Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

China

Shenzhen Kstar Science and Technology Company Limited is an uninterruptible power supply (UPS) provider. The Company engages in uninterruptible power supply and its support services of valve-regulated lead-acid battery battery research and development, production, sales and support.

Shenzhen Kstar Science And Technology (002518 CH)

Nantong Jianghai Capacitor Co., Ltd. develops, produces and sells electronic components.  The Company's products include aluminum electrolytic capacitors, surface mounted components and polymer.

Nantong Jianghai Capacitor Co,Ltd. (002484 CH)

Zhongshan Broad Ocean Motor Co Ltd manufactures AC and DC electric motors.

Zhongshan Broad Ocean Motor Co., (002249 CH)

Suzhou Anjie Technology Company Limited manufactures and provides related functional devices services for laptops, cell phones and other consumer electronics brands terminal manufacturers. The Company's main products include internal and external functional components used in laptops and cell phones.

Qingdao Hanhe Cable Company Limited researches, produces and sales various cable and accessories products, including optical fiber, submarine cable, communication data cable, computer cable and branch cable.  The Company also provides installation services and troubleshooting services for the products.

Sinosteel Engineering & Technology Co., Ltd. operates a metallurgical engineering company. The Company provides engineering services and projects and supplies equipment and spare parts in the metallurgical industry.

Sinosteel Engineering & Technology (000928 CH)

Leyard Optoelectronic Company Limited develops, designs, manufactures, sells LED application products, and provides total solutions. The Company's main products include all kinds of LED display products, LED televisions, LED lighting products, LED backlight identification systems, and other related products.

Camel Group Co Ltd research, develops, manufactures, sells and recycles batteries. The Company's main products are the lead-acid batteries for automotive, electric vehicle, electric bikes, etc.

Roshow Technology Company Limited designs, develops, manufactures and sells electromagnetic products. The Company's main products include copper and aluminum wires.

Xiamen Kehua Hengsheng Co Ltd. manufactures power supply equipment (Uninterruptible Power Supply systems). The Company's products include online and offline UPS systems and battery systems.

Allis Electric Co., Ltd. manufactures and markets electric distributors, electronics products, voltage regulating transformers and electrical machinery materials.  The Company mainly sells its products in Taiwan.

Thermon Group Holdings, Inc. provides engineered thermal solutions for process industries. The Company offers thermal solutions that also referred as heat tracing, provide an external heat source to pipes, vessels, and instruments for the purposes of freeze protection, temperature and flow maintenance, environmental monitoring, and surface snow and ice melting.

Transformers & Rectifiers India Limited manufactures a wide range of transformers. The Company's products include power generation, transmission, and distribution transformers.

Transformers & Rectifiers (India) Ltd (TRIL IN)

CS Wind Corporation operates as a wind tower company. The Company manufactures and exports steel wind towers, while also offering aluminum platforms for wind towers. CS Wind extends its products and services globally.

Array Technologies, Inc. designs and manufactures solar tracking systems. The Company offers solar tracking equipment to utilities, corporations, small businesses, and homeowners. Array Technologies serves customers worldwide.

USHIO INC. manufactures lamps and optical equipment including projectors for movie theaters.  The Company produces halogen and Houdentou lamps for semiconductor and office automation equipment.  Ushio has subsidiaries in the US, Canada, Germany, Hong Kong, Netherlands, Singapore, South Korea, and Taiwan.

Johnson Electric Holdings Limited, through its subsidiaries, designs, manufactures and markets micromotors.  The Company's micromotor products are used in consumer and business product applications including automobile components, home appliances, power tools, multimedia, personal care, and business equipment.

Ta Ya Electric Wire & Cable Co., Ltd. manufactures electrical wires and cables. The Company produces enameled wires, bare copper wires, cross-linked power electric (PE) cables, telecommunication cables, as well as plastic wires and cables.

Vicor Corporation designs, manufactures, and markets modular power components and complete power systems.  The Company's products are used in electronic products to convert power from a primary power source into the direct current required by electronic circuits.  Vicor sells its products in North and South America, as well as internationally through independent distributors.

Powell Industries, Inc. designs, manufactures, and packages equipment and systems for the distribution, control, and management of electrical energy and process control systems.  The Company serves industrial customers such as oil and gas producers, refineries, petrochemical plants, transportation facilities, and public and private utilities.

Shenzhen Desay Battery Technology Co., Ltd. manufactures batteries, develops and manages office and commercial buildings. The Company also operates in import and export trading.

Shenzhen Desay Battery Tech Co, Ltd. (000049 CH)

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Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities