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)

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.

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

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

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. 

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

2018 has been another excellent year for the nascent eSports market, with growth of around 35~40% from 2017. With some big end-of-year tournaments yet to come, the 2018 prize pool looks to be up 28~30% at US$148~150mil, while sponsorship has grown even more quickly. With two months left in 2018, it seems highly likely that Dota 2 will continue to be the largest eSport by prize money, but the rise in Fortnite from nowhere at the start of the year to 2nd place suggests that Dota 2 is likely to be dethroned in 2019. Fortnite, though, is primarily a US phenomenon and elsewhere games like PUBG and ShadowVerse may have more of an impact as eSports, reflecting regional tastes. Overall, though, those companies investing in eSports - be it in facilities, tournaments, teams and leagues - should get rewarded.

2018 has been another excellent year for the nascent eSports market, with growth of around 35~40% from 2017. With some big end-of-year tournaments yet to come, the 2018 prize pool looks to be up 28~30% at US$148~150mil, while sponsorship has grown even more quickly. With two months left in 2018, it seems highly likely that Dota 2 will continue to be the largest eSport by prize money, but the rise in Fortnite from nowhere at the start of the year to 2nd place suggests that Dota 2 is likely to be dethroned in 2019. Fortnite, though, is primarily a US phenomenon and elsewhere games like PUBG and ShadowVerse may have more of an impact as eSports, reflecting regional tastes. Overall, though, those companies investing in eSports - be it in facilities, tournaments, teams and leagues - should get rewarded.

ESports - 2018 Provides a Great Platform for 2019

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.

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Logitech International SA (LOGN SW)

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

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI...

Vermilion Research

ESports - 2018 Provides a Great Platform for 2019

2018 has been another excellent year for the nascent eSports market, with growth of around 35~40% from 2017. With some big end-of-year tournaments...

Pelham Smithers Associates

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