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

Maxscend Microelectronics  L / Equity Bottom-Up

<ul><li>Maxscend announced its 3Q earnings. Revenue surged 80.2% YoY and 47.7% QoQ to RMB1.4bn, the highest quarterly revenue in the Company’s history.</li><li>Net profit was RMB452mn with 94.3% YoY and 80.9% QoQ growth.</li><li>The Company’s GPM slid from 49.2% in 2Q23 to 46.6% in 3Q23, as new factory is ramping up capacity. </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>

Maxscend announced its 3Q earnings. Revenue surged 80.2% YoY and 47.7% QoQ to RMB1.4bn, the highest quarterly revenue in the Company’s history.Net profit was RMB452mn with 94.3% YoY and 80.9% QoQ growth.The Company’s GPM slid from 49.2% in 2Q23 to 46.6% in 3Q23, as new factory is ramping up capacity. 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.

Maxscend (300782 CH) – Impressive 3Q Results; Maintain BUY

Thematic (Sector/Industry)

<ul><li>Following prelim results released in Jan 2023, the sector started to rally substantially despite a mixed or disappointing set of results.</li><li>In our view, the rebound is mainly due to: 1) a relief rally with better-than-feared results; 2) rising expectation for economy rebound on China reopening; 3) accelerated localization trend under the backdrop of Sino-US tensions.</li><li>However, based on our checks with semi contacts in China and analysis of recent results from major global/ Chinese semi companies, we think the consumer electronic market will remain challenging in 1H23, and recovery may come in 2H23 the earliest. </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>

Following prelim results released in Jan 2023, the sector started to rally substantially despite a mixed or disappointing set of results.In our view, the rebound is mainly due to: 1) a relief rally with better-than-feared results; 2) rising expectation for economy rebound on China reopening; 3) accelerated localization trend under the backdrop of Sino-US tensions.However, based on our checks with semi contacts in China and analysis of recent results from major global/ Chinese semi companies, we think the consumer electronic market will remain challenging in 1H23, and recovery may come in 2H23 the earliest. 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.

China Hardware/Semi – Reality Check on Smartphone Supply Chain

<div><div><div><div><ul><li>Maxscend announced its 3Q22 results. 3Q revenue declined 30.5% YoY and 13.6% QoQ to RMB782mn.</li><li>NP to shareholders fell 54.6% YoY and 20.5% QoQ to RMB233mn. The decline was mainly attributable to the weak mobile market.</li><li>3Q GPM increased slightly to 54.1% (vs. 52.4%/52.7% for 1Q/2Q22). We lowered our forecasts for 2022/23E sales by 25%/30%, due to both tough macro environment and prolonged weakness observed in mobile, particularly in Android names. </li></ul></div></div></div></div><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>

Maxscend announced its 3Q22 results. 3Q revenue declined 30.5% YoY and 13.6% QoQ to RMB782mn.NP to shareholders fell 54.6% YoY and 20.5% QoQ to RMB233mn. The decline was mainly attributable to the weak mobile market.3Q GPM increased slightly to 54.1% (vs. 52.4%/52.7% for 1Q/2Q22). We lowered our forecasts for 2022/23E sales by 25%/30%, due to both tough macro environment and prolonged weakness observed in mobile, particularly in Android names. 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.

Maxscend (300782 CH) – 3Q Performance Dragged by Weak Mobile

<div><div><div><div><ul><li>We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.</li><li>We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.</li><li>However, challenges remain given high uncertainties in economy and geopolitical issues.</li></ul></div></div></div></div><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 expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high uncertainties in economy and geopolitical issues.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.

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

China

Maxscend Microelectronics Company Limited operates as an electrical components manufacturing company. The Company produces and sells smart phone radio frequency (RF) switches, low noise amplifiers, RF front end chips, and other products. Maxscend Microelectronics provides products for automotive, smart phone, and infrastructure areas.

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Maxscend Microelectronics L (300782 CH)

Maxscend (300782 CH) – Impressive 3Q Results; Maintain BUY

Maxscend announced its 3Q earnings. Revenue surged 80.2% YoY and 47.7% QoQ to RMB1.4bn, the highest quarterly revenue in the Company’s history.

CMB International

China Hardware/Semi – Reality Check on Smartphone Supply Chain

Following prelim results released in Jan 2023, the sector started to rally substantially despite a mixed or disappointing set of results.

CMB International

Maxscend (300782 CH) – 3Q Performance Dragged by Weak Mobile

NP to shareholders fell 54.6% YoY and 20.5% QoQ to RMB233mn. The decline was mainly attributable to the weak mobile market.

CMB International

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high...

CMB International

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