and Samsung Electronics (005930 KS). 


Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

<ul>
<li>SK Hynix missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.</li>
<li>Most importantly, the company did not adequately address oversupply concerns, in my view.</li>
<li>Ongoing concerns regarding ultra-aggressive capex spending by CXMT and YMTC combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix. </li>
</ul>


SK Hynix missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.
Most importantly, the company did not adequately address oversupply concerns, in my view.
Ongoing concerns regarding ultra-aggressive capex spending by CXMT and YMTC combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix. 


Major Highlights of SK Hynix 2Q 2026 Earnings

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

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.</li>
<li>In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> IPO, and unpack cooling iron ore prices.</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 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.
In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting SpaceX (SPCX US) IPO, and unpack cooling iron ore prices.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

China

CXMT Corporation develops, manufactures, and distributes integrated circuit products. The Company produces dynamic random-access memory chips. CXMT conducts businesses in China.

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CXMT Corporation (688825 CH)

Quam Morning Note (18 Aug)

The HSI opened up 186 pts, with upswing once widening to more than 460 pts. The market rebounded from a fourth consecutive session of decline,...

Quam Securities

Unitree Robotics (688836 CH) IPO: Valuation Insight

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge...

Douglas Kim

Major Highlights of SK Hynix 2Q 2026 Earnings

SK Hynix missed its 2Q 2026 earnings. Most importantly, the company did not adequately address oversupply concerns, in my view.

Douglas Kim

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quam Morning Note (18 Aug)

The HSI opened up 186 pts, with upswing once widening to more than 460 pts. The market rebounded from a fourth consecutive session of decline,...

Quam Securities

Unitree Robotics (688836 CH) IPO: Valuation Insight

​Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO

YMTC is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge...

Douglas Kim

Major Highlights of SK Hynix 2Q 2026 Earnings

SK Hynix missed its 2Q 2026 earnings. Most importantly, the company did not adequately address oversupply concerns, in my view.

Douglas Kim

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

​Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...