Aequitas Research - CMGE Tech IPO (ä¸æ‰‹æ¸¸) - Back in Homeland after a Long Wait

Report

Aequitas Research

Zhen Zhou Toh

EUR 88.49 For Business Accounts Only

CMGE Tech IPO (ä¸æ‰‹æ¸¸) - Back in Homeland after a Long Wait

China Mobile Games Adr (CMGE HK) is looking to raise US$166m in its Hong Kong IPO.

We have covered the company in December 2018, CMGE Tech (ä¸æ‰‹æ¸¸) Pre-IPO Review - Unfortunate Timing. Since then, the company's application to list on the Hong Kong Exchange has lapsed twice.

Based on our assumptions, CMGE is offered at 5.7 - 7.3x FY2020E P/E ratio compared to peer average of 5.5x, which is implying a 3.9 - 25% potential downside.

In this insight, we will look at the updates from the PHIP, share our thoughts on growth assumptions, and compare its valuation with other Hong Kong-listed peers.

17/10/2019 7 EN

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.

See profile

Analysts

Zhen Zhou Toh

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CMGE Tech IPO (ä¸­æ‰‹æ¸¸) - Back in Homeland after a Long Wait

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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CMGE Tech IPO (ä¸æ‰‹æ¸¸) - Back in Homeland after a Long Wait