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

Shenton Research

Shenton 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.

Equity Capital Markets

RoboTechnik Intelligent Technology / Equity Capital Markets

RoboTechnik Intelligent Technology (RBTK HK)

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.</li>
<li>We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.
We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.
The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.
We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.


A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

HK/China Equity Long-Short

Osbert Tang, CFA

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

<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> will finally go ahead with its A-share IPO, with price consultation starting on 5 Aug and fixing on 6 Aug.</li>
<li>Recent U.S. FCC regulation has added uncertainties, as historically, it derived 13-19% revenue from the country. Nonetheless, we project a 3-year earnings CAGR of 72.4%.</li>
<li>On our forecasts and Rmb42bn market cap, it sits on 54.5x PER and 14.6x P/S for FY26. Such multiples are not expensive relative to peers, considering its high margin.</li>
</ul>



Unitree Robotics (688836 CH) will finally go ahead with its A-share IPO, with price consultation starting on 5 Aug and fixing on 6 Aug.
Recent U.S. FCC regulation has added uncertainties, as historically, it derived 13-19% revenue from the country. Nonetheless, we project a 3-year earnings CAGR of 72.4%.
On our forecasts and Rmb42bn market cap, it sits on 54.5x PER and 14.6x P/S for FY26. Such multiples are not expensive relative to peers, considering its high margin.


Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.</li>
<li>The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.
The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.


A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

China

Estun Automation Co., Ltd. develops and manufactures mechanical equipment. The Company focuses on metal forming and electro-hydraulic robotic machines. Estun operates in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Estun Automation (002747 CH)

RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

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

Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Osbert Tang, CFA

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

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

Unitree Robotics (宇树科技) IPO: Kick-Off and Valuation Views

​Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...

Osbert Tang, CFA

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

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,...

Unitree Robotics to proceed with A-share IPO despite uncertainties from recent U.S. FCC regulation, projecting strong earnings growth and...