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.

Thematic (Sector/Industry)

<ul><li>Apple reported FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus, mainly due to a favourable product mix and better leverage, partially offset by negative FX. Looking into FY1Q24E, mgmt. expected flattish revenue YoY due to the quarter being one-week shorter and iPhone 15 supply snags, while iPhone/Mac will increase YoY and iPad/Wearables will decline significantly QoQ due to timing of product launches.</li><li>Given better-than-feared China iPhone sales in CY3Q23, we remain positive on iPhone’s gradual share gains and better mix shift towards higher-end models, and we are cautious on near-term weakness for iPad/Watch/AirPods.</li><li>For stocks, we maintain BUY on Luxshare/BYDE/FIT Hon Teng for market share gains in Apple supply chain (high-end iPhone/casing/AirPods), and stay HOLD on Sunny Optical/AAC Tech mainly for fair valuation.</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 FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus, mainly due to a favourable product mix and better leverage, partially offset by negative FX. Looking into FY1Q24E, mgmt. expected flattish revenue YoY due to the quarter being one-week shorter and iPhone 15 supply snags, while iPhone/Mac will increase YoY and iPad/Wearables will decline significantly QoQ due to timing of product launches.Given better-than-feared China iPhone sales in CY3Q23, we remain positive on iPhone’s gradual share gains and better mix shift towards higher-end models, and we are cautious on near-term weakness for iPad/Watch/AirPods.For stocks, we maintain BUY on Luxshare/BYDE/FIT Hon Teng for market share gains in Apple supply chain (high-end iPhone/casing/AirPods), and stay HOLD on Sunny Optical/AAC Tech mainly for fair valuation.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.

China Technology Sector – Apple FY4Q23 Beat on Margins

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Huawei / In Depth: Huawei’s EV partnership yields unexpected hit</li><li>Li Keqiang /: Reflecting on Li Keqiang’s visits to Hong Kong: Savoring sweet soup, speaking English, and respecting the market</li><li>Bonds /: Chinese local governments rush to launch infrastructure projects to tap into $137 billion of sovereign bonds</li></ul>

Huawei / In Depth: Huawei’s EV partnership yields unexpected hitLi Keqiang /: Reflecting on Li Keqiang’s visits to Hong Kong: Savoring sweet soup, speaking English, and respecting the marketBonds /: Chinese local governments rush to launch infrastructure projects to tap into $137 billion of sovereign bonds

CX Daily: Huawei’s EV Partnership Yields Unexpected Hit 

<ul><li>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Oct 2023 sales volumes on 1 Nov 2023.</li><li>Sales volume of the 11 automakers combined rose 54% YoY (ranging from -33% to +302%) and 6% MoM (ranging from -20% to 112%) in Oct.</li><li>Seven out of the 11 automakers posted their all-time high sales volume in Oct.</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.

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Oct 2023 sales volumes on 1 Nov 2023.Sales volume of the 11 automakers combined rose 54% YoY (ranging from -33% to +302%) and 6% MoM (ranging from -20% to 112%) in Oct.Seven out of the 11 automakers posted their all-time high sales volume in Oct.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.

China Auto Sector – NEV sales push at month-end leads to Oct beat

Equity Bottom-Up

<ul><li>We hosted a NDR investor call with BYDE mgmt. yesterday. Overall, mgmt. reiterated its positive view on strong 3Q23 results thanks to robust NEV/new intelligent growth and major Android/US clients’ share gain/upgrade.</li><li>Mgmt. also expected Android recovery, new NEV products, overseas expansion and Jabil synergies to drive growth in FY24/25E.</li><li>The stock now trades at 17.3x/13.8x FY23/24E P/E, which is attractive in our view. Reiterate BUY.</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 a NDR investor call with BYDE mgmt. yesterday. Overall, mgmt. reiterated its positive view on strong 3Q23 results thanks to robust NEV/new intelligent growth and major Android/US clients’ share gain/upgrade.Mgmt. also expected Android recovery, new NEV products, overseas expansion and Jabil synergies to drive growth in FY24/25E.The stock now trades at 17.3x/13.8x FY23/24E P/E, which is attractive in our view. Reiterate BUY.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) – NDR Takeaways: Android upside, NEV ramp up and Jabil synergies

<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

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)

China Technology Sector – Apple FY4Q23 Beat on Margins

Apple reported FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus

CMB International

CX Daily: Huawei’s EV Partnership Yields Unexpected Hit

Huawei / In Depth: Huawei’s EV partnership yields unexpected hit A new electric car co-developed by Huawei Technology Co. Ltd. and automaker Seres...

Caixin Global

China Auto Sector – NEV sales push at month-end leads to Oct beat

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Oct 2023 sales...

CMB International

BYDE (285 HK) – NDR Takeaways: Android upside, NEV ramp up and Jabil synergies

We hosted a NDR investor call with BYDE mgmt. yesterday. Overall, mgmt. reiterated its positive view on strong 3Q23 results thanks to robust...

CMB International

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

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