APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goertek-inc-a" target="_blank" data-smartkarma-citation="entities:11547:1" rel="noopener">Goertek Inc A (002241 CH)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO. The deal will be run by CICC, CSI, CMB and UBS.</li>
<li>It is a world-leading provider of smart sensing interaction solutions.</li>
<li>Anchored by its robust one-stop smart sensing interaction platform, the firm is dedicated to driving the transformation of next-generation smart sensing interactions in collaboration with global ecosystem partners.</li>
</ul>



Goertek Inc A (002241 CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO. The deal will be run by CICC, CSI, CMB and UBS.
It is a world-leading provider of smart sensing interaction solutions.
Anchored by its robust one-stop smart sensing interaction platform, the firm is dedicated to driving the transformation of next-generation smart sensing interactions in collaboration with global ecosystem partners.


Goertek Microelectronics Pre-IPO Tearsheet

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Goertek’s 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previous market expectations.</li><li>3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY), mainly due to improving efficiency and better scale effect.</li><li>Looking into 4Q24/FY25E, we expect Goertek’s earnings will continue to rebound given improving GPM YoY, prudent cost control and better AR/VR/gaming demand with multiple product launches from major VR/AR players. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Goertek’s 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previous market expectations.3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY), mainly due to improving efficiency and better scale effect.Looking into 4Q24/FY25E, we expect Goertek’s earnings will continue to rebound given improving GPM YoY, prudent cost control and better AR/VR/gaming demand with multiple product launches from major VR/AR players. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Goertek (002241 CH) - 3Q24 Recovery on Track

<ul><li>Goertek’s 1H24 revenue/ net profit growth of -11%/+190% YoY was largely inline with its earlier positive profit alert (net profit +180-200% YoY).</li><li>2Q24 revenue/net profit delivered +0.1%/+168% YoY, and GPM came in at 13.6% (+4.4 ppts QoQ/5.9 ppts YoY), mainly due to improving efficiency and better acoustics product/smart product profitability.</li><li>Looking ahead to 2H24/FY25E, we expect Goertek’s earnings will continue to rebound given improving GPM and better AR/VR/gaming demand with multiple product launches from major VR/AR players. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Goertek’s 1H24 revenue/ net profit growth of -11%/+190% YoY was largely inline with its earlier positive profit alert (net profit +180-200% YoY).2Q24 revenue/net profit delivered +0.1%/+168% YoY, and GPM came in at 13.6% (+4.4 ppts QoQ/5.9 ppts YoY), mainly due to improving efficiency and better acoustics product/smart product profitability.Looking ahead to 2H24/FY25E, we expect Goertek’s earnings will continue to rebound given improving GPM and better AR/VR/gaming demand with multiple product launches from major VR/AR players. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Goertek (002241 CH) - Solid GPM Recovery in 1H24; Poised to Benefit from “AI+XR” Trend in 2H24E

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Apple MR: Long-awaited next “iPhone moment”

Goertek Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goertek-microelectronics" target="_blank" data-smartkarma-citation="entities:44460:1" rel="noopener">Goertek Microelectronics (1961589D CH)</a>  is looking to raise up to US$400m in its upcoming Hong Kong IPO.</li>
<li>It is a subsidiary of <a href="https://www.smartkarma.com/entities/goertek-inc-a" target="_blank" data-smartkarma-citation="entities:11547:1" rel="noopener">Goertek Inc A (002241 CH)</a> , and is a world-leading provider of smart sensing interaction solutions.</li>
<li>In this note, we look at the firm's past performance</li>
</ul>



Goertek Microelectronics (1961589D CH)  is looking to raise up to US$400m in its upcoming Hong Kong IPO.
It is a subsidiary of Goertek Inc A (002241 CH) , and is a world-leading provider of smart sensing interaction solutions.
In this note, we look at the firm's past performance


Goertek Microelectronics: Too Reliant on Apple

China

GoerTek, Inc. manufactures wireless communication products. The Company offers wireless communication devices armed with wireless technology, active noise cancellation headphones, VoIP devices, hands-free headsets, and other electro-acoustic devices. GoerTek serves the telecommunication and electro-acoustic industries worldwide.

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Goertek Inc A (002241 CH)

Goertek Microelectronics Pre-IPO Tearsheet

Goertek Microelectronics (GM) is looking to raise up to US$400m in its upcoming Hong Kong IPO. It is a world-leading provider of smart sensing...

Nicholas Tan

Goertek (002241 CH) - 3Q24 Recovery on Track

Goertek’s 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previous market expectations. 3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY)

CMB International

Goertek (002241 CH) - Solid GPM Recovery in 1H24; Poised to Benefit from “AI+XR” Trend in 2H24E

Goertek’s 1H24 revenue/ net profit growth of -11%/+190% YoY was largely inline with its earlier positive profit alert (net profit +180-200% YoY)

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

Goertek Microelectronics: Too Reliant on Apple

Goertek Microelectronics is looking to raise up to US$400m in its upcoming Hong Kong IPO. It is a provider of smart sensing interaction solutions....

Nicholas Tan

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