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.

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<ul><li>We upgrade AAC to BUY with SOTP-based TP of HK$37.8 (19.6x FY25E P/E), as we believe spec upgrade in acoustics/optics/haptics and upcoming AI smartphone cycle will boost earnings growth into FY25/26E.</li><li>AAC’s 1H24 revenue/net profit growth of 22%/257% YoY is ahead of market expectations, thanks to stronger margin recovery (+7.4 ppts YoY/+2.3 ppts HoH), better product mix in acoustics/optics/PM and consolidation of PSS.</li><li>For FY24E, mgmt. reiterated 15% YoY sales growth (excl. PSS) with GPM HoH expansion, driven by: 1) Optics: better HSL/HCM ASP/shipment and improving GPM into 4Q24E, 2) Acoustic: SLS/Combo product penetration, 3) Haptics/casing/hinges: highend model launches and market share gains in 2H24E, and 4) Acoustics/heat dissipation upgrades for AI smartphones. </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.

We upgrade AAC to BUY with SOTP-based TP of HK$37.8 (19.6x FY25E P/E), as we believe spec upgrade in acoustics/optics/haptics and upcoming AI smartphone cycle will boost earnings growth into FY25/26E.AAC’s 1H24 revenue/net profit growth of 22%/257% YoY is ahead of market expectations, thanks to stronger margin recovery (+7.4 ppts YoY/+2.3 ppts HoH), better product mix in acoustics/optics/PM and consolidation of PSS.For FY24E, mgmt. reiterated 15% YoY sales growth (excl. PSS) with GPM HoH expansion, driven by: 1) Optics: better HSL/HCM ASP/shipment and improving GPM into 4Q24E, 2) Acoustic: SLS/Combo product penetration, 3) Haptics/casing/hinges: highend model launches and market share gains in 2H24E, and 4) Acoustics/heat dissipation upgrades for AI smartphones. 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) - Riding on New Upgrade Cycle; Upgrade to BUY

Thematic (Sector/Industry)

<ul><li>Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.</li><li>For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.</li><li>With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. </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 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. 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.

Technology - Apple 3QFY24 Beat on Strong IPad and Services

<ul>
<li>Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.</li>
<li>The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.</li>
<li>In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).</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 announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.
The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.
In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).

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.

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

<ul><li>AAC reported FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange gains and other income.</li><li>FY23 GPM came in at 16.9%, largely in line, and 2H23 GPM recovered to 19.2% (+1.4ppts YoY/+5.1ppts HoH), driven by demand recovery and product upgrades.</li><li>For FY24E, mgmt. guided 10-15% YoY sales growth (+20-30% YoY including PSS), driven by: 1) an optics GPM turnaround in 2H24E on market recovery, spec upgrades and WLG ramp-up; 2) auto biz PSS integration to bring auto synergy; 3) acoustics/haptics/casing/hinges to benefit from model launches and market share gains, and 4) AI phone upgrades in acoustics and cooling parts. </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 reported FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange gains and other income.FY23 GPM came in at 16.9%, largely in line, and 2H23 GPM recovered to 19.2% (+1.4ppts YoY/+5.1ppts HoH), driven by demand recovery and product upgrades.For FY24E, mgmt. guided 10-15% YoY sales growth (+20-30% YoY including PSS), driven by: 1) an optics GPM turnaround in 2H24E on market recovery, spec upgrades and WLG ramp-up; 2) auto biz PSS integration to bring auto synergy; 3) acoustics/haptics/casing/hinges to benefit from model launches and market share gains, and 4) AI phone upgrades in acoustics and cooling parts. 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) - Solid Outlook for PSS Merger & Optics Margin Recovery

<ul>
<li>Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.</li>
<li>For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.</li>
<li>Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. </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 FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.
For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.
Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. 

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.

Technology - Apple FY1Q24 Beat on Better Margins and Resilient Service Revenue

China

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

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AAC Technologies Holdings (2018 HK)

AAC Tech (2018 HK) - Riding on New Upgrade Cycle; Upgrade to BUY

We upgrade AAC to BUY with SOTP-based TP of HK$37.8 (19.6x FY25E P/E), as we believe spec upgrade in acoustics/optics/haptics and upcoming AI...

CMB International

Technology - Apple 3QFY24 Beat on Strong IPad and Services

Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus

CMB International

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.

CMB International

AAC Tech (2018 HK) - Solid Outlook for PSS Merger & Optics Margin Recovery

AAC reported FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange gains...

CMB International

Technology - Apple FY1Q24 Beat on Better Margins and Resilient Service Revenue

Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus

CMB International

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