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

Precision Tsugami (China) / Equity Bottom-Up

<ul><li>Tsugami China released a strong set of FY25/26 (Mar year-end) results after market close on 29 Jun, with net profit surging 40% YoY to RMB1.09bn.</li><li>The Company held an analyst meeting on 30 Jun. Key takeaways: (1) Strong order intake was seen in Apr-Jun 2026 with capacity currently running at above designed capacity of 15k units;</li><li>(2) The Company’s precision lathes are now applied in optical module components production, which will serve as a new growth driver over the coming 1-2 years; (3) Explosive growth for machines for universal quick disconnects (UQDs) in liquid cooling is expected in FY26/27E.</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>

Tsugami China released a strong set of FY25/26 (Mar year-end) results after market close on 29 Jun, with net profit surging 40% YoY to RMB1.09bn.The Company held an analyst meeting on 30 Jun. Key takeaways: (1) Strong order intake was seen in Apr-Jun 2026 with capacity currently running at above designed capacity of 15k units;(2) The Company’s precision lathes are now applied in optical module components production, which will serve as a new growth driver over the coming 1-2 years; (3) Explosive growth for machines for universal quick disconnects (UQDs) in liquid cooling is expected in FY26/27E.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.

Tsugami China (1651 HK) - Key Takeaways from Post-Results Meeting