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Here are 1-3 brief analogies for ALPS (Alps Alpine Co., Ltd.):

• The Bosch of in-car electronics, focusing on sensors, switches, and infotainment systems.
• A TE Connectivity, but specialized in comprehensive electronic modules and user interface components for the automotive sector.
• An NXP Semiconductors, but for a wider range of electronic and electromechanical components, especially within the automotive industry.

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• Exchange-Traded Funds (ETFs): ALPS offers a variety of investment funds that trade on stock exchanges, providing investors with diversified exposure to specific markets, sectors, or investment strategies.
• Sector-Specific ETFs: These funds allow investors to target particular industries, such as energy infrastructure, cannabis, or clean energy, through a single investment.
• Thematic ETFs: ALPS provides funds designed to capitalize on long-term disruptive trends and innovative themes across various global sectors.
• Dividend Income ETFs: These funds are structured to generate regular income for investors by investing in companies known for consistent dividend payments.

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The public entity referred to as ALPS (symbol: ALPS) in the U.S. market typically refers to the ALPS ETF Trust, which issues Exchange Traded Funds (ETFs). These ETFs are managed by ALPS Advisors, Inc., a subsidiary of SS&C Technologies Holdings, Inc. (symbol: SSNC).

ALPS Advisors primarily serves investors by offering a range of ETFs. These ETFs are purchased by a diverse group of customers, including both individuals and institutions. Since a significant portion of ETF investments are ultimately held by individual investors (either directly or through intermediaries), we will describe the key categories of customers it serves:

• Individual Investors: These are retail investors who purchase shares of ALPS-managed ETFs through brokerage accounts for their personal investment portfolios. This includes self-directed investors making their own allocation decisions, as well as those whose investments are managed by financial advisors.
• Financial Advisors and Wealth Management Firms: These professionals and firms recommend and allocate client assets into various investment products, including ALPS ETFs. They utilize ALPS ETFs as components within diversified portfolios they construct for their clients, thereby acting as intermediaries for many individual investors.
• Institutional Investors: This category encompasses larger entities such as pension funds, endowments, foundations, hedge funds, and other asset management firms. These institutions may include ALPS ETFs in their broader investment strategies, model portfolios, or as part of their liability-driven investment approaches.

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• The Bank of New York Mellon Corporation (NYSE: BK)
• S&P Global Inc. (NYSE: SPGI)
• Nasdaq, Inc. (NASDAQ: NDAQ)

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Dr. THAM Seng Kong – Chief Executive Officer and Interim Chief Financial Officer

Dr. Tham is the founder of ALPS Global Holding Bhd., which he started in 1994 with his private practice. He also serves as the Non-Executive Chairman at Cilo Cybin Holdings Ltd. ALPS Global Holding Bhd. was acquired by Globalink Investment, Inc. in October 2025. A veteran in life sciences with a focus on Cellular Therapy, he has been involved in extensive research on anti-aging cellular therapy since 2006 and actively participates in cancer research. Dr. Tham holds a Bachelor of Medicine from Xiamen University, a Doctor of Medicine (MD) in Integrated Chinese Medicine & Western Clinical Medicine (Oncology) from Guangzhou University of Chinese Medicine (GUCM), a Doctor of Medicine (PHD) in Biomedical Engineering, and an MBA from the Business Institute of Pennsylvania.

Low Wei Sim (Amanda) – Chief Operating Officer

Ms. Low serves as the Chief Operating Officer of ALPS Group Inc., having been appointed as Deputy Chief Operating Officer in April 2024. She also holds a position as an Independent Non-Executive Director at Cilo Cybin Holdings Ltd. She received her undergraduate degree from Sunway University College.

Prof. Manickam RAVICHANDRAN – Chief Scientific Officer

Professor Ravichandran is the Chief Scientific Officer of ALPS Group, overseeing scientific and research activities. He was previously the Chief Executive and Vice-Chancellor of AIMST University, Malaysia, and chaired its Covid-19 Task Force. He holds director positions at Vax Biotech Sdn Bhd, a spin-off company based on his cholera vaccine patent. He earned his M.Sc. in Medical Microbiology from Christian Medical College and a PhD in Biotechnology from Anna University. He has numerous international publications and 14 filed patents, and successfully commercialized three diagnostic products.

Datuk MOHD RAZEF Abdullah – Director, Investment

Datuk Mohd Razef Abdullah is the Director of Investment for ALPS Group. He founded Mediateq Laboratories Sdn. Bhd. and holds directorships in various technology companies. His business career began as a computer manufacturer-assembler, and he received his business education in Hong Kong, specializing in technology.

Dr. Benjamin GEORGE Jr. – Director, Medical

Dr. George serves as the Medical Director of ALPS Medical Centre, and is a Senior Consultant in Plastic, Aesthetic, Cosmetic & Reconstructive Surgery.

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The key risks to Alps Alpine Co Ltd (symbol: ALPS), a manufacturer and supplier of electronic components primarily for the automotive and mobile sectors, include its significant dependence on these competitive industries, challenges in achieving sustained long-term growth and profitability, and historically limited free cash flow generation.

1. Dependence on the Automotive and Mobile Sectors and Intense Competition: Alps Alpine's business is highly concentrated in the automotive sector, which accounts for 65% of its total sales. The company's revenue has been negatively impacted by weakness in both the automotive and mobile end markets. Furthermore, Alps Alpine faces increasing competition in its established businesses, such as camera actuators, which puts pressure on its market share and pricing power.
2. Challenges in Achieving Long-Term Growth and Sustainable Profitability: Historically, Alps Alpine has experienced relatively slow growth, averaging 2% to 3%. While the company is undergoing restructuring, including exiting unprofitable businesses and focusing on cost reduction, questions persist regarding the long-term sustainability of its margin improvements and its strategy to offset revenue headwinds from business divestitures and heightened competition.
3. Limited Free Cash Flow Generation: Alps Alpine has not been particularly effective at converting its revenue into free cash flow. Although some improvement is anticipated, free cash flow (FCF) margins are expected to remain in the low single digits on a sustained basis, which could be a concern for investors evaluating the company's financial health and ability to reinvest or return capital.

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The clear emerging threat for ALPS is the increasing trend among major automotive and technology companies to design and manufacture critical electronic components in-house. This vertical integration, exemplified by companies like Tesla developing its own custom chips for advanced driver-assistance systems (ADAS) and Apple's historical strategy of in-house silicon development, threatens to reduce the addressable market for ALPS's high-value components such as sensors, connectivity modules, and complex human-machine interface (HMI) solutions. As key customers prioritize differentiation through proprietary hardware and software, they are less reliant on third-party suppliers for these crucial components, potentially commoditizing external component providers and shifting bargaining power.

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The addressable markets for ALPS's (Alps Alpine Co., Ltd.) main products and services are substantial, primarily encompassing global electronic components and automotive components and infotainment systems.

• Electronic Components (including switches, sensors, potentiometers, encoders, and communication modules):
  • The global electronic components market was valued at approximately USD 484.54 billion in 2024 and is projected to reach USD 688.03 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.5%.
  • Another estimate places the global electronic components market size at USD 393.63 billion in 2024, with a projection to grow to USD 847.88 billion by 2032 at a CAGR of 10.3%.
  • North America is a significant market, holding approximately 40% of the global share. Meanwhile, Asia Pacific dominated the global electronic components market with a 37.79% share in 2024.
• Automotive Components and Infotainment Systems:
  • The global automotive components market was valued at USD 1,964.51 billion in 2023 and is expected to grow to USD 3,429.54 billion by 2033, demonstrating a CAGR of 5.73%.
  • Another assessment indicates the global automotive components manufacturing market size was USD 2,250.5 billion in 2024 and is projected to reach USD 2,761.1 billion by 2033, with a CAGR of 2.3%.
  • Asia Pacific held a 46% market share in the global automotive components market in 2023 and is anticipated to experience the fastest growth during the forecast period. North America also represents a large market, holding approximately 35% of the global market share.
  • The automotive electronics market alone is expected to reach over USD 300 billion by 2025.
• IoT Devices (relevant for sensors and communication modules):
  • The global Internet of Things (IoT) devices market was estimated at USD 70.3 billion in 2024 and is projected to grow to USD 181.17 billion by 2030, with a CAGR of 16.8%.
  • A broader view of the global IoT market size was valued at USD 714.48 billion in 2024 and is projected to reach USD 4,062.34 billion by 2032, exhibiting a CAGR of 24.30%.
  • North America dominated the IoT devices market with a share of over 34% in 2024, with the U.S. IoT devices industry holding a dominant position. The Asia-Pacific IoT devices industry is expected to be the fastest-growing region, with a CAGR of over 20% from 2025 to 2030.

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Expected Drivers of Future Revenue Growth for Alps Alpine Co., Ltd. (ALPS/APELY)

Over the next 2-3 years, Alps Alpine Co., Ltd. (which trades under the symbol APELY and is listed as 6770.T on the Tokyo Stock Exchange) is expected to experience revenue growth driven by several key factors, despite some broader market uncertainties and analyst forecasts of overall revenue decline in the near term. These drivers represent areas where the company is focusing its efforts for expansion and improved performance:

1. Sustained Demand in Mobile and Consumer Components: The company anticipates continued steady demand for its products within the mobile and consumer markets, particularly in its components segment. This segment has been a significant contributor to recent revenue growth, indicating an ongoing positive trend.
2. Expansion into New High-Growth Markets: Alps Alpine is strategically positioning itself for long-term growth by focusing on promising new markets. These include consumer gaming, robotics, and advanced sensors, which are identified as areas with significant potential for future revenue generation.
3. Improved Profitability and Efficiency in the Mobility Segment: Through structural reforms and cost reduction initiatives, the Mobility Segment (formerly Module and System Segment) has shown improved operating profit. While this directly impacts profitability, enhanced efficiency and competitiveness in this segment are crucial for sustaining existing business and enabling future growth investments, thereby indirectly driving revenue.
4. Successful Price Optimization and Pass-Through Negotiations: The company has demonstrated early progress in price pass-through negotiations with customers, which has contributed to upward revisions in its earnings forecasts. The ability to effectively optimize pricing and pass on cost increases to customers helps in maintaining or growing revenue per unit, thereby supporting overall revenue figures.

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Share Issuance

• In conjunction with its business combination that closed on October 28, 2025, Alps Group Inc. issued approximately 310,788 ordinary shares to PIPE investors, raising about US$3,107,875 for growth and working capital.
• Globalink Investment Inc., the predecessor SPAC, had an initial public offering (IPO) that priced at $100 million in December 2021, targeting the e-commerce and payments sectors.
• Prior to the closing of the business combination, Globalink Investment Inc. had received $879,911 in escrow from subscription agreements with PIPE investors to raise additional capital for the combined entity.

Inbound Investments

• Alps Global Holding Berhad acquired Globalink Investment Inc. in a reverse merger transaction, which closed on October 28, 2025, resulting in the combined company, Alps Group Inc., with an estimated enterprise value of approximately US$1.6 billion.
• A Private Investment in Public Equity (PIPE) of approximately US$3,107,875 was raised from certain investors in connection with the business combination.

Capital Expenditures

• Net proceeds from the business combination transaction are anticipated to be used for growth capital expenditures and other general corporate purposes.