Report
Zhen Zhou Toh
EUR 88.49 For Business Accounts Only

Aztech IPO - A lucky break marred by checkered past

Aztech Global is looking to raise about US$225m in its Singapore IPO.

Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.

Aztech’s growth in the next one to two years looks promising. The company is riding on the popularity of Blink’s product after Amazon’s acquisition. But the company needs to go beyond that to demonstrate that it can continue to maintain these high net margins (as an OEM/ODM).

It will also take extra effort to convince the market that the company has turned over a new leaf because the company had made some questionable diversification decisions prior to its delisting.
Underlying
Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Analysts
Zhen Zhou Toh

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