Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR, WEICHAI POWER, BIDU.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR, WEICHAI POWER, BIDU.


HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

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>We conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.</li><li>In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.</li><li>Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.</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 conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.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.

Technology - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY

<ul><li>The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US manufacturing will be exempt.</li><li>Trump indicated that Apple would be exempt from proposed tariffs given its commitment to increase US investments to US$600bn over the next 4 years.</li><li>Several tech companies (e.g. Samsung, SK Hynix) also announced their tariff exemptions due to their committed investments in the US. </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.

The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US manufacturing will be exempt.Trump indicated that Apple would be exempt from proposed tariffs given its commitment to increase US investments to US$600bn over the next 4 years.Several tech companies (e.g. Samsung, SK Hynix) also announced their tariff exemptions due to their committed investments in the US. 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.

Technology - US New Sectoral Tariffs Better than Feared...

<ul><li>2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.</li><li>Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.</li><li>New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. </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.

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. 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.

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

<ul><li>Nvidia announced (link) that 1) it is filing applications to resume H20 chip sales to China, 2) the US government has assured that licenses will be granted and delivery is expected to resume soon, and 3) it announced a new, fully compliant RTX PRO GPU for China.</li><li>Also, media reported (link) that AMD planned to restart MI308 shipment to China once the US completes licensing review.</li><li>We believe this is a major positive for China AI server/component suppliers, after the US’s H20/ MI308 export ban started in April, and it also suggests B30’s potential launch in the near future. </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.

Nvidia announced (link) that 1) it is filing applications to resume H20 chip sales to China, 2) the US government has assured that licenses will be granted and delivery is expected to resume soon, and 3) it announced a new, fully compliant RTX PRO GPU for China.Also, media reported (link) that AMD planned to restart MI308 shipment to China once the US completes licensing review.We believe this is a major positive for China AI server/component suppliers, after the US’s H20/ MI308 export ban started in April, and it also suggests B30’s potential launch in the near future. 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.

Technology - Implications of Resumption of H20/MI308 Sales in China

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)

HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

We analyzed HSI's consensus for Sep 2026 and highlighted changes of EPS in AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR,...

Ke Yan, CFA, FRM

Technology - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY

In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking...

CMB International

Technology - US New Sectoral Tariffs Better than Feared...

The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US...

CMB International

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish...

CMB International

Technology - Implications of Resumption of H20/MI308 Sales in China

Nvidia announced (link) that 1) it is filing applications to resume H20 chip sales to China, 2) the US government has assured that licenses will be...

CMB International

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52-week Range

Market Cap (USDm)

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