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>Following BYDE’s announcement to acquire Jabil’s mobility business (iPhone casing) for RMB15.8bn (~US$2.2bn), we conducted scenario analysis of the acquisition to BYDE’s earnings, and our base case suggested 5%/10% upside to BYDE’s net profit in FY24/25E, assuming 15%/18% iPhone casing share allocation and 3.4%/3.8% NPM in FY24/25E.</li><li>In addition, we believe integration of Jabil’s iPhone casing business will accelerate BYDE’s share gain in Apple’s multiple product categories.</li><li>For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz. </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.

Following BYDE’s announcement to acquire Jabil’s mobility business (iPhone casing) for RMB15.8bn (~US$2.2bn), we conducted scenario analysis of the acquisition to BYDE’s earnings, and our base case suggested 5%/10% upside to BYDE’s net profit in FY24/25E, assuming 15%/18% iPhone casing share allocation and 3.4%/3.8% NPM in FY24/25E.In addition, we believe integration of Jabil’s iPhone casing business will accelerate BYDE’s share gain in Apple’s multiple product categories.For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz. 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.

BYDE (285 HK) – Scenario Analysis of Jabil Biz Suggested 5-10% Earnings Upside in FY24/25E

<ul><li>We hosted an investor call with BYDE mgmt. yesterday.</li><li>Overall, mgmt. reiterated positive view on synergies from Jabil’s mobility acquisition, which will accelerate BYDE’s share gain in Apple supply chain.</li><li>In addition, mgmt. expects high-end Andriod recovery, share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz 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.

We hosted an investor call with BYDE mgmt. yesterday.Overall, mgmt. reiterated positive view on synergies from Jabil’s mobility acquisition, which will accelerate BYDE’s share gain in Apple supply chain.In addition, mgmt. expects high-end Andriod recovery, share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz 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.

BYDE (285 HK) – Android Recovery, Auto/Energy Storage and Jabil Mobility’s Synergies

<ul><li>We raise TP to HK$41.98 following strong 1H23 results and promising growth outlook.</li><li>1H23 revenue beat our/consensus estimates by 8%/6% on Apple share gain and strong NEV/new intelligent segment.</li><li>NP growth of 139% YoY is in-line with profit alert thanks to higher GPM on better product mix and improving UTR. </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 raise TP to HK$41.98 following strong 1H23 results and promising growth outlook.1H23 revenue beat our/consensus estimates by 8%/6% on Apple share gain and strong NEV/new intelligent segment.NP growth of 139% YoY is in-line with profit alert thanks to higher GPM on better product mix and improving UTR. 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.

BYDE (285 HK) – 1H23 Beat and Promising Outlook; Lift TP to HK$41.98

<ul><li>We upgrade BYDE from Hold to BUY with new TP of HK$31.67, since we believe BYDE will deliver faster-than-expected NPM improvement from 2.7% in 2023E to 2.9%/3.1% in FY24/25E, backed by stabilized Android business, Apple share gain, fast-growing NEV/new intelligent products and improving utilization.</li><li>BYDE’s upbeat 1H23 NP preannouncement of 115-146% YoY growth is also 26%/27% above our/consensus estimates, due to better margin and faster business development.</li><li>We raised FY23-25E EPS by 11-13% to reflect 1H23 results and better GPM recovery. Our new SOTP-based TP of HK$31.67 implied 17.9x 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.

We upgrade BYDE from Hold to BUY with new TP of HK$31.67, since we believe BYDE will deliver faster-than-expected NPM improvement from 2.7% in 2023E to 2.9%/3.1% in FY24/25E, backed by stabilized Android business, Apple share gain, fast-growing NEV/new intelligent products and improving utilization.BYDE’s upbeat 1H23 NP preannouncement of 115-146% YoY growth is also 26%/27% above our/consensus estimates, due to better margin and faster business development.We raised FY23-25E EPS by 11-13% to reflect 1H23 results and better GPM recovery. Our new SOTP-based TP of HK$31.67 implied 17.9x 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.

BYDE (285 HK) – Clear Path to Margin Recovery; Upgrade to BUY

<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”

China

BYD Electronic (International) Co., Ltd. manufactures and sells handset components and modules, and provides assembly services for mobile phones. The company offers one-stop product solutions leveraging electronic information, AI, 5G, and IoT technologies, with its business spanning smartphones, computers, new energy vehicles, smart home solutions, and communication equipment. It was incorporated in 2007 and is headquartered in Shenzhen, China.

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BYD Electronic (285 HK)

BYDE (285 HK) – Scenario Analysis of Jabil Biz Suggested 5-10% Earnings Upside in FY24/25E

For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household...

CMB International

BYDE (285 HK) – Android Recovery, Auto/Energy Storage and Jabil Mobility’s Synergies

In addition, mgmt. expects high-end Andriod recovery, share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz in...

CMB International

BYDE (285 HK) – 1H23 Beat and Promising Outlook; Lift TP to HK$41.98

We raise TP to HK$41.98 following strong 1H23 results and promising growth outlook. 1H23 revenue beat our/consensus estimates by 8%/6% on Apple...

CMB International

BYDE (285 HK) – Clear Path to Margin Recovery; Upgrade to BUY

We upgrade BYDE from Hold to BUY with new TP of HK$31.67, since we believe BYDE will deliver faster-than-expected NPM improvement from 2.7% in...

CMB International

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

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