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>1Q24 sales growth was slow but net profit should still be strong.</li><li>Thanks to the healthy sell-out growth and the less-than-one-month Amazon channel inventory, plus the upgrades in products (e.g., Turbo Blaze air fryer, Dual Zone air fryer, the pet-friendly air purifier and vacuum cleaner), orders growth should normalize in the coming quarters, in our view.</li><li>With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs during FY23-26E.</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.

1Q24 sales growth was slow but net profit should still be strong.Thanks to the healthy sell-out growth and the less-than-one-month Amazon channel inventory, plus the upgrades in products (e.g., Turbo Blaze air fryer, Dual Zone air fryer, the pet-friendly air purifier and vacuum cleaner), orders growth should normalize in the coming quarters, in our view.With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs during FY23-26E.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.

Vesync (2148 HK) - 1Q24 Was Slow but End-Demand Is Healthy

<ul><li>1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory.</li><li>And we do think the turnaround is not just here but solid.</li><li>With such an undemanding valuation of 7x FY23E P/E, backed by a 20% sales CAGR during FY22-25E, we 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.

1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory.And we do think the turnaround is not just here but solid.With such an undemanding valuation of 7x FY23E P/E, backed by a 20% sales CAGR during FY22-25E, we 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.

Vesync (2148 HK) – An All-Rounded Beat and a Bullish Outlook

<ul><li>After a fairly disappointing FY22 (sales dragged by Amazon’s de-stocking and net profit hurt by products recall and shipping costs etc.), there are signs of turnaround (sell-in growth had finally picked up and GP margin expansion begins) in 1Q23 for Vesync.</li><li>With undemanding valuation, we maintain BUY.</li><li>1Q23 gross sales growth was at 24%, inline with guidance but way faster than the industry.</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.

After a fairly disappointing FY22 (sales dragged by Amazon’s de-stocking and net profit hurt by products recall and shipping costs etc.), there are signs of turnaround (sell-in growth had finally picked up and GP margin expansion begins) in 1Q23 for Vesync.With undemanding valuation, we maintain BUY.1Q23 gross sales growth was at 24%, inline with guidance but way faster than the industry.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.

Vesync (2148 HK) – Signs of turnaround are forming in 1Q23

<ul><li>Some peers like Helen of Troy raised its guidance for the first time since Jan 2022.</li><li>We believe cycle bottom for the industry is likely to be in 2023 and some brands could recover faster.</li><li>Therefore, we upgrade Vesync to BUY and raise TP to HK$6.23, based on 16x FY23E P/E (up from 13x), similar to industry’s average of 17x.</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.

Some peers like Helen of Troy raised its guidance for the first time since Jan 2022.We believe cycle bottom for the industry is likely to be in 2023 and some brands could recover faster.Therefore, we upgrade Vesync to BUY and raise TP to HK$6.23, based on 16x FY23E P/E (up from 13x), similar to industry’s average of 17x.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.

Vesync (2148 HK) – Some brands may turn around faster than the industry

China

Vesync Co Ltd develops smart home platform that connect air quality, health monitoring, kitchen, lighting, and outlet systems.The Company helps users to manage home, save energy, and bring remote items within handheld reach.

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Vesync (2148 HK)

Vesync (2148 HK) - 1Q24 Was Slow but End-Demand Is Healthy

With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs...

CMB International

Vesync (2148 HK) – An All-Rounded Beat and a Bullish Outlook

1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory. And we do think the turnaround...

CMB International

Vesync (2148 HK) – Signs of turnaround are forming in 1Q23

With undemanding valuation, we maintain BUY.1Q23 gross sales growth was at 24%, inline with guidance but way faster than the industry.

CMB International

Vesync (2148 HK) – Some brands may turn around faster than the industry

Some peers like Helen of Troy raised its guidance for the first time since Jan 2022. We believe cycle bottom for the industry is likely to be in...

CMB International

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