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>1Q24 sales growth was slow but net profit should still be strong.</li><li>Thanks to the healthy sell-out growth and the less-than-one-month Amazon channel inventory, plus the upgrades in products (e.g., Turbo Blaze air fryer, Dual Zone air fryer, the pet-friendly air purifier and vacuum cleaner), orders growth should normalize in the coming quarters, in our view.</li><li>With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs during FY23-26E.</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.

1Q24 sales growth was slow but net profit should still be strong.Thanks to the healthy sell-out growth and the less-than-one-month Amazon channel inventory, plus the upgrades in products (e.g., Turbo Blaze air fryer, Dual Zone air fryer, the pet-friendly air purifier and vacuum cleaner), orders growth should normalize in the coming quarters, in our view.With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs during FY23-26E.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.

Vesync (2148 HK) - 1Q24 Was Slow but End-Demand Is Healthy

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

<ul><li>1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory.</li><li>And we do think the turnaround is not just here but solid.</li><li>With such an undemanding valuation of 7x FY23E P/E, backed by a 20% sales CAGR during FY22-25E, we maintain BUY.</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.

1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory.And we do think the turnaround is not just here but solid.With such an undemanding valuation of 7x FY23E P/E, backed by a 20% sales CAGR during FY22-25E, we maintain BUY.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.

Vesync (2148 HK) – An All-Rounded Beat and a Bullish Outlook

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> is less exposed to China's real estate market than one would have thought. Despite poor property industry, HSH still generated 12.9% earnings growth in 3Q23.</li>
<li>We are delighted to see further margin pick-up in 2Q23-3Q23, thanks to digitalisation and better efficiency. We believe such a trend can be sustained over the next 12-18 months. </li>
<li>More innovative products will drive market share, and better margin can support a 13% 3-year earnings CAGR. ROE is high at 17-8% despite net cash (8.8% of share price).   </li>
</ul>



Haier Smart Home (6690 HK) is less exposed to China's real estate market than one would have thought. Despite poor property industry, HSH still generated 12.9% earnings growth in 3Q23.
We are delighted to see further margin pick-up in 2Q23-3Q23, thanks to digitalisation and better efficiency. We believe such a trend can be sustained over the next 12-18 months. 
More innovative products will drive market share, and better margin can support a 13% 3-year earnings CAGR. ROE is high at 17-8% despite net cash (8.8% of share price).   


<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a> revealed that domestic sales are performing well in the "Double-11" festival and overseas sales have outperformed peers in Black Friday.</li>
<li>The high-end brand Casarte has maintained good market shares in refrigerators, drum washing machines and air-conditioners. Overseas market also saw positive upgrade demand. </li>
<li>Its digitalisation strategy has enhanced customers' shopping experience and increased repurchases. HSH has also achieved improvements in overall efficiency through such efforts.</li>
</ul>



Haier Smart Home Co Ltd (6690 HK) revealed that domestic sales are performing well in the "Double-11" festival and overseas sales have outperformed peers in Black Friday.
The high-end brand Casarte has maintained good market shares in refrigerators, drum washing machines and air-conditioners. Overseas market also saw positive upgrade demand. 
Its digitalisation strategy has enhanced customers' shopping experience and increased repurchases. HSH has also achieved improvements in overall efficiency through such efforts.


Haier Smart Home (6690 HK): Further Updates from Management

China

Vesync Co Ltd develops smart home platform that connect air quality, health monitoring, kitchen, lighting, and outlet systems.The Company helps users to manage home, save energy, and bring remote items within handheld reach.

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

Vesync (2148 HK)

Vesync (2148 HK) - 1Q24 Was Slow but End-Demand Is Healthy

With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs...

CMB International

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Vesync (2148 HK) – An All-Rounded Beat and a Bullish Outlook

1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory. And we do think the turnaround...

CMB International

Haier Smart Home (6690 HK): Stays Smart

Haier Smart Home is less exposed to real estate market than expected. Digitalisation and efficiency improvements are driving margin; and...

Osbert Tang, CFA

Haier Smart Home (6690 HK): Further Updates from Management

Sales have performed well in "Double-11" festival and Black Friday. Overseas markets have seen positive upgrade demand and digitalisation has...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vesync (2148 HK) - 1Q24 Was Slow but End-Demand Is Healthy

With an undemanding valuation of 7x FY24E P/E, we maintain BUY with a TP of HK$ 6.79, based on 11x P/E, well supported by 13%/16% sales/NP CAGRs...

CMB International

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

Vesync (2148 HK) – An All-Rounded Beat and a Bullish Outlook

1H23 result was far more than good, with industry leading sales and net profit growth, plus a declining inventory. And we do think the turnaround...

CMB International

Haier Smart Home (6690 HK): Stays Smart

​Haier Smart Home is less exposed to real estate market than expected. Digitalisation and efficiency improvements are driving margin; and...

Osbert Tang, CFA

Haier Smart Home (6690 HK): Further Updates from Management

Sales have performed well in "Double-11" festival and Black Friday. Overseas markets have seen positive upgrade demand and digitalisation has...

Osbert Tang, CFA

Haier Smart Home is less exposed to real estate market than expected. Digitalisation and efficiency improvements are driving margin; and...