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 raised TP to HK$6.79 based on same 13x FY25E P/E, as we believe Q-tech will benefit from accelerated Android demand thanks to China national handset subsidy rollout in 1H25E.</li><li>We revised up our FY25-26E EPS forecasts by 6-12% to factor in better Android demand in FY25/26E and FY24 positive profit alert.</li><li>Looking into 2025, we are positive on China smartphone subsidy, Q-tech’s nonmobile CCM (auto/ AR&amp;VR) and ultrasound FPM biz ramp-up. </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 raised TP to HK$6.79 based on same 13x FY25E P/E, as we believe Q-tech will benefit from accelerated Android demand thanks to China national handset subsidy rollout in 1H25E.We revised up our FY25-26E EPS forecasts by 6-12% to factor in better Android demand in FY25/26E and FY24 positive profit alert.Looking into 2025, we are positive on China smartphone subsidy, Q-tech’s nonmobile CCM (auto/ AR&amp;VR) and ultrasound FPM biz ramp-up. 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.

Q-Tech (1478 HK) - Beneficiary of China Smartphone Subsidies; Raise TP to HK$6.79

Q Technology Group

Q-Tech (1478 HK) - Beneficiary of China Smartphone Subsidies; Raise TP to HK$6.79