Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul><li>Intron, which is a provider of electronic solutions, mainly for vehicles, announced its 2022 annual result with a net profit growth of 107% on 52% growth in revenue and GPM expansion of 1.9 ppts to 21.5%.</li><li>The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for many advanced features.</li><li>Although there is intense price competition in the auto market in China currently, this could offer more opportunities to the company as OEMs seek for more price competitive solutions from third-party suppliers. Intron is currently trading at 12x 2023 consensus P/E.</li></ul>

Intron, which is a provider of electronic solutions, mainly for vehicles, announced its 2022 annual result with a net profit growth of 107% on 52% growth in revenue and GPM expansion of 1.9 ppts to 21.5%.The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for many advanced features.Although there is intense price competition in the auto market in China currently, this could offer more opportunities to the company as OEMs seek for more price competitive solutions from third-party suppliers. Intron is currently trading at 12x 2023 consensus P/E.

Intron (1760 HK, NR) - OEM Price War Could Be an Opportunity

China

Xin Point Holdings Limited is primarily engaged in the manufacture and sale of automotive and electronic components, offering a range of automotive interior and exterior decorative components, as well as double-layer flexible copper clad laminate (2L-FCCL). The company also provides one-stop surface decoration solutions. Headquartered in Huizhou, China, the company was founded in 2002.

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Xin Point (1571 HK)

Intron (1760 HK, NR) - OEM Price War Could Be an Opportunity

The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for...

Quam Securities

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