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)

<div><div><div><div><ul><li>Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.</li><li>We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.</li><li>In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. </li></ul></div></div></div></div><p><em>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.</em></p>

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. 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 AirPods/Beats Production Base Relocation to India

<div><div><div><div><ul><li>We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.</li><li>We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).</li><li>For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. </li></ul></div></div></div></div><p><em>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.</em></p>

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. 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 - China Smartphone: No Signs of Recovery in 4Q22E

Equity Bottom-Up

<ul><li>BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus.</li><li>GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%, mainly due to COVID-19 impact, weak demand and low UTR.</li><li>While 2Q22 revenue/net profit declined 8%/46% YoY due to Shanghai lockdown, we believe 2Q NPM QoQ recovery (2%, vs 0.9% in 1Q) is a positive sign for earnings improvement in 2H22E.</li></ul><p><em>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.</em></p>

BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus.GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%, mainly due to COVID-19 impact, weak demand and low UTR.While 2Q22 revenue/net profit declined 8%/46% YoY due to Shanghai lockdown, we believe 2Q NPM QoQ recovery (2%, vs 0.9% in 1Q) is a positive sign for earnings improvement in 2H22E.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.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

WM Motor Technology Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. </li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WM Motor Technology Co Ltd (WMT CH) (WMM) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
WM Motor is a smart EV player in China. As of the latest practicable date, it had a total of four main EV models. 
In this note, we talk about the not-so-positive aspects of the deal.


WM Motor Holding IPO - The Negatives - Has Ample Issues to Contend With

<ul>
<li>Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.</li>
<li>In this note, we talk about the updates since our last note, along with the trading dynamics.</li>
</ul>


Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.
In this note, we talk about the updates since our last note, along with the trading dynamics.


Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

China

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

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BYD Electronics (285 HK)

China Technology - Implications of AirPods/Beats Production Base Relocation to India

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local...

CMB International

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.

CMB International

BYDE (285 HK) – 1H22 Weakness In-Line

BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus. GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%

CMB International

WM Motor Holding IPO - The Negatives - Has Ample Issues to Contend With

WM Motor Technology Co Ltd (WMT CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Tianqi Lithium A/H Trading - A-Shares Have Done Relatively Well, H-Shares Should Follow

Tianqi Lithium (TL) raised around US$2bn via its H-shares listing. In this note, we talk about the updates since our last notes, along with the...

Sumeet Singh

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