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

Thematic (Sector/Industry)

<ul><li>2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.</li><li>Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.</li><li>In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 4Q22).</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.

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 4Q22).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 – 2Q23 Global Smartphone Shipment Decline Narrowed

<ul><li>Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.</li><li>Vision Pro features dual Apple silicon chips M2&amp;R1, 4K micro-OLED displays, 15+ cameras/ sensors, gesture-based control and external battery pack, but high price tag at USD 3499 and early 2024 availability are below expectations, leading to profit taking pressure on tech sector today.</li><li>Despite its high selling price, we remain positive on Apple’s first-gen MR shipment of 200-300k in 1H24E, and expect it to gradually ramp up to 10mn+ level in next few years after more affordable model launches in 2025/26. </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 announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.Vision Pro features dual Apple silicon chips M2&amp;R1, 4K micro-OLED displays, 15+ cameras/ sensors, gesture-based control and external battery pack, but high price tag at USD 3499 and early 2024 availability are below expectations, leading to profit taking pressure on tech sector today.Despite its high selling price, we remain positive on Apple’s first-gen MR shipment of 200-300k in 1H24E, and expect it to gradually ramp up to 10mn+ level in next few years after more affordable model launches in 2025/26. 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 – Apple WWDC 2023: Vision Pro and more

<ul><li>Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus, mainly driven by strong iPhone sales in emerging markets and record revenue from Service, partially offset by FX headwinds and weak macro on Mac/iPad sales.</li><li>Looking into FY3Q23E, mgmt. expects revenue to perform similarly to FY2Q23 with macro/FX pressure.</li><li>Given resilient outlook and iPhone’s share gain during industry downcycle, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from MR device launch in WWDC in June. </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 FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus, mainly driven by strong iPhone sales in emerging markets and record revenue from Service, partially offset by FX headwinds and weak macro on Mac/iPad sales.Looking into FY3Q23E, mgmt. expects revenue to perform similarly to FY2Q23 with macro/FX pressure.Given resilient outlook and iPhone’s share gain during industry downcycle, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from MR device launch in WWDC in June. 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 FY2Q23 Beat on Strong IPhone and EM

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Luxshare posted FY22 revenue/NP growth of 39%/30% YoY, largely in-line with expectations, and it also pre-announced 1H23 earnings growth of 10-20% YoY, which we believe is resilient given weakness in smartphone/ consumer electronics market.</li><li>Given challenging macro headwinds, Luxshare delivered impressive operating efficiency and cost synergies.</li><li>Looking forward, following multiple strategic M&amp;As in 2020/21, we believe Luxshare is well-positioned to gain share in iPhone/Macbook/iPad/Watch OEM/components, and capture opportunities in automobile tier-1 biz and AR/VR product cycle. </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 posted FY22 revenue/NP growth of 39%/30% YoY, largely in-line with expectations, and it also pre-announced 1H23 earnings growth of 10-20% YoY, which we believe is resilient given weakness in smartphone/ consumer electronics market.Given challenging macro headwinds, Luxshare delivered impressive operating efficiency and cost synergies.Looking forward, following multiple strategic M&amp;As in 2020/21, we believe Luxshare is well-positioned to gain share in iPhone/Macbook/iPad/Watch OEM/components, and capture opportunities in automobile tier-1 biz and AR/VR product cycle. 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) – Resilient FY22/1H23 despite industry headwinds

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Luxshare Precision Industry (002475 CH)

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

China Technology – 2Q23 Global Smartphone Shipment Decline Narrowed

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.

CMB International

China Technology – Apple WWDC 2023: Vision Pro and more

Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.

CMB International

China Technology Sector – Apple FY2Q23 Beat on Strong IPhone and EM

Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus

CMB International

Luxshare (002475 CH) – Resilient FY22/1H23 despite industry headwinds

Luxshare posted FY22 revenue/NP growth of 39%/30% YoY, largely in-line with expectations, and it also pre-announced 1H23 earnings growth of 10-20% YoY

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)