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>TK Group announced a positive profit alert for 1H24 with 40%+ YoY earnings growth.</li><li>After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue/margin recovery across most segments.</li><li>Following challenging business environment in 2022 and 2023, we believe TK is on track to deliver 38%/19% YoY earnings growth in FY24/25E, backed by client demand recovery (e.g. Jabra, Polycom), new order ramp-up (e.g. Meta, SONOS, Dyson), utilization improvement and operating leverage. </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>

TK Group announced a positive profit alert for 1H24 with 40%+ YoY earnings growth.After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue/margin recovery across most segments.Following challenging business environment in 2022 and 2023, we believe TK is on track to deliver 38%/19% YoY earnings growth in FY24/25E, backed by client demand recovery (e.g. Jabra, Polycom), new order ramp-up (e.g. Meta, SONOS, Dyson), utilization improvement and operating leverage. 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.

TK Group (2283 HK) - Positive Profit Alert in 1H24E

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Sonos, Inc. delivered an all-around beat in the previous quarter.</li><li>The company reported $373.4 million in sales, up 23% sequentially and approximately flat year over year in both reported and constant currency terms.</li><li>This growth was fueled by a full quarter of projected price increases, decreased component costs, and a favorable mix.</li></ul>

Sonos, Inc. delivered an all-around beat in the previous quarter.The company reported $373.4 million in sales, up 23% sequentially and approximately flat year over year in both reported and constant currency terms.This growth was fueled by a full quarter of projected price increases, decreased component costs, and a favorable mix.

Sonos Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

<ul><li>Sonos delivered a positive result and managed an all-around beat in the last quarter.</li><li>The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.</li><li>Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.</li></ul>

Sonos delivered a positive result and managed an all-around beat in the last quarter.The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.

Sonos Inc.: A Brave Attempt To Steer Clear of Macroeconomic Headwinds! – Key Drivers

Equity Capital Markets

<ul><li>Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite the challenging macroeconomic backdrop.</li><li>In the last quarter, installer solutions revenue grew, driven by robust demand for the company’s Port and Amp products in spite of persistent supply challenges.</li><li>Sonos continues to see strong performance in its installer solutions channel in spite of slowing house activity in the United States.</li></ul>

Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite the challenging macroeconomic backdrop.In the last quarter, installer solutions revenue grew, driven by robust demand for the company’s Port and Amp products in spite of persistent supply challenges.Sonos continues to see strong performance in its installer solutions channel in spite of slowing house activity in the United States.

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.</li>
<li>This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:</li>
<li>Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)</li>
</ul>


We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.
This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:
Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)


Short Ideas on Our Workbench:  Earnings Quality

United States

Sonos, Inc. designs, develops, and produces audio products. The Company offers charging cradles, music players, alternating current adapters, controllers, wireless speakers, and loudspeakers. Sonos serves customers worldwide.

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

Sonos Inc (SONO US)

TK Group (2283 HK) - Positive Profit Alert in 1H24E

After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue...

CMB International

Sonos Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

Sonos, Inc. delivered an all-around beat in the previous quarter. The company reported $373.4 million in sales, up 23% sequentially and...

Baptista Research

Sonos Inc.: A Brave Attempt To Steer Clear of Macroeconomic Headwinds! – Key Drivers

Sonos delivered a positive result and managed an all-around beat in the last quarter. The reported revenues were slightly ahead of expectations,...

Baptista Research

Sonos Inc: New Launches & Other Drivers

Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite...

Baptista Research

Short Ideas on Our Workbench: Earnings Quality

Our "Workbench" focuses exclusively on potential earnings quality shorts. We continue to work on these names. Today we highlight ten names of...

Eric Fernandez, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)