HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener"></a>As one of the "Hangzhou Six Little Dragons", <a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.</li>
<li>This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. </li>
<li>It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.</li>
</ul>



As one of the "Hangzhou Six Little Dragons", Manycore Tech (68 HK) will attract "dream" value in its IPO, which targets to raise HK$1.0bn of net proceeds.
This leading provider of cloud-native spatial design software in China will see a 3-year adjusted EPS CAGR of 86.2%, pricing at 40.8-46.3x FY26 PER based on its price range. 
It is not cheap enough relative to A-share peers, and is pricy against the global peers (15.6x average). We will only go for it at the low end, i.e. HK$6.72.


Manycore Tech (68 HK) IPO: What Valuation Is Right?

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/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a>, a leading spatial design software provider, has launched an HKEx IPO to raise US$156 million.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/manycore-tech-68-hk-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230492" rel="noopener">Manycore Tech (68 HK) IPO: The Investment Case</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is unattractive.</li>
</ul>



Manycore Tech (68 HK), a leading spatial design software provider, has launched an HKEx IPO to raise US$156 million.
I previously discussed the IPO in Manycore Tech (68 HK) IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is unattractive.


Manycore Tech (68 HK) IPO: Valuation Insights

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business segments.</li><li>Total and software revenue grew by 6%, fueled by a 10% increase in subscription revenue and 20% growth in its 3DEXPERIENCE platform.</li><li>Despite the growth, the company's EPS increased only by 4%, reaching EUR 0.30, partially due to foreign exchange headwinds affecting profitability.</li></ul>

Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business segments.Total and software revenue grew by 6%, fueled by a 10% increase in subscription revenue and 20% growth in its 3DEXPERIENCE platform.Despite the growth, the company's EPS increased only by 4%, reaching EUR 0.30, partially due to foreign exchange headwinds affecting profitability.

Dassault Systèmes: Inside Its 3DEXPERIENCE Overhaul- What’s Driving the Platform’s Comeback!

Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

<ul>
<li>Dassault Systèmes plans to accelerate growth through a shift towards subscription revenues and the adoption of AI-powered 3D Universes, aiming for an EPS of at least EUR 2.20 by 2029.   </li>
<li>While lacking detailed financials, 3D Universes build on the 3DExperience platform and introduces GenAI across industries, with first revenue impact expected in 2026 and faster adoption due to platform continuity.   </li>
<li>The company is repositioning Medidata for renewed growth, and is overhauling its underperforming indirect sales network by onboarding more specialised, cloud- and AI-capable partners to improve engagement and scalability.</li>
</ul>


Dassault Systèmes plans to accelerate growth through a shift towards subscription revenues and the adoption of AI-powered 3D Universes, aiming for an EPS of at least EUR 2.20 by 2029.   
While lacking detailed financials, 3D Universes build on the 3DExperience platform and introduces GenAI across industries, with first revenue impact expected in 2026 and faster adoption due to platform continuity.   
The company is repositioning Medidata for renewed growth, and is overhauling its underperforming indirect sales network by onboarding more specialised, cloud- and AI-capable partners to improve engagement and scalability.


Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

France

Dassault Systemes operates as a software company. The develops and offers 3Dexperience platform to create innovative new products and services using virtual experiences. Dassault Systemes serves aerospace, construction, business services, consumer packaged goods, high-tech, life science, health care, marine, energy, and industrial equipment industries worldwide.

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Dassault Systemes (DSY FP)

Manycore Tech (68 HK) IPO: What Valuation Is Right?

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

Manycore Tech (68 HK) IPO: Valuation Insights

Manycore, a leading provider of spatial design software, has launched an HKEx IPO to raise US$156 million. In this note, I discuss the valuation.

Arun George

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

Dassault Systèmes: Inside Its 3DEXPERIENCE Overhaul- What’s Driving the Platform’s Comeback!

Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business...

Baptista Research

Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

Dassault Systèmes aims for growth with subscription revenues, AI-powered 3D Universes, and repositioning of Medidata and sales network.

Gregory Ramirez

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52-week Range

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Manycore Tech (68 HK) IPO: What Valuation Is Right?

​Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Osbert Tang, CFA

Manycore Tech (68 HK) IPO: Valuation Insights

Manycore, a leading provider of spatial design software, has launched an HKEx IPO to raise US$156 million. In this note, I discuss the valuation.

Arun George

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

Dassault Systèmes: Inside Its 3DEXPERIENCE Overhaul- What’s Driving the Platform’s Comeback!

Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business...

Baptista Research

Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

​Dassault Systèmes aims for growth with subscription revenues, AI-powered 3D Universes, and repositioning of Medidata and sales network.

Gregory Ramirez

Manycore's upcoming IPO targets to raise HK$1.0bn, with a 3-year adjusted EPS CAGR of 86.2%. Priced at 40.8-46.3x FY26 PER, it only looks...

Dassault Systèmes aims for growth with subscription revenues, AI-powered 3D Universes, and repositioning of Medidata and sales network.