Report
EUR 88.49
For Business Accounts Only
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 is a rare growth story among Singapore-listed manufacturing companies. It has been growing much faster than peers and is expected to maintain this growth momentum for the next two years. Margins are also much higher than peers due to the products it manufactures being relatively new and early in the product cycle.
Valuation wise, based on our assumptions, Aztech is offered at an undemanding 13.1x and 9.4x FY2021 and FY2022 P/E ratio, respectively which implies about 10 - 44% upside depending on the P/E average that it is pegged to.
Aztech IPO - Assumptions and Valuation
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 is a rare growth story among Singapore-listed manufacturing companies. It has been growing much faster than peers and is expected to maintain this growth momentum for the next two years. Margins are also much higher than peers due to the products it manufactures being relatively new and early in the product cycle.
Valuation wise, based on our assumptions, Aztech is offered at an undemanding 13.1x and 9.4x FY2021 and FY2022 P/E ratio, respectively which implies about 10 - 44% upside depending on the P/E average that it is pegged to.
Underlying
Aztech Global
Provider
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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