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>3Q23 was roughly inline, but that was already impressive given the tough environment.</li><li>FY23E guidance should be intact and FY24E growth could stay fast, but all the growth would be driven by internal improvement.</li><li>Based on the highly certain growth, we do think its current valuation of 11x FY23E P/E is not demanding at all, maintain 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.

3Q23 was roughly inline, but that was already impressive given the tough environment.FY23E guidance should be intact and FY24E growth could stay fast, but all the growth would be driven by internal improvement.Based on the highly certain growth, we do think its current valuation of 11x FY23E P/E is not demanding at all, maintain BUYContent 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.

Haier Smart Home (6690 HK) – Confident on FY24E Due to Internal Drivers

<ul><li>2Q23 was roughly inline (robust air-con performance offsetting the weak fridge, washing machine and Casarte, strong domestic GP margin offsetting the overseas’).</li><li>FY23E guidance was maintained as the outlook for both China and overseas remained positive (partly industry and party company driven).</li><li>With undemanding valuation of 12x FY23E P/E, we still maintain 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.

2Q23 was roughly inline (robust air-con performance offsetting the weak fridge, washing machine and Casarte, strong domestic GP margin offsetting the overseas’).FY23E guidance was maintained as the outlook for both China and overseas remained positive (partly industry and party company driven).With undemanding valuation of 12x FY23E P/E, we still maintain 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.

Haier Smart Home (6690 HK) – 2Q23 Was Inline and FY23E Guidance Stayed

<ul><li>It was quite a miss for Haier in 4Q22, but we think that was partly one-off.</li><li>On one hand, the domestics business shall gradually bottom out.</li><li>But on the other hand, the overseas business is still facing certain macro risks.</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.

It was quite a miss for Haier in 4Q22, but we think that was partly one-off.On one hand, the domestics business shall gradually bottom out.But on the other hand, the overseas business is still facing certain macro risks.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.

Haier Smart Home (6690 HK) – A 4Q22 miss and a prudent FY23E guidance

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>Early this year I was quite pessimistic on Hong Kong stocks.</li><li>But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+ dividend yields are laying around.</li><li>I should have been a bit quicker writing this up, but then you are getting it for free.</li></ul>

Early this year I was quite pessimistic on Hong Kong stocks.But since then the Hang Seng is down another 20% or so. A lot of stocks with 9-10%+ dividend yields are laying around.I should have been a bit quicker writing this up, but then you are getting it for free.

<div><ul><li>3Q22 results roughly inline. Sales/ net profit grew by 9%/ 34% YoY to RMB 62.9bn/ 3.7bn, inline with BBG est.</li><li>Relatively soft for Casarte in 3Q22, but long-term growth is still intact.</li><li>Remain cautious about the industry, but much better for Haier on 4Q22E and FY23E outlook.</li></ul></div>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.

3Q22 results roughly inline. Sales/ net profit grew by 9%/ 34% YoY to RMB 62.9bn/ 3.7bn, inline with BBG est.Relatively soft for Casarte in 3Q22, but long-term growth is still intact.Remain cautious about the industry, but much better for Haier on 4Q22E and FY23E outlook.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.

Haier Smart Home (6690 HK) – Resilient growth and margins amid headwinds

China

Haier Smart Home is a global leader in the research, development, manufacturing, and sales of smart home appliances, including refrigerators, washing machines, air conditioners, and kitchen appliances. The company also provides smart home scene solutions and related services. It was founded in 1984 and is headquartered in Qingdao, China.

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Haier Smart Home (6690 HK)