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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shenzhen Mindray Bio-Medical Electronics / Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.</li>
<li>NORTHBOUND saw net inflow for the first time in three months. Small at RMB 557mm, but positive.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.
NORTHBOUND saw net inflow for the first time in three months. Small at RMB 557mm, but positive.


Mainland Connect NORTHBOUND Flows (To 3Nov23): First Week of Net Buying in 3mos

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 3rd.</li>
<li>We estimate the weekly inflows to be US$100.5 million, led by consumer staples, information technology, health care sectors, and offset by industrials, consumer discretionary.</li>
<li>We highlight flows for Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray, Wuliangye, BYD.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 3rd.
We estimate the weekly inflows to be US$100.5 million, led by consumer staples, information technology, health care sectors, and offset by industrials, consumer discretionary.
We highlight flows for Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray, Wuliangye, BYD.


Northbound Flows (Nov 3rd): Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray

<ul>
<li>AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.</li>
<li>3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.</li>
<li>GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.</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.


AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.
3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.
GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.

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 AMD 3Q23: PC Recovery and AI PC Opportunities

<ul><li>Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.</li><li>3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.</li><li>Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. </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.

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. 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 Intel 3Q23

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

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

Mainland Connect NORTHBOUND Flows (To 3Nov23): First Week of Net Buying in 3mos

Northbound Connect flows were positive for the first time in three months last week. Top stocks saw the same. Watch for more jawboning on short...

Travis Lundy

Northbound Flows (Nov 3rd): Moutai, China Yangtze Power, Maxscend Microelectronics, Mindray

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, China Yangtze Power, Maxscend...

Ke Yan, CFA, FRM

China Technology – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown. 3Q revenue increased 4% YoY...

CMB International

China Technology – Implications of Intel 3Q23

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC...

CMB International

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