Contents
5 The Story in Charts
6 Order of Preference
7 IoT is triggering growth in wireless technologies;
Bestechnic is a pure proxy in Greater China
18 Debate #1: Could 5G and Wi-Fi 6 replace shortrange wireless communication?
22 Debate #2: Can Bluetooth continue to dominate?
27 Debate #3: Will Bluetooth SoC be commoditized?
33 Bestechnic (BES; 688608.SS): A good IoT proxy;
initiate at OW
36 Bestechnic – Financial Summary
37 Bestechnic – A quality IoT proxy
41 Investment Positives and Concerns
42 Bestechnic: Earnings outlook
43 Bestechnic: Valuation Methodology
45 Bestechnic: Company Profile
48 Realtek – Estimate Revisions
49 Realtek – Valuation Methodology
50 Realtek – Financial Summary
53 MediaTek – Financial Summary