Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

Plover Bay Technologies / Equity Bottom-Up

<ul><li>Plover Bay delivered a solid set of 1H26 results, with net profit rising 27.9% y/y to US$27.7mn, achieving 52.3% of our full-year expectation.</li><li>Plover Bay continued to deepen its ecosystem presence during 1H26, via ongoing collaboration as a Starlink Authorized Technology Provider and the expansion of its LEO product stack through the MAX Orbit series.</li><li>As of 30 Jun 2026, the company maintained a healthy financial position with US$45.3mn of net cash.</li></ul>

Plover Bay delivered a solid set of 1H26 results, with net profit rising 27.9% y/y to US$27.7mn, achieving 52.3% of our full-year expectation.Plover Bay continued to deepen its ecosystem presence during 1H26, via ongoing collaboration as a Starlink Authorized Technology Provider and the expansion of its LEO product stack through the MAX Orbit series.As of 30 Jun 2026, the company maintained a healthy financial position with US$45.3mn of net cash.

Plover Bay (1523 HK; BUY; TP: HK$9.95) – Starlink and Physical AI Spur Structural Growth