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>Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of our and consensus FY24E estimates.</li><li>The upbeat results were mainly driven by 1) a rising share of high-end CCM, 2) auto/IoT CCM growth, 3) rising UTR, and 4) better profitability of the associate (Newmax).</li><li>For 2H24E, we remain positive on Android flagship model launches, high-end spec upgrade, auto/IoT CCM and FPM recovery to drive profitability. </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.

Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of our and consensus FY24E estimates.The upbeat results were mainly driven by 1) a rising share of high-end CCM, 2) auto/IoT CCM growth, 3) rising UTR, and 4) better profitability of the associate (Newmax).For 2H24E, we remain positive on Android flagship model launches, high-end spec upgrade, auto/IoT CCM and FPM recovery to drive profitability. 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.

Q-Tech (1478 HK) - Earnings Recovery Has Just Begun; Raise TP to HK$6.47

<ul><li>We hosted Q-tech at CMBI Technology Corporate Day on 26 Jun.</li><li>Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix </li><li>2) non-smartphone CCM: accelerated growth in auto CCM thanks to Huawei and overseas tier-1 customers’ order wins</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.

We hosted Q-tech at CMBI Technology Corporate Day on 26 Jun.Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix 2) non-smartphone CCM: accelerated growth in auto CCM thanks to Huawei and overseas tier-1 customers’ order winsContent 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.

Q-Tech (1478 HK) - ASP/GPM Upside Driven by Android Recovery and Spec Upgrade

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CNOOC, CCB, BYD, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CNOOC, CCB, BYD, Zijin Mining.


Hong Kong Connect Flows (Jun 21st): BOC, CNOOC, CCB, BYD, Zijin Mining

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.


Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.


Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

Q-Tech (1478 HK) - Earnings Recovery Has Just Begun; Raise TP to HK$6.47

Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of...

CMB International

Q-Tech (1478 HK) - ASP/GPM Upside Driven by Android Recovery and Spec Upgrade

Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix

CMB International

Hong Kong Connect Flows (Jun 21st): BOC, CNOOC, CCB, BYD, Zijin Mining

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, CCB, BYD, Zijin Mining.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jun 14th): China Mobile, BOC, CNOOC, China Shenhua Energy, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, BOC, CNOOC, China Shenhua Energy, CCB.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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