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>BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage &amp; automotive ramp and improving utilization.</li><li>During earnings call, mgmt. guided 1) gradual recovery for Android business in 2H23E on mid to high-end model demand, 2) share gain in Apple OEM/components; 3) residential energy storage with 50- 100% YoY; and 4) auto segment with 100%+ YoY in FY23E.</li><li>We adjusted FY23/24E EPS by 1-2% to reflect better GPM recovery. </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.

BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage &amp; automotive ramp and improving utilization.During earnings call, mgmt. guided 1) gradual recovery for Android business in 2H23E on mid to high-end model demand, 2) share gain in Apple OEM/components; 3) residential energy storage with 50- 100% YoY; and 4) auto segment with 100%+ YoY in FY23E.We adjusted FY23/24E EPS by 1-2% to reflect better GPM recovery. 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) – 1Q23 beat on better GPM; Maintain HOLD on fair valuation

<ul><li>BYDE’s FY22 revenue/net profit are largely in-line with consensus but higher than our estimates due to stronger iPad revenue.</li><li>Looking ahead, despite muted outlook on Android business, mgmt. expects growth drivers to come from: 1) share gain in Apple OEM/components; 2) rising penetration of residential energy storage; and 3) auto biz to maintain strong growth.</li><li>We adjusted FY23-24 EPS by +3%/-12% to reflect higher sales and weaker GPM.</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.

BYDE’s FY22 revenue/net profit are largely in-line with consensus but higher than our estimates due to stronger iPad revenue.Looking ahead, despite muted outlook on Android business, mgmt. expects growth drivers to come from: 1) share gain in Apple OEM/components; 2) rising penetration of residential energy storage; and 3) auto biz to maintain strong growth.We adjusted FY23-24 EPS by +3%/-12% to reflect higher sales and weaker GPM.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) – FY22 largely in-line; Gradual recovery on track

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

Event-Driven

<ul>
<li>The March rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.</li>
<li>The largest inflows will be on <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>. </li>
<li>The largest outflows will be on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC (883 HK)</a> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">SMIC (981 HK)</a>.</li>
</ul>


The March rebalance of the HSI, HSCEI and HSTECH indices will use today's closing prices to cap the index constituent weights at 8%. This will lead to large flows.
The largest inflows will be on Li Auto (2015 HK), Meituan (3690 HK), XPeng (9868 HK), JD.com (9618 HK), Alibaba (9988 HK), BYD (1211 HK) and Kuaishou Technology (1024 HK). 
The largest outflows will be on Tencent (700 HK), HSBC Holdings (5 HK), Baidu (9888 HK), Xiaomi Corp (1810 HK), NetEase (9999 HK), CNOOC (883 HK) and SMIC (981 HK).


HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (March 2023)

<ul><li>We hosted an investor call with BYDE during our Corporate Day on 29 Nov.</li><li>Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s products, automobile and new smart products, while 4Q GPM will improve QoQ on better product mix and improving utilization (Android capacity converted into auto biz).</li><li>Looking into 2023, despite muted outlook on Android business, major growth drivers will come from 1) Apple share gain in OEM/components (ipad/ iphone/watch), 2) automobile segment expansion and 3) residential energy storage.</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 during our Corporate Day on 29 Nov.Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s products, automobile and new smart products, while 4Q GPM will improve QoQ on better product mix and improving utilization (Android capacity converted into auto biz).Looking into 2023, despite muted outlook on Android business, major growth drivers will come from 1) Apple share gain in OEM/components (ipad/ iphone/watch), 2) automobile segment expansion and 3) residential energy storage.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) – Corp Day Takeaways: 4Q Recovery to Continue

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

DZT Research

DZT 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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 11th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Tencent, Wuxi Biologics, HKEx, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent, Wuxi Biologics, HKEx, Kuaishou Technology.


Hong Kong Connect Flows (Nov 4th): Tencent, Wuxi Biologics, HKEx, Kuaishou

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) – 1Q23 beat on better GPM; Maintain HOLD on fair valuation

BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage & automotive...

CMB International

BYDE (285 HK) – FY22 largely in-line; Gradual recovery on track

BYDE’s FY22 revenue/net profit are largely in-line with consensus but higher than our estimates due to stronger iPad revenue.

CMB International

HSI, HSCEI, HSTECH: Rebalance Flows Post Capping (March 2023)

The Hang Seng indices rebalance Friday. Capping uses today's closing prices. The one-way trade across all stocks across the indices is estimated at...

Brian Freitas

BYDE (285 HK) – Corp Day Takeaways: 4Q Recovery to Continue

We hosted an investor call with BYDE during our Corporate Day on 29 Nov. Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s...

CMB International

Hong Kong Connect Flows (Nov 4th): Tencent, Wuxi Biologics, HKEx, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Wuxi Biologics, HKEx, Kuaishou.

Ke Yan, CFA, FRM

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