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.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a> designs and builds a gamer-focused ecosystem of hardware, software, and services. It offers gaming peripherals and hardware, as well as virtual game payments (Razer Gold) and offline-to-online digital payment networks (Razer Fintech). <div class="content-highlight">Overall, we think the 2020 results underscored Razer’s transformation into a company that under-promises and over-delivers. The 2020 results delivered a consensus revenue and profit beat along with strong cash generation and a chunky net cash position. Looking ahead, we think that consensus remains cautious. An attractive valuation and ongoing share buyback programme lend support to the share price. Overall, we think that the shares are worth a closer look. </div>

Razer Inc (1337 HK) designs and builds a gamer-focused ecosystem of hardware, software, and services. It offers gaming peripherals and hardware, as well as virtual game payments (Razer Gold) and offline-to-online digital payment networks (Razer Fintech). Overall, we think the 2020 results underscored Razer’s transformation into a company that under-promises and over-delivers. The 2020 results delivered a consensus revenue and profit beat along with strong cash generation and a chunky net cash position. Looking ahead, we think that consensus remains cautious. An attractive valuation and ongoing share buyback programme lend support to the share price. Overall, we think that the shares are worth a closer look. 

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

eSports offer intriguing investment possibilities to investors given very large projected TAMs, high growth rates and links to a variety of other fast growing industries including games, streaming, animation, tech hardware and social media. This makes eSports important to understand and below we examine key themes that investors should be aware of, before delving into a full primer on the space, companies with exposure to eSports, Asian eSports franchises and key eSports games to be aware of.

eSports offer intriguing investment possibilities to investors given very large projected TAMs, high growth rates and links to a variety of other fast growing industries including games, streaming, animation, tech hardware and social media. This makes eSports important to understand and below we examine key themes that investors should be aware of, before delving into a full primer on the space, companies with exposure to eSports, Asian eSports franchises and key eSports games to be aware of.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Abko is getting ready to complete its IPO in November in the Korean stock market. Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for the PC gaming market.The company has been able to expand its consumer electronics (small home appliances) market capitalizing on its strength on the global gaming gear brand recognition. This small home appliance market is a newly growing market both at home and abroad to keep pace with the changes in the social environment such as an increase in single-person households and non-face-to-face activities.The IPO price range is from 21,400 won to 24,300 won. The IPO base deal size ranges from $48 million to $54 million. The expected market cap range after the IPO is from 217 billion won to 247 billion won, according to the bankers' valuation. The book-building for the institutional investors starts on 17 November.

Abko is getting ready to complete its IPO in November in the Korean stock market. Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for the PC gaming market.The company has been able to expand its consumer electronics (small home appliances) market capitalizing on its strength on the global gaming gear brand recognition. This small home appliance market is a newly growing market both at home and abroad to keep pace with the changes in the social environment such as an increase in single-person households and non-face-to-face activities.The IPO price range is from 21,400 won to 24,300 won. The IPO base deal size ranges from $48 million to $54 million. The expected market cap range after the IPO is from 217 billion won to 247 billion won, according to the bankers' valuation. The book-building for the institutional investors starts on 17 November. 

Abko IPO Preview (#1 Gaming Gear Maker in Korea)

Corsair Gaming is set to list on the NASDAQ with the company having a $100m placeholder for its capital raise. The gaming peripheral, streaming equipment and high-end PC parts supplier has benefitted from recent lockdown driven demand, but margins nevertheless underwhelm relative to Logitech. We examine the company’s product portfolio and growth prospects below.

Corsair Gaming is set to list on the NASDAQ with the company having a $100m placeholder for its capital raise. The gaming peripheral, streaming equipment and high-end PC parts supplier has benefitted from recent lockdown driven demand, but margins nevertheless underwhelm relative to Logitech. We examine the company’s product portfolio and growth prospects below.

Corsair Gaming IPO – Nice Products but They Are Commoditised and This Lacks Razer’s Marketing

Razer released its 1H20 results after market close. Overall, we think the 1H20 suggests that Razer is finally heading in the right direction due to accelerating growth, sustained mix shift to software &amp; services, adjusted EBITDA profitability and cash generation. Along with undemanding valuation and strong underpinning from a sizeable cash position, we think that the shares are worth a closer look.

Razer released its 1H20 results after market close. Overall, we think the 1H20 suggests that Razer is finally heading in the right direction due to accelerating growth, sustained mix shift to software &amp; services, adjusted EBITDA profitability and cash generation. Along with undemanding valuation and strong underpinning from a sizeable cash position, we think that the shares are worth a closer look. 

Switzerland

Logitech International S.A. manufactures personal computer input devices.  The Company produces computer mice which help the user move the cursor around the computer screen quickly, trackballs, game controllers, keyboards, PC video cameras, and multimedia speakers.  The Company sells its products worldwide.

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

Logitech International SA (LOGN SW)

Razer: Play On

We think that consensus remains cautious. An attractive valuation and ongoing share buyback programme lend support to the share price. Overall, we...

Arun George

ESports – Entering the Third Innings

In this Smartkarma Original we examine the state of eSports in Asia, examining differences with traditional sports and the games, teams and...

Mio Kato

Abko IPO Preview (#1 Gaming Gear Maker in Korea)

Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for...

Douglas Kim

Corsair Gaming IPO – Nice Products but They Are Commoditised and This Lacks Razer’s Marketing

Corsair Gaming is set to list on the NASDAQ with the company having a $100m placeholder for its capital raise. The gaming peripheral, streaming...

Mio Kato

Razer Dares to Look Sharp

Razer released its 1H20 results after market close. Overall, we think the 1H20 suggests that Razer is finally heading in the right direction due to...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)