Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul><li><strong>Motrex is auto parts company which is expected to complete its IPO in July. </strong></li><li><strong>Motrex specializes in navigation, audio system, and various in-vehicle infotainment (IVI) products. </strong>Motrex has been an innovator in the port installed option (PIO) market related to the vehicle navigation system. Major competitors to Motrex include <a href="https://www.smartkarma.com/entities/6089" target="_blank" data-smartkarma-citation="entities:6089:1">Hyundai Mobis Co Ltd (012330 KS)</a> and <a href="https://www.smartkarma.com/entities/8814" target="_blank" data-smartkarma-citation="entities:8814:1">LG Electronics Inc (066570 KS)</a> in supplying in-vehicle infotainment (IVI) products. </li><li>Exports represented 93.5% of its total revenue and domestic sales represented the remaining 6.5% of revenue in 2016. The company's sales increased 19.2% CAGR from 2013 to 2016. The company's operating margin averaged 11.5% in 2013 to 2016. </li><li>Vehicle infotainment products are likely to benefit from the growth of autonomous and connected vehicles, as some consumers are willing to pay extra for vehicles that have more advanced IVI features in the connected and autonomous vehicles. Motrex has been able to increase market share of the AV/AVN products sold to Hyundai Motors and Kia Motor in the past several years, increasing from 6.1% in 2014 to 9.5% in 2015, and 13.8% in 2016. </li></ul>

Motrex is auto parts company which is expected to complete its IPO in July. Motrex specializes in navigation, audio system, and various in-vehicle infotainment (IVI) products. Motrex has been an innovator in the port installed option (PIO) market related to the vehicle navigation system. Major competitors to Motrex include Hyundai Mobis Co Ltd (012330 KS) and LG Electronics Inc (066570 KS) in supplying in-vehicle infotainment (IVI) products. Exports represented 93.5% of its total revenue and domestic sales represented the remaining 6.5% of revenue in 2016. The company's sales increased 19.2% CAGR from 2013 to 2016. The company's operating margin averaged 11.5% in 2013 to 2016. Vehicle infotainment products are likely to benefit from the growth of autonomous and connected vehicles, as some consumers are willing to pay extra for vehicles that have more advanced IVI features in the connected and autonomous vehicles. Motrex has been able to increase market share of the AV/AVN products sold to Hyundai Motors and Kia Motor in the past several years, increasing from 6.1% in 2014 to 9.5% in 2015, and 13.8% in 2016. 

South Korea

ESTec Corporation specializes in manufacturing a variety of speakers. The Company's products include automotive speaker, HiFi speaker, multimedia speaker system, television speaker, and general speaker.  ESTec sells its products primarily on an original equipment manufacturing (OEM) basis to domestic and overseas markets.

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Estec Corp (069510 KS)

Motrex IPO Preview (Part 1)

Motrex is auto parts company which is expected to complete its IPO in July. Motrex specializes in navigation, audio system, and various...

Douglas Kim

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