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.

Equity Bottom-Up

<ul><li>Fortune REIT (778 HK, NR) announced its 1H26 results.</li><li>It reported revenue of HK$820.8mn and net property income of HK$584.3mn, representing a 3.9% and 4.6% y/y decrease respectively.</li><li>An interim DPU of 17.50 HK cents was declared, down 4.9% y/y.</li></ul>

Fortune REIT (778 HK, NR) announced its 1H26 results.It reported revenue of HK$820.8mn and net property income of HK$584.3mn, representing a 3.9% and 4.6% y/y decrease respectively.An interim DPU of 17.50 HK cents was declared, down 4.9% y/y.

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.

<ul><li>Shengyi Tech announced its 1H25 preliminary earnings.</li><li>The company projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bnRMB1.45bn.</li><li>2Q NP alone is estimated to be RMB836mn-RMB886mn, implying 55%-64% YoY/48%-57% QoQ growth, and exceeding Bloomberg consensus of RMB611mn by 37%-45%. </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.

Shengyi Tech announced its 1H25 preliminary earnings.The company projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bnRMB1.45bn.2Q NP alone is estimated to be RMB836mn-RMB886mn, implying 55%-64% YoY/48%-57% QoQ growth, and exceeding Bloomberg consensus of RMB611mn by 37%-45%. 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.

Shengyi Tech (600183 CH) - Strong 1H25 Results Underscore AI-Driven Strength

<ul><li>Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.</li><li>Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%.</li><li>Our forecast of RMB1.8bn is at the high-end of the range.</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.

Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%.Our forecast of RMB1.8bn is at the high-end of the range.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.

Shengyi Tech (600183 CH) - Embracing AI and Moving on to a New Growth Trajectory

<ul><li>Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.</li><li>GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs.</li><li>NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). </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.

Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs.NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). 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.

Shengyi Tech (600183 CH) - PCB Outperformed CCL in 3Q; Margin Improved Sequentially

<ul><li>Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking.</li><li>During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products.</li><li>Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. 1H24 revenue/NP accounted for 47%/43% of our FY24E forecast. </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.

Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking.During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products.Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. 1H24 revenue/NP accounted for 47%/43% of our FY24E forecast. 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.

Shengyi Tech (600183 CH) - Solid 1H24 Earnings

China

Shengyi Technology Co., Ltd. manufactures and markets electronic components. The Company's products include copper coated panels, printed circuit boards, and other related products.

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Shengyi Technology (600183 CH)

Quam Morning Note (5 Aug) - Fortune REIT

Fortune REIT (778 HK, NR) announced its 1H26 results. It reported revenue of HK$820.8mn and net property income of HK$584.3mn, representing a 3.9%...

Quam Securities

Shengyi Tech (600183 CH) - Strong 1H25 Results Underscore AI-Driven Strength

Shengyi Tech announced its 1H25 preliminary earnings. The company projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bnRMB1.45

CMB International

Shengyi Tech (600183 CH) - Embracing AI and Moving on to a New Growth Trajectory

Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.

CMB International

Shengyi Tech (600183 CH) - PCB Outperformed CCL in 3Q; Margin Improved Sequentially

Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.

CMB International

Shengyi Tech (600183 CH) - Solid 1H24 Earnings

Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto...

CMB International

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