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’s 3Q25 revenue/net profit growth of 13%/9% YoY is largely in-line with prior guidance and our expectations, backed by AI server momentum, automobility synergy and record-high GPM at 23.5%.</li><li>During the earnings call, mgmt. reiterated a positive 2025 outlook (high-single-digit revenue growth, GPM at 20%), and updated FY26-28E guidance, with 1) 2027-28E revenue growth of mid-20% (vs prior low-20%) and 2) AI/cloud revenue mix of “low/mid/high-20% in 2026/27/28E”.</li><li>Overall, we believe FIT is well positioned to benefit from share gains and AI server connectivity solutions upgrade, backed by its solid product pipeline and synergy with Hon Hai. </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’s 3Q25 revenue/net profit growth of 13%/9% YoY is largely in-line with prior guidance and our expectations, backed by AI server momentum, automobility synergy and record-high GPM at 23.5%.During the earnings call, mgmt. reiterated a positive 2025 outlook (high-single-digit revenue growth, GPM at 20%), and updated FY26-28E guidance, with 1) 2027-28E revenue growth of mid-20% (vs prior low-20%) and 2) AI/cloud revenue mix of “low/mid/high-20% in 2026/27/28E”.Overall, we believe FIT is well positioned to benefit from share gains and AI server connectivity solutions upgrade, backed by its solid product pipeline and synergy with Hon Hai. 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) - Solid 3Q25 and Strong AI Revenue Guidance in FY26-28E; Raise TP to HK$6.77