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>Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.</li><li>For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.</li><li>On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. </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.

Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. 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 Largan 3Q24 Results

<ul><li>Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.</li><li>Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).</li><li>The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. </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.

Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. 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 - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

<ul><li>Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), new Apple Watches (10/Ultra 3), and 4th-gen AirPods.</li><li>We believe the event will focus on the integration of Apple Intelligence with the new devices, which we expect to accelerate replacement cycle, despite part of iOS 18 AI features coming on a later date.</li><li>Potential upside surprises include iPhone price increase, earlier and new AI features, and better carrier promotions/trade-in. </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 will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), new Apple Watches (10/Ultra 3), and 4th-gen AirPods.We believe the event will focus on the integration of Apple Intelligence with the new devices, which we expect to accelerate replacement cycle, despite part of iOS 18 AI features coming on a later date.Potential upside surprises include iPhone price increase, earlier and new AI features, and better carrier promotions/trade-in. 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 - Apple Sep event preview: All eyes on AI integration with new iPhone 16/Watch/AirPods

Equity Bottom-Up

<ul><li>We maintain the BUY rating of BYDE with new TP of HK$40.89 as we believe multiple growth drivers from Apple share gains, Jabil synergy, NEV product pipeline, robotics and AI server business expansion will offset earnings impact from higher expenses of Jabil integration in the near term.</li><li>We lowered FY24- 26E EPS by 7-14% to factor in 1H24 results, stronger smartphone recovery, and Jabil’s integration expenses.</li><li>We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest costs, and intangible asset depreciation. </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 maintain the BUY rating of BYDE with new TP of HK$40.89 as we believe multiple growth drivers from Apple share gains, Jabil synergy, NEV product pipeline, robotics and AI server business expansion will offset earnings impact from higher expenses of Jabil integration in the near term.We lowered FY24- 26E EPS by 7-14% to factor in 1H24 results, stronger smartphone recovery, and Jabil’s integration expenses.We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest costs, and intangible asset depreciation. 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) - Positive on Multiple Growth Drivers

<ul><li>BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment.</li><li>Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY).</li><li>Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details on 1) Apple’s business outlook (iPad/iPhone), 2) GPM and selling expenses guidance, 3) NEV product pipeline, and 4) AI server business updates.</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 reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment.Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY).Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details on 1) Apple’s business outlook (iPad/iPhone), 2) GPM and selling expenses guidance, 3) NEV product pipeline, and 4) AI server business updates.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) - 1H24 First Take: Strong Revenue Growth Dragged by GPM and Selling Expenses

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)

Technology - Implications of Largan 3Q24 Results

On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track.

CMB International

Technology - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).

CMB International

Technology - Apple Sep event preview: All eyes on AI integration with new iPhone 16/Watch/AirPods

Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16...

CMB International

BYDE (285 HK) - Positive on Multiple Growth Drivers

We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest...

CMB International

BYDE (285 HK) - 1H24 First Take: Strong Revenue Growth Dragged by GPM and Selling Expenses

BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation...

CMB International

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