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.

Thematic (Sector/Industry)

<ul>
<li>AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.</li>
<li>3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.</li>
<li>GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.</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.


AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.
3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.
GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.

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 – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

<ul><li>Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.</li><li>3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.</li><li>Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. </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.

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. 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 – Implications of Intel 3Q23

<ul><li>Near-term: strong demand with visibility into 2024, supply chain ramp-up in progress.</li><li>Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.</li><li>Current bottlenecks are CoWoS and HBM. Suppliers are ramping up capacity to meet the demand (already observed signs of shortage easing recently). </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.

Near-term: strong demand with visibility into 2024, supply chain ramp-up in progress.Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.Current bottlenecks are CoWoS and HBM. Suppliers are ramping up capacity to meet the demand (already observed signs of shortage easing recently). 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.

Thematic Investment and Megatrend - Riding the AI Wave into the Next Phase

<ul><li>Major global semi fabless/IDM companies (AMD/Intel/Qualcomm/TI/Infineon/ STM/MTK/OnSemi) reported in-line 2Q23 but mixed 3Q23 outlook on diversified exposure on AI applications, slower consumer electronics demand recovery, continued inventory digestion and margin pressure.</li><li>Overall, inventory digestion is below expectation in 2Q23, leading to rising DOI for most fabless players.</li><li>Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.</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.

Major global semi fabless/IDM companies (AMD/Intel/Qualcomm/TI/Infineon/ STM/MTK/OnSemi) reported in-line 2Q23 but mixed 3Q23 outlook on diversified exposure on AI applications, slower consumer electronics demand recovery, continued inventory digestion and margin pressure.Overall, inventory digestion is below expectation in 2Q23, leading to rising DOI for most fabless players.Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.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 – Global Fabless/IDM 2Q23 Wrap

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

China Technology – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown. 3Q revenue increased 4% YoY...

CMB International

China Technology – Implications of Intel 3Q23

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC...

CMB International

Thematic Investment and Megatrend - Riding the AI Wave into the Next Phase

Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.

CMB International

China Technology – Global Fabless/IDM 2Q23 Wrap

Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.

CMB International

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