External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

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Apple Hospitality Reit / Equity Bottom-Up

<ul><li>Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.</li><li>Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.</li><li>Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

<ul><li>AAC announced 1H23 profit warning, stating 1H23 net profit of RMB 122mn157mn (down 55-65% YoY), well below our/consensus expectations.</li><li>Mgmt. attributed the weakness to 1) slower operating efficiency improvement from reorganisation, 2) weak smartphone demand and intensified competition, and 3) temporary inferior product mix on expanded product portfolio.</li><li>We trimmed FY23- 25E EPS by 18-45% to reflect 1H23 results and slower earnings recovery. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AAC announced 1H23 profit warning, stating 1H23 net profit of RMB 122mn157mn (down 55-65% YoY), well below our/consensus expectations.Mgmt. attributed the weakness to 1) slower operating efficiency improvement from reorganisation, 2) weak smartphone demand and intensified competition, and 3) temporary inferior product mix on expanded product portfolio.We trimmed FY23- 25E EPS by 18-45% to reflect 1H23 results and slower earnings recovery. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AAC Tech (2018 HK) – 1H23 Worse than Expected on Slow Recovery

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Apple MR: Long-awaited next “iPhone moment”

<ul><li>AACs 4Q22 net profit (+12% YoY) was 5%/6% below our/consensus estimates, mainly due to widening loss from optics segment, while revenue exceeded expectations with 21% YoY growth given stronger camera modules in our view.</li><li>4Q GPM came in at 16.6%, well below expectations due to impairment of optics segment. By segment, acoustics/optics/EMD&amp;PM/Sensor revenue grew 6%/ 56%/28%/50% YoY.</li><li>Mgmt. reiterated confidence to improve profitability and efficiency in FY23E with cost control and lower CAPEX.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AACs 4Q22 net profit (+12% YoY) was 5%/6% below our/consensus estimates, mainly due to widening loss from optics segment, while revenue exceeded expectations with 21% YoY growth given stronger camera modules in our view.4Q GPM came in at 16.6%, well below expectations due to impairment of optics segment. By segment, acoustics/optics/EMD&amp;PM/Sensor revenue grew 6%/ 56%/28%/50% YoY.Mgmt. reiterated confidence to improve profitability and efficiency in FY23E with cost control and lower CAPEX.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AAC Tech (2018 HK) – 4Q22 slightly below; recovery remains bumpy

<ul><li>AAC will report 4Q22 results on 23 Mar. We estimate 4Q revenue/net profit to increase 16%/18% YoY to RMB 5,579mn/250mn, slightly below consensus, mainly driven by stronger demand in Apple‘s acoustics/haptics and Toyo’s PM sales contribution despite pressure in optics segment.</li><li>By segment, we expect acoustics/ED&amp;PM/optics to grow 2%/31%/29% YoY in 4Q22E.</li><li>Looking ahead, given Android’s ongoing inventory destocking and Apple’s weak seasonality in 1H23E, we believe demand weakness and loss-making optics segment will drag earnings recovery for AAC in the near term. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AAC will report 4Q22 results on 23 Mar. We estimate 4Q revenue/net profit to increase 16%/18% YoY to RMB 5,579mn/250mn, slightly below consensus, mainly driven by stronger demand in Apple‘s acoustics/haptics and Toyo’s PM sales contribution despite pressure in optics segment.By segment, we expect acoustics/ED&amp;PM/optics to grow 2%/31%/29% YoY in 4Q22E.Looking ahead, given Android’s ongoing inventory destocking and Apple’s weak seasonality in 1H23E, we believe demand weakness and loss-making optics segment will drag earnings recovery for AAC in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AAC Tech (2018 HK) – 4Q22 Preview: earnings recovery remains bumpy; Maintain HOLD

China

AAC Technologies is a leading provider of sensory experience solutions for smart devices. The company designs, develops, manufactures, and distributes miniaturized components, including acoustics products, haptic devices, optical lenses, camera modules, and micro electro-mechanical systems (MEMS). It primarily serves the consumer electronics market, with an expanding presence in intelligent vehicles, AR/VR, robotics, and IoT sectors. AAC Technologies was founded in 1993 and is headquartered in Shenzhen, People's Republic of China.

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AAC Technologies (2018 HK)

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus,...

CMB International

AAC Tech (2018 HK) – 1H23 Worse than Expected on Slow Recovery

AAC announced 1H23 profit warning, stating 1H23 net profit of RMB 122mn157mn (down 55-65% YoY), well below our/consensus expectations.

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

AAC Tech (2018 HK) – 4Q22 slightly below; recovery remains bumpy

AACs 4Q22 net profit (+12% YoY) was 5%/6% below our/consensus estimates, mainly due to widening loss from optics segment, while revenue exceeded...

CMB International

AAC Tech (2018 HK) – 4Q22 Preview: earnings recovery remains bumpy; Maintain HOLD

AAC will report 4Q22 results on 23 Mar. We estimate 4Q revenue/net profit to increase 16%/18% YoY to RMB 5,579mn/250mn, slightly below consensus

CMB International

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