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>Looking into 2026, we believe FIT is well-positioned to benefit from architecture upgrade in GB300/VR200 servers and strong product pipeline in interconnect (MCIO, cable cartridge, midplane connector), power (busbar, power whip), liquid cooling (UQD, LC busbar) and CPOs (LGA-to-LGA socket, PLS I/O cage).</li><li>We forecast FIT’s AI-related revenue to grow at 95% CAGR in FY25-27E, accounting for 18% of revenue in FY27E (vs 6% in FY25E).</li><li>For 4Q25/FY25E, we estimate FY25E revenue/net profit growth of 11%/11% YoY, implying 4Q25E revenue/net profit growth of 6%/21% YoY. </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.

Looking into 2026, we believe FIT is well-positioned to benefit from architecture upgrade in GB300/VR200 servers and strong product pipeline in interconnect (MCIO, cable cartridge, midplane connector), power (busbar, power whip), liquid cooling (UQD, LC busbar) and CPOs (LGA-to-LGA socket, PLS I/O cage).We forecast FIT’s AI-related revenue to grow at 95% CAGR in FY25-27E, accounting for 18% of revenue in FY27E (vs 6% in FY25E).For 4Q25/FY25E, we estimate FY25E revenue/net profit growth of 11%/11% YoY, implying 4Q25E revenue/net profit growth of 6%/21% YoY. 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) - Strong 2026 Outlook with AI Interconnect/ Power...

<ul><li>FIT’s 3Q25 revenue/net profit growth of 13%/9% YoY is largely in-line with prior guidance and our expectations, backed by AI server momentum, automobility synergy and record-high GPM at 23.5%.</li><li>During the earnings call, mgmt. reiterated a positive 2025 outlook (high-single-digit revenue growth, GPM at 20%), and updated FY26-28E guidance, with 1) 2027-28E revenue growth of mid-20% (vs prior low-20%) and 2) AI/cloud revenue mix of “low/mid/high-20% in 2026/27/28E”.</li><li>Overall, we believe FIT is well positioned to benefit from share gains and AI server connectivity solutions upgrade, backed by its solid product pipeline and synergy with Hon Hai. </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’s 3Q25 revenue/net profit growth of 13%/9% YoY is largely in-line with prior guidance and our expectations, backed by AI server momentum, automobility synergy and record-high GPM at 23.5%.During the earnings call, mgmt. reiterated a positive 2025 outlook (high-single-digit revenue growth, GPM at 20%), and updated FY26-28E guidance, with 1) 2027-28E revenue growth of mid-20% (vs prior low-20%) and 2) AI/cloud revenue mix of “low/mid/high-20% in 2026/27/28E”.Overall, we believe FIT is well positioned to benefit from share gains and AI server connectivity solutions upgrade, backed by its solid product pipeline and synergy with Hon Hai. 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) - Solid 3Q25 and Strong AI Revenue Guidance in FY26-28E; Raise TP to HK$6.77

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.</li>
<li>Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  
</li>
</ul>


The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.
Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.


Lenovo (992 HK) had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  



Technically Speaking Breakouts & Breakdowns - HONG KONG (April 2026)

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

Shenton Research

Shenton 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.

<ul>
<li>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

FIT Hon Teng (6088 HK)