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>We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook.</li><li>In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations.</li><li>For edge AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). </li></ul><p><em>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.</em></p>

We reiterate our positive view on AI server and AI PC/Phone supply chain, as highlighted in our 2024 sector outlook.In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23, well ahead of our expectations.For edge AI (PC/phones), we see more product launches and strong consumer interest of AI smartphones, esp. Samsung Galaxy S24 and new products in MWC (e.g. Honor Magic Pro, Xiaomi 14 Ultra). 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.

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.</li><li>The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.</li><li>Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.</li></ul>

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.</li><li>In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.</li><li>We recommend holding positions and waiting to take profit at the resistance level.</li></ul>

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356 points/1,350 points.In the short term, the index remains in an uptrend, marking a higher high and higher low for the seventh consecutive day.We recommend holding positions and waiting to take profit at the resistance level.

<ul><li>We reinitiate our coverage on VCOM with a Buy call and a target price of Bt6.70/share, based on 2021E PER of 18x.</li><li>Our Buy rating is underpinned by projected three-year earnings growth at a 23% CAGR, driven by growing demand for IT investment for enterprise alongside the dynamic digital technology cycle.</li><li>VCOM is a leading IT distributor serving corporate clients with a wide range of sophisticated requirements.</li></ul>

We reinitiate our coverage on VCOM with a Buy call and a target price of Bt6.70/share, based on 2021E PER of 18x.Our Buy rating is underpinned by projected three-year earnings growth at a 23% CAGR, driven by growing demand for IT investment for enterprise alongside the dynamic digital technology cycle.VCOM is a leading IT distributor serving corporate clients with a wide range of sophisticated requirements.

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

Technology - AI Server and AI PC...

In particular, we see AI server order /backlog/pipeline from major server ODM/brands (DELL/SMCI/Lenovo/HPE) are gaining strong momentum in CY4Q23

CMB International

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in...

Quam Securities

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with resistance at 1,372 points (50-day EMA)/1,380 points and the support at 1,356...

Krungthai XSpring

Moving Forward

We reinitiate our coverage on VCOM with a Buy call and a target price of Bt6.70/share, based on 2021E PER of 18x. Our Buy rating is underpinned by...

Krungthai XSpring

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