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>BOEVx hosted an investor call on 9 Jun regarding business update and 3-year strategy roadmap.</li><li>Mgmt. shared its 2025 guidancefor the first time: 1) revenue target of HK$20bn in 2025 (23% FY22-25E CAGR), 2) global market share to reach 25% in 2025 (vs ~20% in 2022), 3) Overseas sales mix of 50% by 2025 (vs 30% in FY23E), and 4) new technology (OLED/mini/LTOP) sales mix to target 50% in 2025.</li><li>In near term, despite margin pressure on automobile price cut and Chengdu capacity rampup in 1Q23, mgmt. expects strong new orders and Chengdu UTR ramp-up (100% in 3Q23E) will drive margin recovery in 2H23E.</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.

BOEVx hosted an investor call on 9 Jun regarding business update and 3-year strategy roadmap.Mgmt. shared its 2025 guidancefor the first time: 1) revenue target of HK$20bn in 2025 (23% FY22-25E CAGR), 2) global market share to reach 25% in 2025 (vs ~20% in 2022), 3) Overseas sales mix of 50% by 2025 (vs 30% in FY23E), and 4) new technology (OLED/mini/LTOP) sales mix to target 50% in 2025.In near term, despite margin pressure on automobile price cut and Chengdu capacity rampup in 1Q23, mgmt. expects strong new orders and Chengdu UTR ramp-up (100% in 3Q23E) will drive margin recovery in 2H23E.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.

BOE Varitronix (710 HK) – A clear 2025 strategic roadmap; Reiterate BUY on recent correction

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 24 stocks. </li>
<li>We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.</li>
<li>This time we observe outperformance when inclusion took place but not between announcement and inclusion. Southbound trade account for a significant portion of the trading volumes, still.</li>
</ul>


After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 24 stocks. 
We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.
This time we observe outperformance when inclusion took place but not between announcement and inclusion. Southbound trade account for a significant portion of the trading volumes, still.


HK Connect: Mar '22 Inclusion Post-Event Analysis

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.

<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

<ul><li>BOEVx reported strong revenue/NP growth of 39%/78% YoY in FY22 driven by solid auto display demand, better product mix and economies of scale.</li><li>Looking into 2023, we expect Chengdu plant fast expansion, CMS and US market will become major growth drivers, while ASP/GPM in 1H23E will be under pressure given near-term auto OEM price war and new biz ramp-up. </li><li>Therefore, we adjusted our FY23/24E EPS and assigned new TP of HK$23.69, based on same 25x FY23E P/E.</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.

BOEVx reported strong revenue/NP growth of 39%/78% YoY in FY22 driven by solid auto display demand, better product mix and economies of scale.Looking into 2023, we expect Chengdu plant fast expansion, CMS and US market will become major growth drivers, while ASP/GPM in 1H23E will be under pressure given near-term auto OEM price war and new biz ramp-up. Therefore, we adjusted our FY23/24E EPS and assigned new TP of HK$23.69, based on same 25x FY23E P/E.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.

BOE Varitronix (710 HK) – Strong FY22 Results

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 35 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 527.</li>
<li>We expect 29 of the 35 inclusions to the HSCI will be added to Stock Connect, while 20 of the 28 HSCI deletions will be removed from Southbound Stock Connect.</li>
<li>19 stocks could be deleted from Stock Connect only since their average market cap has dropped below HK$5bn- unless the new threshold of HK$4bn is approved in the next week.</li>
</ul>


There are 35 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 527.
We expect 29 of the 35 inclusions to the HSCI will be added to Stock Connect, while 20 of the 28 HSCI deletions will be removed from Southbound Stock Connect.
19 stocks could be deleted from Stock Connect only since their average market cap has dropped below HK$5bn- unless the new threshold of HK$4bn is approved in the next week.


HSCI Index Rebalance: 35 Adds, 28 Deletes & Changes to Southbound Stock Connect

Hong Kong

BOE Varitronix Limited designs, manufactures, and sells small-to-medium sized LCDs (liquid crystal displays) and related products. The Company offers displays for dashboards, clock, rear seat, power meter, washing machines, ovens, blood glucose meters, dental instruments, and label printers. BOE Vanitronix markets its products worldwide.

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BOE Varitronix (710 HK)