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>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

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>I mentioned Noah holdings as a trade to buy before earnings since I anticipated an announcement of significant capital returns.</li><li>This has worked out well with over $2 in dividends announced. Half of that dividend will be recurring.</li><li>So I sold out all of my shares at just under $12. This was never a high conviction investment, but merely a trade. Marking it as a 18% return.</li></ul>

I mentioned Noah holdings as a trade to buy before earnings since I anticipated an announcement of significant capital returns.This has worked out well with over $2 in dividends announced. Half of that dividend will be recurring.So I sold out all of my shares at just under $12. This was never a high conviction investment, but merely a trade. Marking it as a 18% return.

<ul><li>Recently Avrobio (AVRO) announced a reverse merger with Tectonic Therapeutic, which was a bit unexpected.</li><li>And disappointing. From what I have read from people more knowledgeable about biotechs, they have some promising treatments in development with pretty impressive insiders.</li><li>But I have no idea how to value this. Net cash will be &lt;$1/share post merger so I am closing this with a small loss at $1.25.</li></ul>

Recently Avrobio (AVRO) announced a reverse merger with Tectonic Therapeutic, which was a bit unexpected.And disappointing. From what I have read from people more knowledgeable about biotechs, they have some promising treatments in development with pretty impressive insiders.But I have no idea how to value this. Net cash will be &lt;$1/share post merger so I am closing this with a small loss at $1.25.

Thematic (Sector/Industry)

<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)

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

Update on active Ideas

I mentioned Noah holdings as a trade to buy before earnings since I anticipated an announcement of significant capital returns.

Turtles all the way down

Some updates

From what I have read from people more knowledgeable about biotechs, they have some promising treatments in development with pretty impressive...

Turtles all the way down

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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