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

Tiangong International / Equity Bottom-Up

<ul><li>Due to the COVID-19 outbreak, the normal business operations and logistics were affected, resulting in a decline in demand for steel in the downstream manufacturing industry.</li><li>In 2022, Tiangong’s adj. revenue grew by 7.4% y/y to RMB5.1bn, while net profit decreased by 24.2% y/y to RMB503.5mn.</li><li>Rebound of overseas demand in tools steel products and demand from a new customer on titanium alloy were the main driving force for its revenue in 2022.</li></ul>

Due to the COVID-19 outbreak, the normal business operations and logistics were affected, resulting in a decline in demand for steel in the downstream manufacturing industry.In 2022, Tiangong’s adj. revenue grew by 7.4% y/y to RMB5.1bn, while net profit decreased by 24.2% y/y to RMB503.5mn.Rebound of overseas demand in tools steel products and demand from a new customer on titanium alloy were the main driving force for its revenue in 2022.

Tiangong International (826 HK) - Customer A Strengthens Growth Ahead

China

Tiangong International is a leading Chinese manufacturer of advanced foundational materials, including tool and mould steel, titanium alloys, powder metallurgy products, and precision cutting tools. The company is one of the world's largest producers of high-speed steel (HSS) and cutting tools. Headquartered in Danyang, Jiangsu Province, China, it was founded in 1981.

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Tiangong International (826 HK) - Customer A Strengthens Growth Ahead

Due to the COVID-19 outbreak, the normal business operations and logistics were affected, resulting in a decline in demand for steel in the...

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