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

<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”

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. </li><li>DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. </li><li>CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.</li></ul>

Analysts are bullish on FEHT due to strong second half fiscal year 2024 hotel revenue per available room (RevPAR) and merger and acquisition (M&amp;A) prospects. DBS is cautious about the long-term market gains from China's AI breakthrough, expressing skepticism about its potential impact on boosting the market. CGSI has upgraded ISDN to 'add' and raised their target price to 35 cents, citing an industrial automation-led recovery as the reason for the upgrade.

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

<ul><li>Apple reported FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus, mainly due to a favourable product mix and better leverage, partially offset by negative FX. Looking into FY1Q24E, mgmt. expected flattish revenue YoY due to the quarter being one-week shorter and iPhone 15 supply snags, while iPhone/Mac will increase YoY and iPad/Wearables will decline significantly QoQ due to timing of product launches.</li><li>Given better-than-feared China iPhone sales in CY3Q23, we remain positive on iPhone’s gradual share gains and better mix shift towards higher-end models, and we are cautious on near-term weakness for iPad/Watch/AirPods.</li><li>For stocks, we maintain BUY on Luxshare/BYDE/FIT Hon Teng for market share gains in Apple supply chain (high-end iPhone/casing/AirPods), and stay HOLD on Sunny Optical/AAC Tech mainly for fair valuation.</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 FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus, mainly due to a favourable product mix and better leverage, partially offset by negative FX. Looking into FY1Q24E, mgmt. expected flattish revenue YoY due to the quarter being one-week shorter and iPhone 15 supply snags, while iPhone/Mac will increase YoY and iPad/Wearables will decline significantly QoQ due to timing of product launches.Given better-than-feared China iPhone sales in CY3Q23, we remain positive on iPhone’s gradual share gains and better mix shift towards higher-end models, and we are cautious on near-term weakness for iPad/Watch/AirPods.For stocks, we maintain BUY on Luxshare/BYDE/FIT Hon Teng for market share gains in Apple supply chain (high-end iPhone/casing/AirPods), and stay HOLD on Sunny Optical/AAC Tech mainly for fair valuation.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 Sector – Apple FY4Q23 Beat on Margins

<ul><li>Apple introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.</li><li>Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.</li><li>For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).</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 introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).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 Launch Event: IPhone 15/Apple Watch Inline

<ul><li>2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.</li><li>Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.</li><li>In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 4Q22).</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.

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 4Q22).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 – 2Q23 Global Smartphone Shipment Decline Narrowed

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)

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

Singapore Market Roundup (13-Feb-2025): FEHT favored for strong RevPAR and M&A in 2HFY2024.

FEHT is favored by analysts for strong hotel RevPAR, DBS is skeptical of China's AI breakthrough, and CGSI upgrades ISDN on industrial automation...

Singapore Market Roundup

China Technology Sector – Apple FY4Q23 Beat on Margins

Apple reported FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus

CMB International

China Technology – Apple Launch Event: IPhone 15/Apple Watch Inline

Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same...

CMB International

China Technology – 2Q23 Global Smartphone Shipment Decline Narrowed

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.

CMB International

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