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>BYDE’s 9M23 NP growth of 146% YoY is in-line with profit alert earlier driven by Android recovery and fast-growing new intelligent/NEV business.</li><li>Looking into 4Q, mgmt. guided steady Android recovery on Huawei comeback and auto QoQ growth driven by mass production of cockpit products.</li><li>In addition, we remain positive on Android’s upside, Jabil’s integration with capacity expansion and rapid growth of auto in 2024. </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.

BYDE’s 9M23 NP growth of 146% YoY is in-line with profit alert earlier driven by Android recovery and fast-growing new intelligent/NEV business.Looking into 4Q, mgmt. guided steady Android recovery on Huawei comeback and auto QoQ growth driven by mass production of cockpit products.In addition, we remain positive on Android’s upside, Jabil’s integration with capacity expansion and rapid growth of auto in 2024. 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.

BYDE (285 HK) – Strong 3Q23 In-Line; Android Upside and Auto Accelerated Growth

<ul><li>We raised our SOTP-based TP to HK$45.30 (implied 18.2x P/E) following 3Q23 earnings beat and strong order momentum from Huawei’s Mate 60 series.</li><li>BYDE preannounced 9M23 NP of RMB2,836-3,116mn (up 129-152% YoY), tracking 86%/ 86% of our/consensus FY23E NP estimates.</li><li>Mid-point implies 3Q23 NP growth of 141% YoY (vs 139% YoY in 1H23), well above expectation. </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.

We raised our SOTP-based TP to HK$45.30 (implied 18.2x P/E) following 3Q23 earnings beat and strong order momentum from Huawei’s Mate 60 series.BYDE preannounced 9M23 NP of RMB2,836-3,116mn (up 129-152% YoY), tracking 86%/ 86% of our/consensus FY23E NP estimates.Mid-point implies 3Q23 NP growth of 141% YoY (vs 139% YoY in 1H23), well above expectation. 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.

BYDE (285 HK) – 3Q23 Beat and Raise; Our Sector Top Pick

<ul><li>Following BYDE’s announcement to acquire Jabil’s mobility business (iPhone casing) for RMB15.8bn (~US$2.2bn), we conducted scenario analysis of the acquisition to BYDE’s earnings, and our base case suggested 5%/10% upside to BYDE’s net profit in FY24/25E, assuming 15%/18% iPhone casing share allocation and 3.4%/3.8% NPM in FY24/25E.</li><li>In addition, we believe integration of Jabil’s iPhone casing business will accelerate BYDE’s share gain in Apple’s multiple product categories.</li><li>For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz. </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.

Following BYDE’s announcement to acquire Jabil’s mobility business (iPhone casing) for RMB15.8bn (~US$2.2bn), we conducted scenario analysis of the acquisition to BYDE’s earnings, and our base case suggested 5%/10% upside to BYDE’s net profit in FY24/25E, assuming 15%/18% iPhone casing share allocation and 3.4%/3.8% NPM in FY24/25E.In addition, we believe integration of Jabil’s iPhone casing business will accelerate BYDE’s share gain in Apple’s multiple product categories.For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz. 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.

BYDE (285 HK) – Scenario Analysis of Jabil Biz Suggested 5-10% Earnings Upside in FY24/25E

<ul><li>We hosted an investor call with BYDE mgmt. yesterday.</li><li>Overall, mgmt. reiterated positive view on synergies from Jabil’s mobility acquisition, which will accelerate BYDE’s share gain in Apple supply chain.</li><li>In addition, mgmt. expects high-end Andriod recovery, share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz 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.

We hosted an investor call with BYDE mgmt. yesterday.Overall, mgmt. reiterated positive view on synergies from Jabil’s mobility acquisition, which will accelerate BYDE’s share gain in Apple supply chain.In addition, mgmt. expects high-end Andriod recovery, share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz 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.

BYDE (285 HK) – Android Recovery, Auto/Energy Storage and Jabil Mobility’s Synergies

<ul><li>We raise TP to HK$41.98 following strong 1H23 results and promising growth outlook.</li><li>1H23 revenue beat our/consensus estimates by 8%/6% on Apple share gain and strong NEV/new intelligent segment.</li><li>NP growth of 139% YoY is in-line with profit alert thanks to higher GPM on better product mix and improving UTR. </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.

We raise TP to HK$41.98 following strong 1H23 results and promising growth outlook.1H23 revenue beat our/consensus estimates by 8%/6% on Apple share gain and strong NEV/new intelligent segment.NP growth of 139% YoY is in-line with profit alert thanks to higher GPM on better product mix and improving UTR. 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.

BYDE (285 HK) – 1H23 Beat and Promising Outlook; Lift TP to HK$41.98

China

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

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BYD Electronics (285 HK)

BYDE (285 HK) – Strong 3Q23 In-Line; Android Upside and Auto Accelerated Growth

BYDE’s 9M23 NP growth of 146% YoY is in-line with profit alert earlier driven by Android recovery and fast-growing new intelligent/NEV business.

CMB International

BYDE (285 HK) – 3Q23 Beat and Raise; Our Sector Top Pick

We raised our SOTP-based TP to HK$45.30 (implied 18.2x P/E) following 3Q23 earnings beat and strong order momentum from Huawei’s Mate 60 series.

CMB International

BYDE (285 HK) – Scenario Analysis of Jabil Biz Suggested 5-10% Earnings Upside in FY24/25E

For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household...

CMB International

BYDE (285 HK) – Android Recovery, Auto/Energy Storage and Jabil Mobility’s Synergies

In addition, mgmt. expects high-end Andriod recovery, share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz in...

CMB International

BYDE (285 HK) – 1H23 Beat and Promising Outlook; Lift TP to HK$41.98

We raise TP to HK$41.98 following strong 1H23 results and promising growth outlook. 1H23 revenue beat our/consensus estimates by 8%/6% on Apple...

CMB International

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