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>We believe Q-Tech’s 1H23 profit warning is within market expectation given 1H23 CCM shipment decline of 20% YoY, while 60-80% earnings decline is below our/ market estimates, due to lower GPM and higher R&amp;D expense for non-smartphone business.</li><li>Looking into 2H23E, we are positive on supply chain restocking for demand recovery and product launches in 3Q23E, and we believe Q-tech is set to benefit from spec upgrade and industry recovery in 2H23E.</li><li>We lowered our FY23-25E EPS by 16-31% to factor in 1H23 results and improving outlook 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 believe Q-Tech’s 1H23 profit warning is within market expectation given 1H23 CCM shipment decline of 20% YoY, while 60-80% earnings decline is below our/ market estimates, due to lower GPM and higher R&amp;D expense for non-smartphone business.Looking into 2H23E, we are positive on supply chain restocking for demand recovery and product launches in 3Q23E, and we believe Q-tech is set to benefit from spec upgrade and industry recovery in 2H23E.We lowered our FY23-25E EPS by 16-31% to factor in 1H23 results and improving outlook 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.

Q-Tech (1478 HK) – 1H23 Profit Warning; Maintain BUY on 2H Gradual Recovery

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 Hong Kong Connect flows with our data engine for holding position as of July 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the outflows to be USD 538m and highlight flows for Meituan, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the outflows to be USD 538m and highlight flows for Meituan, BYD.


Hong Kong Connect Flows (Jul 14th): Meituan, BYD

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 7th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We analyzed southbound Hong Kong connect flows in the past week and highlight flows for  China Mobile, ICBC, ABC, Tencent, HSBC, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We analyzed southbound Hong Kong connect flows in the past week and highlight flows for  China Mobile, ICBC, ABC, Tencent, HSBC, BYD.


Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD

<ul><li>We hosted an NDR investor call with Q-Tech on 29 Jun.</li><li>Mmgt. expressed positive view on 3Q23 shipment and guided QoQ recovery for handset CCM business, driven mainly by encouraging inventory digestion, demand rebound and ASP hike on spec upgrade across all models.</li><li>For non-smartphone CCM (10%+ sales mix), mgmt. maintained guidance of 50%+ YoY growth in FY23E driven by IoT and auto ramp-up. </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 NDR investor call with Q-Tech on 29 Jun.Mmgt. expressed positive view on 3Q23 shipment and guided QoQ recovery for handset CCM business, driven mainly by encouraging inventory digestion, demand rebound and ASP hike on spec upgrade across all models.For non-smartphone CCM (10%+ sales mix), mgmt. maintained guidance of 50%+ YoY growth in FY23E driven by IoT and auto ramp-up. 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.

Q-Tech (1478 HK) – Demand Recovery and Spec Upgrade to Drive ASP/Margin in 2H23E

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.


Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

Q-Tech (1478 HK) – 1H23 Profit Warning; Maintain BUY on 2H Gradual Recovery

We believe Q-Tech’s 1H23 profit warning is within market expectation given 1H23 CCM shipment decline of 20% YoY, while 60-80% earnings decline is...

CMB International

Hong Kong Connect Flows (Jul 14th): Meituan, BYD

We analyzed the Hong Kong Connect Scheme for last week. We estimate the outflows to be USD 38m and highlight flows for Meituan and BYD.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jul 7th): China Mobile, ICBC, ABC, Tencent, HSBC, BYD

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for China Mobile, ICBC, ABC, Tencent, HSBC, BYD.

Ke Yan, CFA, FRM

Q-Tech (1478 HK) – Demand Recovery and Spec Upgrade to Drive ASP/Margin in 2H23E

For non-smartphone CCM (10%+ sales mix), mgmt. maintained guidance of 50%+ YoY growth in FY23E driven by IoT and auto ramp-up.

CMB International

Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.

Ke Yan, CFA, FRM

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