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

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>Sunny pre-announced net profit of RMB 2.64bn-2.75bn for 2024, up 140-150% YoY, with mid-point beating our/Bloomberg consensus estimates by 10%/10%, mainly due to smartphone market recovery, high-end/AI smartphone demand, strong NEV demand and rising adoption of intelligence driving.</li><li>For 2025, we believe Sunny will continue to benefit from China subsidies and AI spec upgrade, acceleration of intelligence driving, and booming edge AI devices (e.g. AI smart glasses).</li><li>We expect earnings upgrade cycle to continue into 1H25E, and we raise FY25/26E earnings by 17%/14% to reflect the AI smartphone upgrade, intelligence driving trend and proliferation of edge AI. </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.

Sunny pre-announced net profit of RMB 2.64bn-2.75bn for 2024, up 140-150% YoY, with mid-point beating our/Bloomberg consensus estimates by 10%/10%, mainly due to smartphone market recovery, high-end/AI smartphone demand, strong NEV demand and rising adoption of intelligence driving.For 2025, we believe Sunny will continue to benefit from China subsidies and AI spec upgrade, acceleration of intelligence driving, and booming edge AI devices (e.g. AI smart glasses).We expect earnings upgrade cycle to continue into 1H25E, and we raise FY25/26E earnings by 17%/14% to reflect the AI smartphone upgrade, intelligence driving trend and proliferation of edge AI. 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.

Sunny Optical (2382 HK) - Earnings Upgrade Cycle Has Just Begun; Raise TP to HK$102.89

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  </li>
<li> About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials. </li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/china-cinda-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:372:1" rel="noopener">China Cinda Asset Management (1359 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> , <a href="https://www.smartkarma.com/entities/china-galaxy-securities-co-h" target="_blank" data-smartkarma-citation="entities:165:1" rel="noopener">China Galaxy Securities (H) (6881 HK)</a> and <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> .  </li>
</ul>


HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  
 About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials.  
At month-end we sold China Cinda Asset Management (1359 HK) , Citic Ltd (267 HK) , China Galaxy Securities (H) (6881 HK) and GDS Holdings (9698 HK) .  


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 analyzed the latest HK SFC report for aggregate short position as of Mar 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com (9961 HK), ABC (1288 HK), BYD (1211 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com (9961 HK), ABC (1288 HK), BYD (1211 HK).


HK Short Interest Weekly: Trip.Com, ABC, BYD

<ul><li>We hosted Sunny Optical at 4Q outlook investor call this week.</li><li>Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.</li><li>Mgmt. is also confident that new CEO and mgmt. team will continue to lead Sunny for sustainable long-term growth. </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 Sunny Optical at 4Q outlook investor call this week.Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.Mgmt. is also confident that new CEO and mgmt. team will continue to lead Sunny for sustainable long-term growth. 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.

Sunny Optical (2382 HK) - NDR Takeaway: Guidance Well on Track

<ul><li>Sunny Optical announced that CEO and Executive Director, Mr. Sun Yang has resigned from current roles due to health reasons, and Mr. Wang Wenjie (current Executive Director and Executive Vice President) has been appointed as his successor, effective from 26 Nov 2024.</li><li>Mr. Wang worked in Sunny for over 35 years since his graduation in 1989. He was appointed as executive director in 2013, and is currently responsible for strategic planning and information management, as well as Sunny Optical Research Institute.</li><li>Having spoken with the company, we believe the following is relevant: 1) the departure is Mr. Sun’s decision, 2) his relationship with the board is good, 3) it is not performance issue, 4) mgmt. expects a seamless transition. </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.

Sunny Optical announced that CEO and Executive Director, Mr. Sun Yang has resigned from current roles due to health reasons, and Mr. Wang Wenjie (current Executive Director and Executive Vice President) has been appointed as his successor, effective from 26 Nov 2024.Mr. Wang worked in Sunny for over 35 years since his graduation in 1989. He was appointed as executive director in 2013, and is currently responsible for strategic planning and information management, as well as Sunny Optical Research Institute.Having spoken with the company, we believe the following is relevant: 1) the departure is Mr. Sun’s decision, 2) his relationship with the board is good, 3) it is not performance issue, 4) mgmt. expects a seamless transition. 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.

Sunny Optical (2382 HK) - CEO Transition Announced, Remain Confident in Mgmt. And LT Opportunity

China

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

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Sunny Optical Technology Group (2382 HK)

Sunny Optical (2382 HK) - Earnings Upgrade Cycle Has Just Begun; Raise TP to HK$102.89

Sunny pre-announced net profit of RMB 2.64bn-2.75bn for 2024, up 140-150% YoY, with mid-point beating our/Bloomberg consensus estimates by 10%/10%

CMB International

HONG KONG ALPHA PORTFOLIO (January 2025)

Hong Kong Alpha portfolio lost 1.29% in January and outperformed its benchmark. We sold GDS, Citic, Cinda and China Galaxy Securities. We added...

David Mudd

HK Short Interest Weekly: Trip.Com, ABC, BYD

We analyzed the latest HK SFC report for aggregate short position as of Mar 14th and highlight short interest changes in Trip.Com (9961 HK), ABC...

Ke Yan, CFA, FRM

Sunny Optical (2382 HK) - NDR Takeaway: Guidance Well on Track

Mgmt. reiterated that 2024 guidance for HCM/HLS/VLS/auto module/XR businesses remains unchanged and has been well on track YTD.

CMB International

Sunny Optical (2382 HK) - CEO Transition Announced, Remain Confident in Mgmt. And LT Opportunity

We think Mr. Wang is well regarded internally at Sunny and externally by key stakeholders, including customers and major shareholders

CMB International

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