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

Viewtrix Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viewtrix-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48923:1" rel="noopener">Viewtrix Technology (3310 HK)</a> raised US$140m in its Hong Kong IPO.</li>
<li>Viewtrix Technology designs and sells branded AMOLED display driver integrated circuits (DDICs) and Micro-OLED display backplanes/drivers across the display sector.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Viewtrix Technology (3310 HK) raised US$140m in its Hong Kong IPO.
Viewtrix Technology designs and sells branded AMOLED display driver integrated circuits (DDICs) and Micro-OLED display backplanes/drivers across the display sector.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Viewtrix IPO Trading - Decent Insti Sub but Strong Retail Sub Rates

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viewtrix-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48923:1" rel="noopener">Viewtrix Technology (3310 HK)</a> is looking to raise US$140m in its upcoming Hong Kong IPO.</li>
<li>It designs and sells branded AMOLED display driver integrated circuits (DDICs) and Micro-OLED display backplanes/drivers across the display sector. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Viewtrix Technology (3310 HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
It designs and sells branded AMOLED display driver integrated circuits (DDICs) and Micro-OLED display backplanes/drivers across the display sector. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Viewtrix Pre-IPO - Losses to Widen in FY26; Expensive Relative to Peers

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viewtrix-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48923:1" rel="noopener">Viewtrix Technology (3310 HK)</a>, a leading AMOLED DDIC company, is looking to raise HK$997m. Its size is not large, but its scale is rapidly growing.</li>
<li>For the next three years, it will remain in the red, despite a 30% CAGR in revenue. The higher R&amp;D expenses will still weigh negatively on margins.</li>
<li>At 5.4x P/S for FY26, it is almost the highest among comparable peers. While stronger growth is a merit, this appears to have been well priced in. </li>
</ul>



Viewtrix Technology (3310 HK), a leading AMOLED DDIC company, is looking to raise HK$997m. Its size is not large, but its scale is rapidly growing.
For the next three years, it will remain in the red, despite a 30% CAGR in revenue. The higher R&amp;D expenses will still weigh negatively on margins.
At 5.4x P/S for FY26, it is almost the highest among comparable peers. While stronger growth is a merit, this appears to have been well priced in. 


Viewtrix Technology (3310 HK) IPO: More or Less Fairly Priced

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Viewtrix Technology launched Hongkong IPO aiming to raise up to HK$1.1B (~ US$ 140M). They specialise in production and sales of AMOLED Display Driver Integrated Circuit and Micro-OLED display backplanes/drivers.  </li>
<li>Viewtrix Technology intends to use the IPO proceeds to support R&amp;D, strategic investment &amp; acquisition and working capital.</li>
<li>The near to medium term challenge for the company is scaling up the business and delivering sustainable margins alongside that. We would recommend investors to avoid the issue for now.</li>
</ul>


Viewtrix Technology launched Hongkong IPO aiming to raise up to HK$1.1B (~ US$ 140M). They specialise in production and sales of AMOLED Display Driver Integrated Circuit and Micro-OLED display backplanes/drivers.  
Viewtrix Technology intends to use the IPO proceeds to support R&amp;D, strategic investment &amp; acquisition and working capital.
The near to medium term challenge for the company is scaling up the business and delivering sustainable margins alongside that. We would recommend investors to avoid the issue for now.


Viewtrix Technology IPO: Not Displaying Strong Signs of Turnaround And Being Back in The Black

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The fabless model enables it to focus on core competitiveness of innovation/product design with relatively low capital expenditures, while maintaining flexibility to adapt to rapidly changing market demands/technological advancements</li>
<li>Viewtrix may face a vicious cycle of "customer price pressure → company price reduction → accepting high supplier prices to maintain production capacity → cost increase → further price reduction".</li>
<li>Compared to the 3-5x P/S range given to mature industries, Viewtrix can enjoy a premium due to its strength. A neutral scenario for Viewtrix could be P/S of 6-8x.  </li>
</ul>


The fabless model enables it to focus on core competitiveness of innovation/product design with relatively low capital expenditures, while maintaining flexibility to adapt to rapidly changing market demands/technological advancements
Viewtrix may face a vicious cycle of "customer price pressure → company price reduction → accepting high supplier prices to maintain production capacity → cost increase → further price reduction".
Compared to the 3-5x P/S range given to mature industries, Viewtrix can enjoy a premium due to its strength. A neutral scenario for Viewtrix could be P/S of 6-8x.  


Pre-IPO Viewtrix Technology (PHIP Updates) - Some Points Worth the Attention

China

VIEWTRIX Technology Co., Ltd conducts as a display technology service provider. The Company develops, manufactures, and distributes display driver chips, display circuit board cards, and more. VIEWTRIX Technology manages businesses in China.

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Viewtrix Technology (3310 HK)

Aequitas: Viewtrix IPO Trading - Decent Insti Sub but Strong Retail Sub Rates

Viewtrix raised US$140m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk about...

Nicholas Tan

Aequitas: Viewtrix Pre-IPO - Losses to Widen in FY26; Expensive Relative to Peers

Viewtrix designs and sells branded AMOLED display driver integrated circuits (DDICs) and Micro-OLED display. In this note, we examine the IPO...

Nicholas Tan