Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.</li><li>We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.</li><li>The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.</li></ul>

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.

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

Dynamic Electronics / Equity Capital Markets

<ul>
<li>Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.</li>
<li>We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.
We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

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.

Shenzhen Kinwong Electronic / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-kinwong-electronic-co-ltd" target="_blank" data-smartkarma-citation="entities:58633:1" rel="noopener">Shenzhen Kinwong Electronic (3228 HK)</a> is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/kinwong-electronic-h-share-listing-3228-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:272060" rel="noopener">Kinwong Electronic H Share Listing (3228 HK): The Investment Case</a></strong></em>. </li>
<li>In this note, I present my forecasts and valuation. The AH discount is light compared to peer multiples. Given my concerns about fundamentals, I would avoid the listing. </li>
</ul>



Shenzhen Kinwong Electronic (3228 HK) is a global printed circuit board (PCB) manufacturer, seeking to raise up to US$653 million at a maximum offer price of HK$69.88 per share.
I discussed the H Share listing in Kinwong Electronic H Share Listing (3228 HK): The Investment Case. 
In this note, I present my forecasts and valuation. The AH discount is light compared to peer multiples. Given my concerns about fundamentals, I would avoid the listing. 


Kinwong Electronic H Share Listing (3228 HK): Valuation Insights

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Kinwong Electronic launched IPO to raise HK$ 5.1B. Company is a PCB manufacturer providing connectivity infrastructure for global customers in automotive electronics, telecommunication &amp; data, smart devices, industrial control etc.</li>
<li>Kinwong Electronic intends to use the proceeds for research and development, expanding production capacity, repay borrowings, working caital and general corporate purpose.</li>
<li>Given the overall industry dynamics and company’s focus on cost optimization, price competitiveness and high margin products we can expect a sustained incremental demand scenario in near to medium term.</li>
</ul>


Kinwong Electronic launched IPO to raise HK$ 5.1B. Company is a PCB manufacturer providing connectivity infrastructure for global customers in automotive electronics, telecommunication &amp; data, smart devices, industrial control etc.
Kinwong Electronic intends to use the proceeds for research and development, expanding production capacity, repay borrowings, working caital and general corporate purpose.
Given the overall industry dynamics and company’s focus on cost optimization, price competitiveness and high margin products we can expect a sustained incremental demand scenario in near to medium term.


Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-kinwong-electronic-co-ltd" target="_blank" data-smartkarma-citation="entities:58633:1" rel="noopener">Shenzhen Kinwong Electronic (3228 HK)</a>'s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.</li>
<li>The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers. </li>
<li>We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.</li>
</ul>



Shenzhen Kinwong Electronic (3228 HK)'s IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap.
The key strengths lie in its comprehensive product portfolio, strong market reputation, and strategic partnerships with global customers. 
We value it at 32.7x PER for FY26, in line with the global peer average, meaning a price of HK$80.15. But this is not without risks, given potential earnings disappointment.


Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive

Japan

Meiko Electronics Co., Ltd. designs, manufactures, and markets printed circuit boards.  The Company also produces populated boards, board testing devices, and multi-video processors.

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Meiko Electronics (6787 JP)

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play

Kinwong Electronic launched IPO to raise HK$ 5.1B for R&D, expanding production etc. Focus on cost optimization, price competitiveness and high...

Tina Banerjee

Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive

Shenzhen Kinwong's IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap. We are also...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

Kinwong Electronic H Share Listing (3228 HK): Valuation Insights

Kinwong Electronic is a global printed circuit board (PCB) manufacturer seeking to raise up to US$653 million. In this note, I present my forecasts...

Arun George

Shenzhen Kinwong Electronic IPO: Diversified Circuitry Coming Into Play

Kinwong Electronic launched IPO to raise HK$ 5.1B for R&D, expanding production etc. Focus on cost optimization, price competitiveness and high...

Tina Banerjee

Shenzhen Kinwong (3228 HK) IPO: Marginally Attractive

Shenzhen Kinwong's IPO is seeking HK$4.96bn, though priced at a steep 45.9% discount to the A-share, the absolute PER is not cheap. We are also...

Osbert Tang, CFA