Smartkarma AI, Smartkarma

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Smartkarma AI

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Equity Bottom-Up

Eva Precision Industrial Holdings / Equity Bottom-Up

<ul>
 <li>Eva Precision is a vertically integrated manufacturing service provider with a strategic focus on the Automotive Components and Office Automation Equipment sectors, operating primarily in China, Vietnam, and Mexico.</li>
 <li>The company is demonstrating improving profitability, with consistent growth in revenue, net income, and margins over the past three years, complemented by a strong rebound in cash flow generation in the most recent fiscal year.</li>
 <li>While the company's valuation appears attractive based on key metrics, it faces risks from its exposure to cyclical end-markets, intense industry competition, and potential dependency on major clients.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Eva Precision is a vertically integrated manufacturing service provider with a strategic focus on the Automotive Components and Office Automation Equipment sectors, operating primarily in China, Vietnam, and Mexico.
  The company is demonstrating improving profitability, with consistent growth in revenue, net income, and margins over the past three years, complemented by a strong rebound in cash flow generation in the most recent fiscal year.
  While the company's valuation appears attractive based on key metrics, it faces risks from its exposure to cyclical end-markets, intense industry competition, and potential dependency on major clients.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Eva Precision Industrial Holdings (838 HK) - Oct 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> IFA has opined that the Chairman and PrimeMovers Equity’s scheme offer of S$1.43 is fair and reasonable.</li>
<li>The offer is at the upper end of the IFA valuation range of S$0.71 and S$1.44. The offer is at adjusted NAV and is attractive compared to historical trading ranges.</li>
<li>The absence of a disinterested shareholder holding a blocking stake and moderate retail ownership reduces voting risk. This is a done deal.</li>
</ul>


The Spindex Industries (SPE SP) IFA has opined that the Chairman and PrimeMovers Equity’s scheme offer of S$1.43 is fair and reasonable.
The offer is at the upper end of the IFA valuation range of S$0.71 and S$1.44. The offer is at adjusted NAV and is attractive compared to historical trading ranges.
The absence of a disinterested shareholder holding a blocking stake and moderate retail ownership reduces voting risk. This is a done deal.


Spindex Industries (SPE SP): Scheme Vote on 18 December

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>After rallying a fair bit at the beginning of 2023, we have seen sharp pullbacks in <a href="https://www.smartkarma.com/entities/eva-precision-industrial-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17511:1" rel="noopener">Eva Precision Industrial Holdings (838 HK)</a> and <a href="https://www.smartkarma.com/entities/china-meidong-auto-holdings-limited" target="_blank" data-smartkarma-citation="entities:10795:1" rel="noopener">China MeiDong Auto (1268 HK)</a> share prices.</li>
<li>We believe the price cuts highlighted by <a href="https://www.smartkarma.com/profiles/victoria-li-37be10a4-61ab-4f2c-8657-201b7837050d" target="_blank" data-smartkarma-citation="accounts:780" rel="noopener">Victoria Li</a> in her insight <a href="https://www.smartkarma.com/insights/china-auto-ice-price-war-triggered-by-dongfeng-jv-players-under-pressure" target="_blank" data-smartkarma-citation="insights:97517" rel="noopener">China Auto: ICE Price War Triggered by Dongfeng, JV Players Under Pressure</a> are a significant cause. </li>
<li>While we like both stocks and they are cheap, we feel both companies will face short to medium-term pain in their businesses and share prices as the saga unfolds.</li>
</ul>


After rallying a fair bit at the beginning of 2023, we have seen sharp pullbacks in Eva Precision Industrial Holdings (838 HK) and China MeiDong Auto (1268 HK) share prices.
We believe the price cuts highlighted by Victoria Li in her insight China Auto: ICE Price War Triggered by Dongfeng, JV Players Under Pressure are a significant cause. 
While we like both stocks and they are cheap, we feel both companies will face short to medium-term pain in their businesses and share prices as the saga unfolds.


Thoughts On The Recent Pullbacks in Meidong and EVA

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.

<ul><li>Maintain BUY. We believe that EVA is well positioned for higher growth in revenue and profit in the next two years, aided by more higher-margin tier-1 business in both China and Mexico, new businesses including AI server control box components and robot assembly, as well as improving operational efficiency.</li><li>EVA’s current dividend yield is about 5.4%.</li><li>On track to tier-1 transformation. EVA’s auto component revenue rose 4% YoY to HK$1,955mn in FY24, with its tier-1 business making up about 40%. </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.

Maintain BUY. We believe that EVA is well positioned for higher growth in revenue and profit in the next two years, aided by more higher-margin tier-1 business in both China and Mexico, new businesses including AI server control box components and robot assembly, as well as improving operational efficiency.EVA’s current dividend yield is about 5.4%.On track to tier-1 transformation. EVA’s auto component revenue rose 4% YoY to HK$1,955mn in FY24, with its tier-1 business making up about 40%. 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.

EVA Holdings (838 HK) - Poised to Grow Faster in FY25-26E

<ul><li>Maintain BUY. We project EVA’s 2H24E revenue to rise 1% YoY and net profit to increase 2% YoY. We expect auto component revenue to grow faster in FY25E, as new business ramps up.</li><li>We also expect its office automation (OA) business to remain stable with slight increase in gross margin.</li><li>We estimate EVA’s net profit to rise 18% YoY to HK$289mn in FY25E.</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.

Maintain BUY. We project EVA’s 2H24E revenue to rise 1% YoY and net profit to increase 2% YoY. We expect auto component revenue to grow faster in FY25E, as new business ramps up.We also expect its office automation (OA) business to remain stable with slight increase in gross margin.We estimate EVA’s net profit to rise 18% YoY to HK$289mn in FY25E.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.

EVA Holdings (838 HK) - 2H24 Preview: Both Revenue, NP Stable HoH

Hong Kong

EVA Precision Industrial Holdings Limited, through its subsidiaries, designs and fabricates metal stamping moulds, manufactures metal stamping components, and provides assembly services in the Peoples Republic of China.

Eva Precision Industrial Holdings (838 HK)

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Eva Precision Industrial Holdings (838 HK)

Primer: Eva Precision Industrial Holdings (838 HK) - Oct 2025

Eva Precision is a vertically integrated manufacturing service provider with a strategic focus on the Automotive Components and Office...

αSK

Spindex Industries (SPE SP): Scheme Vote on 18 December

The offer is at the upper end of the IFA valuation range of S$0.71 and S$1.44. This is done. At the last close and for the 11 Feb 2026 payment, the...

Arun George

Thoughts On The Recent Pullbacks in Meidong and EVA

Price cuts in the China auto sector are forcing downgrades and share prices to retrace. We understand there will be short/medium-term pain but EVA...

Sameer Taneja

EVA Holdings (838 HK) - Poised to Grow Faster in FY25-26E

Maintain BUY. We believe that EVA is well positioned for higher growth in revenue and profit in the next two years, aided by more higher-margin...

CMB International

EVA Holdings (838 HK) - 2H24 Preview: Both Revenue, NP Stable HoH

Maintain BUY. We project EVA’s 2H24E revenue to rise 1% YoY and net profit to increase 2% YoY. We expect auto component revenue to grow faster in...

CMB International

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