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 delivered flattish revenue in 2023 while net profit dropped 18% YoY due to EBITDA margin pressure on lower ASP and higher depreciation.</li><li>For 2H23, we are encouraged by its NPM recovery to 4.9% (vs 3.9% in 1H23), given improving yield and operation efficiency at the Chengdu plant.</li><li>For 2024, mgmt. is positive on highend product growth, rising UTR and expansion of overseas customers. </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 delivered flattish revenue in 2023 while net profit dropped 18% YoY due to EBITDA margin pressure on lower ASP and higher depreciation.For 2H23, we are encouraged by its NPM recovery to 4.9% (vs 3.9% in 1H23), given improving yield and operation efficiency at the Chengdu plant.For 2024, mgmt. is positive on highend product growth, rising UTR and expansion of overseas customers. 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) - Focus on High-End Demand and Overseas Demand to Drive Recovery

Thematic (Sector/Industry)

<ul>
<li>Texas Instruments (TI) reported in-line 3Q23 results but weaker 4Q23 guidance.</li>
<li>3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.</li>
<li>Looking into 4Q23E, mgmt. expects industrial segment weakness to broaden and post-pandemic recovery in China is weaker-than-expected, while automotive growth will continue. </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.


Texas Instruments (TI) reported in-line 3Q23 results but weaker 4Q23 guidance.
3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.
Looking into 4Q23E, mgmt. expects industrial segment weakness to broaden and post-pandemic recovery in China is weaker-than-expected, while automotive growth will continue. 

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.

Implications of Texas Instruments 3Q23: Weaker Industrial, Destocking and Slower China Recovery

<ul><li>Despite 1H23 results miss (link), mgmt. guided 1) in-line double-digit growth for FY23E revenue, 2) shipment recovery and stabilised ASP, 3) UTR and cost control measures to drive margin recovery in 2H.</li><li>In addition, mgmt. expects continued overseas expansion and OLED/Mini/LTOP products to drive growth into FY25E.</li><li>We lowered our FY23-25E EPS by 8-14% mainly to reflect 1H23 auto OEM price war and rising costs from capacity ramp-up. </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.

Despite 1H23 results miss (link), mgmt. guided 1) in-line double-digit growth for FY23E revenue, 2) shipment recovery and stabilised ASP, 3) UTR and cost control measures to drive margin recovery in 2H.In addition, mgmt. expects continued overseas expansion and OLED/Mini/LTOP products to drive growth into FY25E.We lowered our FY23-25E EPS by 8-14% mainly to reflect 1H23 auto OEM price war and rising costs from capacity ramp-up. 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) – Positive on Shipment Recovery and Capacity Expansion in 2H23E

<ul><li>BOEVx’s revenue climbed 7.9% YoY driven by both conventional and NEV customer expansion and order ramp-up, and strong NEV demand in China/US.</li><li>However, net profit declined 19% YoY, which is 36%/33% below our/consensus estimates mainly due to EBITDA decline on price adjustment and rising costs on Chengdu plant capacity expansion.</li><li>The company will host earnings call tomorrow at 10am and we believe market will focus on auto market demand outlook and pricing trend, Chengdu plant profitability and overseas market customer expansion. </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’s revenue climbed 7.9% YoY driven by both conventional and NEV customer expansion and order ramp-up, and strong NEV demand in China/US.However, net profit declined 19% YoY, which is 36%/33% below our/consensus estimates mainly due to EBITDA decline on price adjustment and rising costs on Chengdu plant capacity expansion.The company will host earnings call tomorrow at 10am and we believe market will focus on auto market demand outlook and pricing trend, Chengdu plant profitability and overseas market customer expansion. 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) – 1H23 First Take: Earnings Miss on Lower Margin

<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

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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