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>FIT Hon Teng’s 2Q25 results were largely in-line with our expectations, with revenue/net profit growth of 9%/13% YoY (vs +14%/-39% YoY in 1Q25).</li><li>Following our post-results NDR with mgmt., we are encouraged by FIT’s accelerated business transition in 2Q, as strategic cloud/auto segments accounted for 36% of 2Q sales (vs 24% in FY24) and delivered strong growth of 28%/115% YoY in 2Q.</li><li>Despite guidance lowered on smartphone/consumer interconnect/system products on tariff/macro uncertainties, we are positive on FIT’s “3+3 strategy” into 2026-27E, backed by 1) cloud/AI server products (project wins in sockets/CPO; share gains in power /liquid cooling), and 2) AirPods ramp-up (2-3 lines by FY25E, 6 lines as LT target). </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>

FIT Hon Teng’s 2Q25 results were largely in-line with our expectations, with revenue/net profit growth of 9%/13% YoY (vs +14%/-39% YoY in 1Q25).Following our post-results NDR with mgmt., we are encouraged by FIT’s accelerated business transition in 2Q, as strategic cloud/auto segments accounted for 36% of 2Q sales (vs 24% in FY24) and delivered strong growth of 28%/115% YoY in 2Q.Despite guidance lowered on smartphone/consumer interconnect/system products on tariff/macro uncertainties, we are positive on FIT’s “3+3 strategy” into 2026-27E, backed by 1) cloud/AI server products (project wins in sockets/CPO; share gains in power /liquid cooling), and 2) AirPods ramp-up (2-3 lines by FY25E, 6 lines as LT target). 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.

FIT Hon Teng (6088 HK) - 2Q Business Transition Accelerated...