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>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>FIT Hon Teng posted a strong set of 2Q24 results, in-line with prior positive profit alert.</li><li>Following our NDR call with mgmt., we are constructive on rapid expansion of AI server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector solutions undergoing customer evaluation.</li><li>Mgmt. raised FY24E guidance for networking business revenue to high double-digit YoY (vs prior +5- 15% YoY), partially offset by weaker system products (flattish vs prior lowdouble YoY), while lifted FY24E GPM guidance by 10-20 bps to 20.1-20.2% and maintained the OPM target. </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 posted a strong set of 2Q24 results, in-line with prior positive profit alert.Following our NDR call with mgmt., we are constructive on rapid expansion of AI server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector solutions undergoing customer evaluation.Mgmt. raised FY24E guidance for networking business revenue to high double-digit YoY (vs prior +5- 15% YoY), partially offset by weaker system products (flattish vs prior lowdouble YoY), while lifted FY24E GPM guidance by 10-20 bps to 20.1-20.2% and maintained the OPM target. 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) - Upbeat Guidance on Power Busbar and Liquid Cooling Order Wins

<ul><li>Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.</li><li>For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.</li><li>With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. </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 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. 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 3QFY24 Beat on Strong IPad and Services

<ul><li>FIT announced that its wholly-owned subsidiary, FIT Voltaria, would acquire a German auto electronics supplier, Auto-Kabel Group, at a total consideration of EUR 72.5mn (implying 0.5x P/B, lower than FIT’s 1.3x and global peers’ 3.4x).</li><li>The deal is expected to close by the end of 2024 upon regulatory approval.</li><li>AutoKabel is a global leader in electromobility with nine global production sites, focusing on components for auto systems and power consumption (charging sockets, drive cables and battery connectors). </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 announced that its wholly-owned subsidiary, FIT Voltaria, would acquire a German auto electronics supplier, Auto-Kabel Group, at a total consideration of EUR 72.5mn (implying 0.5x P/B, lower than FIT’s 1.3x and global peers’ 3.4x).The deal is expected to close by the end of 2024 upon regulatory approval.AutoKabel is a global leader in electromobility with nine global production sites, focusing on components for auto systems and power consumption (charging sockets, drive cables and battery connectors). 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 Acquisition of Auto-Kabel Group; Reiterate BUY

<ul><li>FIT Hon Teng announced a positive profit alert for 1H24 earnings, at US$28- 33mn (vs net loss of US$9mn in 1H23), mainly driven by stronger computing (PC)/ networking (server) segments and better operating efficiency.</li><li>However, stock price is pressured by questions on 2024 earnings recovery pace and higher OPEX for AirPods and Voltaira biz.</li><li>We are buyers on weakness given a back-loaded 2H24E with multiple product launches and operating leverage in 2H24E. </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 a positive profit alert for 1H24 earnings, at US$28- 33mn (vs net loss of US$9mn in 1H23), mainly driven by stronger computing (PC)/ networking (server) segments and better operating efficiency.However, stock price is pressured by questions on 2024 earnings recovery pace and higher OPEX for AirPods and Voltaira biz.We are buyers on weakness given a back-loaded 2H24E with multiple product launches and operating leverage in 2H24E. 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) - Share Pressure Overdone

Taiwan

FIT Hon Teng Limited manufactures and distributes electrical components. The Company produces backplane connectors, memory cards, sockets, terminal blocks, and other products. FIT Hon Teng markets its products throughout 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)

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