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 posted 1H23 revenue/NP decline of 12%/6% YoY, mainly due to demand weakness across segments (except automotive), partly offset by improved GPM to 23.3% (vs. 18.7% in 1H22) on easing cost pressure and enhanced efficiency.</li><li>Looking ahead, mgmt. is positive on new client orders, capacity ramp-up in Shenzhen/Vietnam/Huizhou plants and business opportunities in automotive/ medical device/e-cigarette.</li><li>Following a weak 2023, we expect net profit to grow 33%/16% YoY in FY24/25E, backed by order wins from VR/e-cigarette/medical device, GPM recovery and better cost control. </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 posted 1H23 revenue/NP decline of 12%/6% YoY, mainly due to demand weakness across segments (except automotive), partly offset by improved GPM to 23.3% (vs. 18.7% in 1H22) on easing cost pressure and enhanced efficiency.Looking ahead, mgmt. is positive on new client orders, capacity ramp-up in Shenzhen/Vietnam/Huizhou plants and business opportunities in automotive/ medical device/e-cigarette.Following a weak 2023, we expect net profit to grow 33%/16% YoY in FY24/25E, backed by order wins from VR/e-cigarette/medical device, GPM recovery and better cost control. 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) – 1H23 Weakness Amid Industry Headwinds

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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 – Apple MR: Long-awaited next “iPhone moment”

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.

<ul><li>Intron, which is a provider of electronic solutions, mainly for vehicles, announced its 2022 annual result with a net profit growth of 107% on 52% growth in revenue and GPM expansion of 1.9 ppts to 21.5%.</li><li>The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for many advanced features.</li><li>Although there is intense price competition in the auto market in China currently, this could offer more opportunities to the company as OEMs seek for more price competitive solutions from third-party suppliers. Intron is currently trading at 12x 2023 consensus P/E.</li></ul>

Intron, which is a provider of electronic solutions, mainly for vehicles, announced its 2022 annual result with a net profit growth of 107% on 52% growth in revenue and GPM expansion of 1.9 ppts to 21.5%.The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for many advanced features.Although there is intense price competition in the auto market in China currently, this could offer more opportunities to the company as OEMs seek for more price competitive solutions from third-party suppliers. Intron is currently trading at 12x 2023 consensus P/E.

Intron (1760 HK, NR) - OEM Price War Could Be an Opportunity

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) – 1H23 Weakness Amid Industry Headwinds

TK posted 1H23 revenue/NP decline of 12%/6% YoY, mainly due to demand weakness across segments (except automotive), partly offset by improved GPM...

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

Intron (1760 HK, NR) - OEM Price War Could Be an Opportunity

The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for...

Quam Securities

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