External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Xiaomi will report 3Q24 results in late Nov. We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share gains in smartphone, strength in AIoT/internet and strong momentum of SU 7 Series EVs.</li><li>Looking ahead to 4Q24/FY25, we remain constructive on 1) Smartphone: Xiaomi’s market share gains and better mix in smartphones, backed by its latest flagship Xiaomi 15 Series, Double 11 sales festival and expansion in LATAM/EMEA/SEA</li><li>2) AIoT: domestic home appliance and overseas AIoT; and 3) Smart EV: accelerated delivery of the SU 7 Series.</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.

Xiaomi will report 3Q24 results in late Nov. We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share gains in smartphone, strength in AIoT/internet and strong momentum of SU 7 Series EVs.Looking ahead to 4Q24/FY25, we remain constructive on 1) Smartphone: Xiaomi’s market share gains and better mix in smartphones, backed by its latest flagship Xiaomi 15 Series, Double 11 sales festival and expansion in LATAM/EMEA/SEA2) AIoT: domestic home appliance and overseas AIoT; and 3) Smart EV: accelerated delivery of the SU 7 Series.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.

Xiaomi (1810 HK) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

AAC Technologies Holdings / Equity Bottom-Up

<ul>
<li>Hong Kong continued a correction in its Bull market which has lifted the HSCEI to be the best performing Asian index this year.  Southboune buying is strong.</li>
<li>
<a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> share price had a breakout relative to the MSCI AC Asia Index.  The company reported solid results benifitting from the smartphone and auto sectors.
</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:58:1" rel="noopener">CGN Power (1816 HK)</a> share price relative to MSCI China broke down.  The company reported a disappointing 3Q24 results even as power generation increased by 15% YoY for the period.
</li>
</ul>


Hong Kong continued a correction in its Bull market which has lifted the HSCEI to be the best performing Asian index this year.  Southboune buying is strong.

AAC Technologies Holdings (2018 HK) share price had a breakout relative to the MSCI AC Asia Index.  The company reported solid results benifitting from the smartphone and auto sectors.


CGN Power (1816 HK) share price relative to MSCI China broke down.  The company reported a disappointing 3Q24 results even as power generation increased by 15% YoY for the period.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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 Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li><li><a href='#lucror-entity-24409'>Xiaomi Corp</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Vedanta ResourcesXiaomi Corp

Morning Views Asia: Vedanta Resources, Xiaomi Corp

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Xiaomi reported CY2Q24 revenue, non-IFRS EBIT and non-IFRS net income 5.6%, 32.2%, and 40.0% vs. consensus. </li>
<li>Despite the limited scale and numerous incentives offered at launch, Xiaomi reported an EV gross margin of 15.4%. Greater scale and reduced incentives provide further margin upside in C2H24;</li>
<li>Xiaomi’s smartphone and IoT market share gain have accelerated amid the halo-effect stemming from the SU7. We reiterate our BUY rating, and raise  TP to HK$27.0, implying 28.3x CY25 P/E.</li>
</ul>


Xiaomi reported CY2Q24 revenue, non-IFRS EBIT and non-IFRS net income 5.6%, 32.2%, and 40.0% vs. consensus. 
Despite the limited scale and numerous incentives offered at launch, Xiaomi reported an EV gross margin of 15.4%. Greater scale and reduced incentives provide further margin upside in C2H24;
Xiaomi’s smartphone and IoT market share gain have accelerated amid the halo-effect stemming from the SU7. We reiterate our BUY rating, and raise  TP to HK$27.0, implying 28.3x CY25 P/E.


[Xiaomi Inc. (1810 HK, BUY, TP HK$27) TP Change]: Surprising SU7 Gross Margin a Huge Positive

<ul><li>Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly driven by stronger EV/internet GPM and improving efficiency.</li><li>Xiaomi reported its first EV business financials with a quarterly GPM at 15.7%, well above market expectation of 5-10%, and mgmt. guided QoQ GPM expansion into 3Q/4Q24E.</li><li>Looking ahead, we are positive on Xiaomi smartphones’ global market share gains, new retail strategy execution, AIoT business growth momentum and EV shipment delivery to drive earnings growth into FY24E-25E. </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.

Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly driven by stronger EV/internet GPM and improving efficiency.Xiaomi reported its first EV business financials with a quarterly GPM at 15.7%, well above market expectation of 5-10%, and mgmt. guided QoQ GPM expansion into 3Q/4Q24E.Looking ahead, we are positive on Xiaomi smartphones’ global market share gains, new retail strategy execution, AIoT business growth momentum and EV shipment delivery to drive earnings growth into FY24E-25E. 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.

Xiaomi (1810 HK) - 2Q24 Beat on EV GPM and Resilient Core Earnings; Reiterate BUY

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Xiaomi (1810 HK) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share...

CMB International

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

Southbound buying in HK continued strong with Value Factor providing the best returns.AAC Tech share price had a break out as it provided strong...

David Mudd

Morning Views Asia: Vedanta Resources, Xiaomi Corp

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

[Xiaomi Inc. (1810 HK, BUY, TP HK$27) TP Change]: Surprising SU7 Gross Margin a Huge Positive

Xiaomi beats revenue, EBIT, and net income expectations in CY2Q24, with potential for margin growth in C2H24 due to scale and reduced incentives.

Blue Lotus Research Institute

Xiaomi (1810 HK) - 2Q24 Beat on EV GPM and Resilient Core Earnings; Reiterate BUY

Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly...

CMB International

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52-week Range

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Xiaomi (1810 HK) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share...

CMB International

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

Southbound buying in HK continued strong with Value Factor providing the best returns.AAC Tech share price had a break out as it provided strong...

David Mudd

Morning Views Asia: Vedanta Resources, Xiaomi Corp

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

[Xiaomi Inc. (1810 HK, BUY, TP HK$27) TP Change]: Surprising SU7 Gross Margin a Huge Positive

​Xiaomi beats revenue, EBIT, and net income expectations in CY2Q24, with potential for margin growth in C2H24 due to scale and reduced incentives.

Blue Lotus Research Institute

Xiaomi (1810 HK) - 2Q24 Beat on EV GPM and Resilient Core Earnings; Reiterate BUY

Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly...

CMB International

Xiaomi beats revenue, EBIT, and net income expectations in CY2Q24, with potential for margin growth in C2H24 due to scale and reduced incentives.