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 1Q24 rev/earnings growth of 38%/33% YoY is largely in-line, mainly driven by Android/Apple orders, Jabil’s component biz and steady NEV/ intelligent product businesses despite seasonality and CNY effects.</li><li>Looking into 2024, mgmt. remains positive on high-end Android recovery, Jabil synergy, high-end NEV and AI server ramp-up to drive earnings growth.</li><li>We slightly lowered FY24-26E EPS by 2-3% to factor in lower GPM and higher OPEX on amortization of intangible assets, and our FY24-26E EPS remain 2-12% above consensus. </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 1Q24 rev/earnings growth of 38%/33% YoY is largely in-line, mainly driven by Android/Apple orders, Jabil’s component biz and steady NEV/ intelligent product businesses despite seasonality and CNY effects.Looking into 2024, mgmt. remains positive on high-end Android recovery, Jabil synergy, high-end NEV and AI server ramp-up to drive earnings growth.We slightly lowered FY24-26E EPS by 2-3% to factor in lower GPM and higher OPEX on amortization of intangible assets, and our FY24-26E EPS remain 2-12% above consensus. 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) - 1Q24 Solid on Track; Android Recovery

Thematic (Sector/Industry)

<ul><li>Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.</li><li>We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.</li><li>Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding 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.

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding 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 - MacBook Air M3 – Apple’s entry into AI PC arena

<ul>
<li>Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.</li>
<li>For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.</li>
<li>Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. </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 reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.
For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.
Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. 

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 FY1Q24 Beat on Better Margins and Resilient Service Revenue

<ul><li>We reiterate BUY rating on BYDE after it preannounced strong FY23 earnings growth of 110-123% YoY, with mid-point 2%/3% above our/consensus estimates.</li><li>For 4Q23, net profit delivered strong growth of 57% YoY. As stated in our note last week, we believe recent stock correction was mainly due to concerns on slower smartphone recovery in 1Q24, NEV biz price pressure and Jabil’s casing earnings uncertainties.</li><li>We believe market concern is overdone given 1) Huawei’s high-end model comeback likely to boost shipments and ASP hikes on titanium upgrade, 2) solid growth for NEV biz on new product ramp-up, parentco orders and new orders wins, and 3) sales synergies from Jabil’s acquisition. After recent correction, the stock now trades at 11.2x FY24E P/E, which is attractive in our view. </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 reiterate BUY rating on BYDE after it preannounced strong FY23 earnings growth of 110-123% YoY, with mid-point 2%/3% above our/consensus estimates.For 4Q23, net profit delivered strong growth of 57% YoY. As stated in our note last week, we believe recent stock correction was mainly due to concerns on slower smartphone recovery in 1Q24, NEV biz price pressure and Jabil’s casing earnings uncertainties.We believe market concern is overdone given 1) Huawei’s high-end model comeback likely to boost shipments and ASP hikes on titanium upgrade, 2) solid growth for NEV biz on new product ramp-up, parentco orders and new orders wins, and 3) sales synergies from Jabil’s acquisition. After recent correction, the stock now trades at 11.2x FY24E P/E, which is attractive in our view. 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) - FY23 Positive Profit Alert Above Expectations

<ul><li>We believe BYDE’s recent stock tumble reflected market concerns on smartphone demand recovery, NEV pricing pressure and Jabil’s biz uncertainties.</li><li>After we spoke to BYDE mgmt. this week, we remain positive on Huawei’s comeback and expect Android recovery and titanium upgrade will be positive to shipment/ASP into 1H24E.</li><li>Mgmt. also expected high growth for NEV biz in 2024 thanks to new product rampup, parentco orders and new domestic &amp; overseas order wins. </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 believe BYDE’s recent stock tumble reflected market concerns on smartphone demand recovery, NEV pricing pressure and Jabil’s biz uncertainties.After we spoke to BYDE mgmt. this week, we remain positive on Huawei’s comeback and expect Android recovery and titanium upgrade will be positive to shipment/ASP into 1H24E.Mgmt. also expected high growth for NEV biz in 2024 thanks to new product rampup, parentco orders and new domestic &amp; overseas order wins. 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) - Market Concerns Overdone; Strong NEV and Jabil Mobile Synergies Ahead

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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