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 supply chain was under pressure (Luxshare/BYDE/Sunny Optical/Cowell) yesterday following report of order cuts for AirPods, Watch and MacBooks in 1Q23E due to a softer consumer backdrop.</li><li>While we are not surprised by order correction after a soft holiday season in Dec, we believe Apple supply chain will remain volatile in near term amid rising uncertainties on 1Q23 outlook and profit taking pressure after 30%+ rally since Nov.</li><li>We recommend to stay on the sidelines until more visibility on Apple’s earnings on 26 Jan. </li></ul><p><em>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.</em></p>

Apple supply chain was under pressure (Luxshare/BYDE/Sunny Optical/Cowell) yesterday following report of order cuts for AirPods, Watch and MacBooks in 1Q23E due to a softer consumer backdrop.While we are not surprised by order correction after a soft holiday season in Dec, we believe Apple supply chain will remain volatile in near term amid rising uncertainties on 1Q23 outlook and profit taking pressure after 30%+ rally since Nov.We recommend to stay on the sidelines until more visibility on Apple’s earnings on 26 Jan. 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 – Limited Surprise on Apple Order Cut

Equity Bottom-Up

<ul><li>We hosted an investor call with BYDE during our Corporate Day on 29 Nov.</li><li>Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s products, automobile and new smart products, while 4Q GPM will improve QoQ on better product mix and improving utilization (Android capacity converted into auto biz).</li><li>Looking into 2023, despite muted outlook on Android business, major growth drivers will come from 1) Apple share gain in OEM/components (ipad/ iphone/watch), 2) automobile segment expansion and 3) residential energy storage.</li></ul><p><em>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.</em></p>

We hosted an investor call with BYDE during our Corporate Day on 29 Nov.Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s products, automobile and new smart products, while 4Q GPM will improve QoQ on better product mix and improving utilization (Android capacity converted into auto biz).Looking into 2023, despite muted outlook on Android business, major growth drivers will come from 1) Apple share gain in OEM/components (ipad/ iphone/watch), 2) automobile segment expansion and 3) residential energy storage.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) – Corp Day Takeaways: 4Q Recovery to Continue

<ul><li>BYDE’s 3Q22 revenue/net profit grew 28%/17% YoY, largely in-line with our estimates/consensus.</li><li>3Q GPM recovered to 6.5% (vs 5.2% in 2Q), driven by improving utilization and better product mix, which is a positive sign of margin recovery following COVID-19 impact and business transition.</li><li>Looking ahead, mgmt. expect android weakness will lead to lower sales contribution of ~20% in FY23E (vs 35% in FY22E), and new growth drivers in FY23E will come from Apple share gain, NEV business and new smart products.</li></ul><p><em>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.</em></p>

BYDE’s 3Q22 revenue/net profit grew 28%/17% YoY, largely in-line with our estimates/consensus.3Q GPM recovered to 6.5% (vs 5.2% in 2Q), driven by improving utilization and better product mix, which is a positive sign of margin recovery following COVID-19 impact and business transition.Looking ahead, mgmt. expect android weakness will lead to lower sales contribution of ~20% in FY23E (vs 35% in FY22E), and new growth drivers in FY23E will come from Apple share gain, NEV business and new smart products.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) – 3Q margin recovery a positive sign; Maintain HOLD on fair valuation

<div><div><div><div><ul><li>Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.</li><li>We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.</li><li>In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. </li></ul></div></div></div></div><p><em>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.</em></p>

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. 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 - Implications of AirPods/Beats Production Base Relocation to India

<div><div><div><div><ul><li>We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.</li><li>We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).</li><li>For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. </li></ul></div></div></div></div><p><em>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.</em></p>

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. 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 - China Smartphone: No Signs of Recovery in 4Q22E

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 – Limited Surprise on Apple Order Cut

Apple supply chain was under pressure (Luxshare/BYDE/Sunny Optical/Cowell) yesterday following report of order cuts for AirPods, Watch and MacBooks...

CMB International

BYDE (285 HK) – Corp Day Takeaways: 4Q Recovery to Continue

We hosted an investor call with BYDE during our Corporate Day on 29 Nov. Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s...

CMB International

BYDE (285 HK) – 3Q margin recovery a positive sign; Maintain HOLD on fair valuation

3Q GPM recovered to 6.5% (vs 5.2% in 2Q), driven by improving utilization and better product mix, which is a positive sign of margin recovery...

CMB International

China Technology - Implications of AirPods/Beats Production Base Relocation to India

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local...

CMB International

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.

CMB International

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