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>VSTECS announced 1H25 results: total revenue increased by 14% YoY to HK$45.5bn, representing 44% of our FY25E estimate; net profit was up by 36% YoY to HK$649mn, equivalent to 49% of our FY25E estimate.</li><li>Strong demand for AI computing power drove strong revenue growth of cloud computing business (+68% YoY). As one of the leading distributors of AI chips and computing power in Asia, we expect VSTECS will continue to benefit from the growing demand for AI computing power.</li><li>We maintain our FY25-27E earnings forecast largely unchanged. We raise our target price to HK$14.2 based on 15x FY25E PE (previous: HK$7.60 based on 8x FY25E PE), mainly to reflect larger AI-related revenue exposure. 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.

VSTECS announced 1H25 results: total revenue increased by 14% YoY to HK$45.5bn, representing 44% of our FY25E estimate; net profit was up by 36% YoY to HK$649mn, equivalent to 49% of our FY25E estimate.Strong demand for AI computing power drove strong revenue growth of cloud computing business (+68% YoY). As one of the leading distributors of AI chips and computing power in Asia, we expect VSTECS will continue to benefit from the growing demand for AI computing power.We maintain our FY25-27E earnings forecast largely unchanged. We raise our target price to HK$14.2 based on 15x FY25E PE (previous: HK$7.60 based on 8x FY25E PE), mainly to reflect larger AI-related revenue exposure. 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.

VSTECS (856 HK) - 1H25 Result Review: Strong Cloud Computing Revenue Growth on Robust AI Demand

<ul><li>VSTECS, founded in 1991, is one of the leading IT distributors and cloud service providers in Asia.</li><li>Supported by its solid market leadership, global footprint and diversified IT solution offerings, VSTECS is well-positioned to benefit from the booming demand for AI computing, IT localisation trend in China, and robust digitalisation demand in Southeast Asia, in our view.</li><li>VSTECS’ total revenue reached HK$73.9bn in 2023, with enterprise systems/consumer electronics/ cloud computing accounting for 55/41/4% of total revenue. </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.

VSTECS, founded in 1991, is one of the leading IT distributors and cloud service providers in Asia.Supported by its solid market leadership, global footprint and diversified IT solution offerings, VSTECS is well-positioned to benefit from the booming demand for AI computing, IT localisation trend in China, and robust digitalisation demand in Southeast Asia, in our view.VSTECS’ total revenue reached HK$73.9bn in 2023, with enterprise systems/consumer electronics/ cloud computing accounting for 55/41/4% of total revenue. 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.

VSTECS (856 HK) - Leading IT Distributor in Asia Riding on Tailwinds of AI & Overseas Expansion

Hong Kong

VSTECS is a leading IT product channel development and technical solution integrated service provider in Asia Pacific. The company offers enterprise systems, consumer electronics, and cloud computing solutions, including IT infrastructure tools, finished IT products like computers and mobile phones, and cloud services. VSTECS was founded in 1991 and is headquartered in Central, Hong Kong.

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VSTECS (856 HK)

VSTECS (856 HK) - 1H25 Result Review: Strong Cloud Computing Revenue Growth on Robust AI Demand

We maintain our FY25-27E earnings forecast largely unchanged. We raise our target price to HK$14.2 based on 15x FY25E PE (previous: HK$7.60 based...

CMB International

VSTECS (856 HK) - Leading IT Distributor in Asia Riding on Tailwinds of AI & Overseas Expansion

VSTECS’ total revenue reached HK$73.9bn in 2023, with enterprise systems/consumer electronics/ cloud computing accounting for 55/41/4% of total...

CMB International

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