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>IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.</li><li>For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.</li><li>By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.</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>

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.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 Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

<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

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>We expect 1Q26E net profit to remain strong at Bt1.2bn (+23% YoY, -7% QoQ), supported by iPhone 17 and solid growth in related businesses.</li><li>The 2Q26E outlook remains robust, driven by: i) EV distribution business benefiting from strong bookings at the Motor Show; ii) continued strong demand for iPhone 17, supporting growth in related businesses such as Ufund and iCare, with supply shortages unlikely to worsen; and iii) ongoing market expansion for Ufund and iCare.</li><li>We maintain our Outperform rating with an unchanged target price of Bt31. The recent share price weakness presents an attractive entry point, while earnings are expected to continue growing and reach new record highs.</li></ul>

We expect 1Q26E net profit to remain strong at Bt1.2bn (+23% YoY, -7% QoQ), supported by iPhone 17 and solid growth in related businesses.The 2Q26E outlook remains robust, driven by: i) EV distribution business benefiting from strong bookings at the Motor Show; ii) continued strong demand for iPhone 17, supporting growth in related businesses such as Ufund and iCare, with supply shortages unlikely to worsen; and iii) ongoing market expansion for Ufund and iCare.We maintain our Outperform rating with an unchanged target price of Bt31. The recent share price weakness presents an attractive entry point, while earnings are expected to continue growing and reach new record highs.

Leadership Drives Robust 1Q26E Earnings Growth - Outperform (12M Fwd Fair Value Bt31.00)

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>We lift our 12-month target price for Samsung Electronics (SEC) by 15.6% to W111,000 (from W96,000).</li><li>Notably, we revised up our 2026 operating profit forecast by 12.2% to W55.2tr, reflecting a +6.2%p adjustment to our 2026 DRAM ASP growth forecast.</li><li>Additionally, with 12-layer HBM3E shipments to Nvidia reportedly underway, we revised up our target EV/EBITDA multiple for the memory business (reducing the discount to peers from 30% to 20%).</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 lift our 12-month target price for Samsung Electronics (SEC) by 15.6% to W111,000 (from W96,000).Notably, we revised up our 2026 operating profit forecast by 12.2% to W55.2tr, reflecting a +6.2%p adjustment to our 2026 DRAM ASP growth forecast.Additionally, with 12-layer HBM3E shipments to Nvidia reportedly underway, we revised up our target EV/EBITDA multiple for the memory business (reducing the discount to peers from 30% to 20%).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.

Samsung Electronics (005930 KS/Buy)Broad-Based Industry Recovery Underway

<ul><li>Entering a phase of earnings growth and valuation normalization; raise TP We raise our 12-month target price for Samsung Electronics (SEC) by 9% to W96,000 (from W88,000).</li><li>Notably, we revised up our 2025 and 2026 operating profit forecasts by 2.9% and 5.3%, respectively.</li><li>Our target EV/EBITDA multiples for both the memory and foundry businesses continue to reflect a discount (30%) to peers, but we see potential for this discount to be reduced sharply once shipments of HBM4 (to Nvidia) and foundry products (to Tesla) begin in earnest.</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>

Entering a phase of earnings growth and valuation normalization; raise TP We raise our 12-month target price for Samsung Electronics (SEC) by 9% to W96,000 (from W88,000).Notably, we revised up our 2025 and 2026 operating profit forecasts by 2.9% and 5.3%, respectively.Our target EV/EBITDA multiples for both the memory and foundry businesses continue to reflect a discount (30%) to peers, but we see potential for this discount to be reduced sharply once shipments of HBM4 (to Nvidia) and foundry products (to Tesla) begin in earnest.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.

Samsung Electronics (005930 KS/Buy)Commodity Memory Up-Cycle Approaching

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

China Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and...

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

Leadership Drives Robust 1Q26E Earnings Growth - Outperform (12M Fwd Fair Value Bt31.00)

We expect 1Q26E net profit to remain strong at Bt1.2bn (+23% YoY, -7% QoQ), supported by iPhone 17 and solid growth in related businesses.

Krungthai XSpring