External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We believe BYDE’s recent stock tumble reflected market concerns on smartphone demand recovery, NEV pricing pressure and Jabil’s biz uncertainties.</li><li>After we spoke to BYDE mgmt. this week, we remain positive on Huawei’s comeback and expect Android recovery and titanium upgrade will be positive to shipment/ASP into 1H24E.</li><li>Mgmt. also expected high growth for NEV biz in 2024 thanks to new product rampup, parentco orders and new domestic &amp; overseas order wins. </li></ul><p><em>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.</em></p>

We believe BYDE’s recent stock tumble reflected market concerns on smartphone demand recovery, NEV pricing pressure and Jabil’s biz uncertainties.After we spoke to BYDE mgmt. this week, we remain positive on Huawei’s comeback and expect Android recovery and titanium upgrade will be positive to shipment/ASP into 1H24E.Mgmt. also expected high growth for NEV biz in 2024 thanks to new product rampup, parentco orders and new domestic &amp; overseas order wins. 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.

BYDE (285 HK) - Market Concerns Overdone; Strong NEV and Jabil Mobile Synergies Ahead

BYD Electronics

BYDE (285 HK) - Market Concerns Overdone; Strong NEV and Jabil Mobile Synergies Ahead