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>FIT Hon Teng announced 1Q23 results with net loss of US$ 9.3mn, in-line with earlier preview and our estimates, mainly due to weak seasonality and US$5mn expense on digital transformation.</li><li>Despite near-term pressure for digitalization and overseas expansion, mgmt. maintained FY23E sales/earnings guidance, and expected earnings recovery in 2H23E, driven by new iPhone, 400G module, CPU socket and Prettl’s M&amp;A integration.</li><li>We slightly revised FY23-25E EPS by 1-5% to reflect higher expense for business transformation. The stock now trades at 9.2x/7.5x FY23E/24E P/E. </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.

FIT Hon Teng announced 1Q23 results with net loss of US$ 9.3mn, in-line with earlier preview and our estimates, mainly due to weak seasonality and US$5mn expense on digital transformation.Despite near-term pressure for digitalization and overseas expansion, mgmt. maintained FY23E sales/earnings guidance, and expected earnings recovery in 2H23E, driven by new iPhone, 400G module, CPU socket and Prettl’s M&amp;A integration.We slightly revised FY23-25E EPS by 1-5% to reflect higher expense for business transformation. The stock now trades at 9.2x/7.5x FY23E/24E P/E. 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.

FIT Hon Teng (6088 HK) – Weak 1Q23 as Expected

<ul><li>FIT Hon Teng announced 1Q23 net loss of US$5-10mn, in-line with its earlier conservative FY23E guidance (rev flattish/ NP down 5-15% YoY), mainly due to higher investments in 3+3 strategy and weaker consumer electronic.</li><li>FIT also announced to acquire a land in India for US$23.8mn as part of its strategic directions and overseas expansion.</li><li>After speaking to FIT’s mgmt., we remain positive on FIT’s strategic transformation into EV/audio/5G&amp;IoT in FY23-24E, and we expect 2H23 earnings growth to recover after a weaker 1H23E. </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.

FIT Hon Teng announced 1Q23 net loss of US$5-10mn, in-line with its earlier conservative FY23E guidance (rev flattish/ NP down 5-15% YoY), mainly due to higher investments in 3+3 strategy and weaker consumer electronic.FIT also announced to acquire a land in India for US$23.8mn as part of its strategic directions and overseas expansion.After speaking to FIT’s mgmt., we remain positive on FIT’s strategic transformation into EV/audio/5G&amp;IoT in FY23-24E, and we expect 2H23 earnings growth to recover after a weaker 1H23E. 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.

FIT Hon Teng (6088 HK) – 1Q23 Dragged by Higher Investments and Macro Headwinds

<ul><li>We hosted a post-results NDR call with FIT mgmt. yesterday, and came out with a positive view on its US$800mn investment plan for global expansion and 3+3 strategic transformations.</li><li>Despite a softer year in FY23E, we believe global capacity expansion will allow FIT to capture new opportunities in TWS and EV products in FY24/25E.</li><li>We lowered our estimates to reflect higher investments in FY23/24E, and adjusted our TP to HK$2.46 based on rollover 11x FY24E P/E. Reiterate BUY. </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 a post-results NDR call with FIT mgmt. yesterday, and came out with a positive view on its US$800mn investment plan for global expansion and 3+3 strategic transformations.Despite a softer year in FY23E, we believe global capacity expansion will allow FIT to capture new opportunities in TWS and EV products in FY24/25E.We lowered our estimates to reflect higher investments in FY23/24E, and adjusted our TP to HK$2.46 based on rollover 11x FY24E P/E. Reiterate BUY. 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.

FIT Hon Teng (6088 HK) – Recent Correction Overdone

<ul><li>FIT Hon Teng will report FY22 results this week.</li><li>We estimate FY22E revenue/ net profit to increase 2%/34% YoY to US$ 4,578mn/185mn, 1%/15% above consensus, mainly driven by strong smartphone/audio sales, solid EV segment, and margin recovery across all segments.</li><li>By segment, we expect smartphone /networking/computing/EV/system product to grow 13%/-15%/-7%/20%/13% YoY in FY22E.</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.

FIT Hon Teng will report FY22 results this week.We estimate FY22E revenue/ net profit to increase 2%/34% YoY to US$ 4,578mn/185mn, 1%/15% above consensus, mainly driven by strong smartphone/audio sales, solid EV segment, and margin recovery across all segments.By segment, we expect smartphone /networking/computing/EV/system product to grow 13%/-15%/-7%/20%/13% YoY in FY22E.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.

FIT Hon Teng (6088 HK) – FY22 Preview: Strong Execution of “3+3 Strategy”

<ul><li>We spoke to FIT’s mgmt. following its announcement that its wholly-owned subsidiary FIT Singapore will fully acquire Germany-based automotive component company, Prettl SWH Group (“Prettl”), for EUR186.6mn (6.0 times of FY22E EBITDA).</li><li>The deal is targeted to close by 2Q23E, and the deal value accounts for 23% of FIT’s 1H22 cash.</li><li>We estimate the acquisition is likely to increase FIT’s topline by 7-8% and EPS by 3-4% in FY24E. </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 spoke to FIT’s mgmt. following its announcement that its wholly-owned subsidiary FIT Singapore will fully acquire Germany-based automotive component company, Prettl SWH Group (“Prettl”), for EUR186.6mn (6.0 times of FY22E EBITDA).The deal is targeted to close by 2Q23E, and the deal value accounts for 23% of FIT’s 1H22 cash.We estimate the acquisition is likely to increase FIT’s topline by 7-8% and EPS by 3-4% in FY24E. 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.

FIT Hon Teng (6088 HK) – Positive on the Acquisition of Germany Auto Part Supplier

Taiwan

FIT Hon Teng Limited designs, develops, produces, and sells interconnect solutions and related products, including electronic and optoelectronic connectors, antennas, acoustic components, cables, and modules. The company serves industries such as communications infrastructure, consumer electronics, mobile devices, automotive, industrial, and medical. It was established in 2013 and is headquartered in New Taipei City, Taiwan.

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FIT Hon Teng (6088 HK)