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

Apple Hospitality Reit / Equity Bottom-Up

<ul><li>Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.</li><li>Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.</li><li>Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. </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.

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. 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.

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand and around the globe.</li><li>We focus on three industry segments: Software &amp; Services, Technology hardware and Semiconductors and equipment.</li><li>We aim to showcase what NZ technology is doing, provide updates on recent news at a company and technology level, present stock performance and show relevant ratios.</li></ul>

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand and around the globe.We focus on three industry segments: Software &amp; Services, Technology hardware and Semiconductors and equipment.We aim to showcase what NZ technology is doing, provide updates on recent news at a company and technology level, present stock performance and show relevant ratios.

Forsyth Barr Technology Digest Edition 4 — Geo-Political Tensions Intensify

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Luxshare retreated over 10% in the past week mainly due to market concerns on Huawei’s Mate 60 Pro launch and news report on iPhone restrictions by Chinese government and state companies.</li><li>We view both incidents do not have material impact on iPhone shipment given Mate 60’s limited production capacity and high user stickiness on Apple’s ecosystem.</li><li>Despite challenging macro headwinds, Luxshare delivered solid sales/NP growth of 20/15% YoY in 1H23, and we are positive on further share gain in Apple’s iPhone/Watch/AirPods OEM/component, robust outlook in auto/comm., and better operating efficiency in 2H23E. </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.

Luxshare retreated over 10% in the past week mainly due to market concerns on Huawei’s Mate 60 Pro launch and news report on iPhone restrictions by Chinese government and state companies.We view both incidents do not have material impact on iPhone shipment given Mate 60’s limited production capacity and high user stickiness on Apple’s ecosystem.Despite challenging macro headwinds, Luxshare delivered solid sales/NP growth of 20/15% YoY in 1H23, and we are positive on further share gain in Apple’s iPhone/Watch/AirPods OEM/component, robust outlook in auto/comm., and better operating efficiency in 2H23E. 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.

Luxshare (002475 CH) – Recent Correction Overdone

United States

Apple Hospitality REIT, Inc. operates as a real estate investment trust. The Company focuses on investment in hotels, guest rooms, and resorts. Apple Hospitality REIT invests in the United States.

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Apple Hospitality Reit (APLE US)

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus,...

CMB International

Forsyth Barr Technology Digest Edition 4 — Geo-Political Tensions Intensify

The Forsyth Barr Technology Digest provides a snapshot of recent information relevant to the listed technology industries across New Zealand and...

Forsyth Barr

Luxshare (002475 CH) – Recent Correction Overdone

Luxshare retreated over 10% in the past week mainly due to market concerns on Huawei’s Mate 60 Pro launch and news report on iPhone restrictions by...

CMB International

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