External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

<ul><li>SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%</li><li>Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability</li><li>12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025</li></ul>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.

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025Content 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.

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.

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

<ul><li>Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast.</li><li>Such beat was offset by higher-thanexpected SG&amp;A and R&amp;D expenses.</li><li>The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war.</li></ul>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.

Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast.Such beat was offset by higher-thanexpected SG&amp;A and R&amp;D expenses.The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war.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.

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

<ul>
<li>The 4Q24 EMS is expected to decline by a mid-single-digit percentage QoQ in 4Q24, while ATM sales are expected to grow slightly QoQ.</li>
<li>General market hasn’t recovered yet.2024 outlook still seems lukewarm. 2024 market excluding HPC and AI is indeed down YoY. Only AI and leading edge product demand is robust.</li>
<li>Expects 2025 general market demand to have better recovery, more leading edge business opportunities and higher testing sales mix to help GM go up.</li>
</ul>


The 4Q24 EMS is expected to decline by a mid-single-digit percentage QoQ in 4Q24, while ATM sales are expected to grow slightly QoQ.
General market hasn’t recovered yet.2024 outlook still seems lukewarm. 2024 market excluding HPC and AI is indeed down YoY. Only AI and leading edge product demand is robust.
Expects 2025 general market demand to have better recovery, more leading edge business opportunities and higher testing sales mix to help GM go up.


ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume.</li>
<li>The operating margin declined YoY due to historical high marketing expenses.</li>
<li>We believe BYD has an upside of 25% for the end of 2025.</li>
</ul>


Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume.
The operating margin declined YoY due to historical high marketing expenses.
We believe BYD has an upside of 25% for the end of 2025.


BYD (1211 HK): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

Insights on Companies in the NVIDIA Supply Chain

NVIDIA Supply Chain
Insights on Companies in the NVIDIA Supply Chain

SK Hynix - Solely Shining

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%. Portfolio concentrated on high value...

Daishin Securities

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast. Such beat was offset by higher...

CMB International

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...

Patrick Liao

BYD (1211 HK): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration

Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume. The operating margin declined YoY due to historical high marketing...

Ming Lu

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

SK Hynix - Solely Shining

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%. Portfolio concentrated on high value...

Daishin Securities

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast. Such beat was offset by higher...

CMB International

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

​4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...

Patrick Liao

BYD (1211 HK): 3Q24, Revenue up by 24% Due to Sales Volume Acceleration

Revenue increased by 24% YoY in 3Q24 due to the acceleration of sales volume. The operating margin declined YoY due to historical high marketing...

Ming Lu

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...