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>Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.</li><li>The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.</li><li>Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). </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.

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). 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.

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

Equity Bottom-Up

<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

<ul><li>Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.</li><li>The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.</li><li>Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.</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.

Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.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 – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

Hong Kong

TK Group (Holdings) Limited manufactures plastic products and components. The Company engages in the design and fabrication of plastic injection molds and the mechanical design and manufacturing of plastic components.

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TK Group (Holdings) (2283 HK)

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during...

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

China Technology – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024. Quest 3 features major upgrades in...

CMB International

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