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>We spoke to TK Group’s mgmt. post 1H25 results, and we reiterate our positive view on TK’s client wins (Meta, Insta360, Xiaomi), product pipeline (AI glasses, 360-cam, auto) and recent technology partnership (TactoTek).</li><li>1H25 revenue/net profit growth of 4.3%/8.8% YoY is largely in-line with our/Bloomberg consensus estimates, mainly driven by strong higher-margin mold fabrication business (+30% YoY), better GPM and improved operating efficiency.</li><li>For 2025, mgmt. remained positive on stable sales growth with improving GPM thanks to solid order backlog, new project rampup and Vietnam capacity expansion. </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 spoke to TK Group’s mgmt. post 1H25 results, and we reiterate our positive view on TK’s client wins (Meta, Insta360, Xiaomi), product pipeline (AI glasses, 360-cam, auto) and recent technology partnership (TactoTek).1H25 revenue/net profit growth of 4.3%/8.8% YoY is largely in-line with our/Bloomberg consensus estimates, mainly driven by strong higher-margin mold fabrication business (+30% YoY), better GPM and improved operating efficiency.For 2025, mgmt. remained positive on stable sales growth with improving GPM thanks to solid order backlog, new project rampup and Vietnam capacity expansion. 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.

TK Group (2283 HK) - 1H25 In-Line; Positive on Client Wins and Product Pipeline in AI Glasses...

<ul><li>TK Group’s FY24 revenue/net profit growth of 21%/28% YoY is largely in-line with our/consensus estimates, mainly driven by CE demand recovery, brand customers’ product launches, communications recovery, rising utilization and operating efficiency.</li><li>Mgmt. reiterated its positive view on 2025 outlook and strong order backlogs focusing on smart wearable/AI glasses, AR/VR and highend earphones.</li><li>In addition, TK announced special dividend of HK$0.1 per share, and 2024 payout ratio reached 73%. </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.

TK Group’s FY24 revenue/net profit growth of 21%/28% YoY is largely in-line with our/consensus estimates, mainly driven by CE demand recovery, brand customers’ product launches, communications recovery, rising utilization and operating efficiency.Mgmt. reiterated its positive view on 2025 outlook and strong order backlogs focusing on smart wearable/AI glasses, AR/VR and highend earphones.In addition, TK announced special dividend of HK$0.1 per share, and 2024 payout ratio reached 73%. 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.

TK Group (2283 HK) - Solid FY24 with Special Dividend

<ul><li>TK Group’s 1H24 revenue/net profit growth of 18%/46% is slightly ahead of its earlier positive profit alert of 40%+ YoY earnings growth.</li><li>The strong results were driven by CE/communications demand recovery, GPM expansion and prudent expense control.</li><li>We spoke with the mgmt. post earnings, and mgmt. reiterated a positive view on FY24/25E outlook, backed by demand recovery from CE customers, new client/order wins and margin improvement. </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.

TK Group’s 1H24 revenue/net profit growth of 18%/46% is slightly ahead of its earlier positive profit alert of 40%+ YoY earnings growth.The strong results were driven by CE/communications demand recovery, GPM expansion and prudent expense control.We spoke with the mgmt. post earnings, and mgmt. reiterated a positive view on FY24/25E outlook, backed by demand recovery from CE customers, new client/order wins and margin improvement. 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.

TK Group (2283 HK) - 1H24 Beat on Strong Margins

<ul><li>TK Group announced a positive profit alert for 1H24 with 40%+ YoY earnings growth.</li><li>After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue/margin recovery across most segments.</li><li>Following challenging business environment in 2022 and 2023, we believe TK is on track to deliver 38%/19% YoY earnings growth in FY24/25E, backed by client demand recovery (e.g. Jabra, Polycom), new order ramp-up (e.g. Meta, SONOS, Dyson), utilization improvement and operating leverage. </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.

TK Group announced a positive profit alert for 1H24 with 40%+ YoY earnings growth.After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue/margin recovery across most segments.Following challenging business environment in 2022 and 2023, we believe TK is on track to deliver 38%/19% YoY earnings growth in FY24/25E, backed by client demand recovery (e.g. Jabra, Polycom), new order ramp-up (e.g. Meta, SONOS, Dyson), utilization improvement and operating leverage. 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.

TK Group (2283 HK) - Positive Profit Alert in 1H24E

<ul><li>We recently spoke with TK Group (TK)’s mgmt. post FY23 earnings, and mgmt. reiterated positive view on order restocking, new client wins, capacity ramp-up in Vietnam/Huizhou and business opportunities in automotive/ medical device/ecigarette.</li><li>Following a challenging 2023, we expect TK’s net profit to grow 38%/19% YoY in FY24/25E, backed by order wins from VR/e-cigarette/medical device, mobile &amp; wearable/communications business recovery, and continued operating efficiency improvement.</li><li>We adjusted TP to HK$2.79 based on same 8.2x FY24E P/E. Trading at 4.4x FY24E P/E with 10% yield, we think the stock offers attractive risk/reward. Maintain BUY.</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 recently spoke with TK Group (TK)’s mgmt. post FY23 earnings, and mgmt. reiterated positive view on order restocking, new client wins, capacity ramp-up in Vietnam/Huizhou and business opportunities in automotive/ medical device/ecigarette.Following a challenging 2023, we expect TK’s net profit to grow 38%/19% YoY in FY24/25E, backed by order wins from VR/e-cigarette/medical device, mobile &amp; wearable/communications business recovery, and continued operating efficiency improvement.We adjusted TP to HK$2.79 based on same 8.2x FY24E P/E. Trading at 4.4x FY24E P/E with 10% yield, we think the stock offers attractive risk/reward. Maintain BUY.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.

TK Group (2283 HK) - Positive on Business Recovery in FY24/25E

China

TK Group specializes in the design and manufacturing of injection molds and plastic components, serving diverse industries such as automotive, medical, consumer electronics, and smart home products. The company provides one-stop injection molding solutions. It was founded in 1983 and is headquartered in Shenzhen, China.

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TK Group (2283 HK)

TK Group (2283 HK) - 1H25 In-Line; Positive on Client Wins and Product Pipeline in AI Glasses...

Trading at 7.1x/5.5x FY25/26E P/E with 6.4% yield and net cash of HK$1,067mn, we think the stock is attractive. Reiterate BUY.

CMB International

TK Group (2283 HK) - Solid FY24 with Special Dividend

Mgmt. reiterated its positive view on 2025 outlook and strong order backlogs focusing on smart wearable/AI glasses, AR/VR and highend earphones.

CMB International

TK Group (2283 HK) - 1H24 Beat on Strong Margins

We adjust TP to HK$2.82 based on the same 8.2x FY24E P/E. Trading at 5.2x FY24E P/E with 8% yield, we think the stock offers attractive risk...

CMB International

TK Group (2283 HK) - Positive Profit Alert in 1H24E

After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue...

CMB International

TK Group (2283 HK) - Positive on Business Recovery in FY24/25E

We adjusted TP to HK$2.79 based on same 8.2x FY24E P/E. Trading at 4.4x FY24E P/E with 10% yield, we think the stock offers attractive risk/reward....

CMB International

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