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 attended Xiaomi Investor Day 2024 in Beijing on 23 Apr.</li><li>Key takeaways include: 1) SU7 delivery target: 100k units in 2024 and 10k monthly delivery in June.</li><li>2) SU7 GPM target of 5-10% in 2024. 3) SU7 breakeven at 300-400k sales per year; 4) City NOA available in May and to be rolled out nationwide in Aug; 5) Smart EV sales/service centre: target to cover 46/82 cities by end of 2024; 6) Smart driving team: 1.5k/2k staff by 2024/25 from 1k currently; 7) 2024 guidance: RMB300bn in revenue with RMB24bn in R&amp;D expenses. </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 attended Xiaomi Investor Day 2024 in Beijing on 23 Apr.Key takeaways include: 1) SU7 delivery target: 100k units in 2024 and 10k monthly delivery in June.2) SU7 GPM target of 5-10% in 2024. 3) SU7 breakeven at 300-400k sales per year; 4) City NOA available in May and to be rolled out nationwide in Aug; 5) Smart EV sales/service centre: target to cover 46/82 cities by end of 2024; 6) Smart driving team: 1.5k/2k staff by 2024/25 from 1k currently; 7) 2024 guidance: RMB300bn in revenue with RMB24bn in R&amp;D expenses. 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.

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>In 1Q24, Xiaomi and Transsion shipments grew rapidly, while <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> shrank.</li>
<li>Tims China’s revenue expanded with new openings, which is encouraging in the competitive market.</li>
<li>In China, Tesla fired salespeople who had served the company for less than six months.</li>
</ul>


In 1Q24, Xiaomi and Transsion shipments grew rapidly, while Samsung Electronics (005930 KS) and Apple (AAPL US) shrank.
Tims China’s revenue expanded with new openings, which is encouraging in the competitive market.
In China, Tesla fired salespeople who had served the company for less than six months.


China Consumption Weekly (22 Apr 2024): Xiaomi, Transsion, Tims China, Xpeng, Tesla

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Sunny Optical Technology Group / Equity Bottom-Up

<ul>
<li>The Hong Kong market trades about 30% below analysts' estimated 12 month target price.</li>
<li>Analysts are raising forecasts for<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> as it meets success with new phone rollouts and its EV business.  </li>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> had a positive profit alert and <a href="https://www.smartkarma.com/entities/minth-group-ltd" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group Ltd (425 HK)</a> is showing growth in its international business. Both are rated BUY from analysts.</li>
</ul>


The Hong Kong market trades about 30% below analysts' estimated 12 month target price.
Analysts are raising forecasts forXiaomi Corp (1810 HK) as it meets success with new phone rollouts and its EV business.  

Sunny Optical Technology Group (2382 HK) had a positive profit alert and Minth Group Ltd (425 HK) is showing growth in its international business. Both are rated BUY from analysts.


BUY/SELL/HOLD: Hong Kong Stock Updates (July 22)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$19.2bn this week, on smallish two-way volumes. Tencent and ETFs stood out as large net buys.</li>
<li>I've thought national team was buying banks for months. This week, no banks showed in the top five net buys, and only 1 in the top ten.</li>
<li>It is somewhat perplexing that the flows just stopped. But that may be a sign of things to come. Confirmation may require a week or two.</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$19.2bn this week, on smallish two-way volumes. Tencent and ETFs stood out as large net buys.
I've thought national team was buying banks for months. This week, no banks showed in the top five net buys, and only 1 in the top ten.
It is somewhat perplexing that the flows just stopped. But that may be a sign of things to come. Confirmation may require a week or two.


HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 19th.</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 ICBC (1398 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for ICBC (1398 HK), China Hongqiao (1378 HK).


Hong Kong Connect Flows (Jul 19th): ICBC, China Hongqiao

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day

Key takeaways include: 1) SU7 delivery target: 100k units in 2024 and 10k monthly delivery in June. 2) SU7 GPM target of 5-10% in 2024. 3) SU7...

CMB International

China Consumption Weekly (22 Apr 2024): Xiaomi, Transsion, Tims China, Xpeng, Tesla

In 1Q24, Xiaomi and Transsion shipments grew rapidly. Tims China’s revenue expanded with new openings. In China, Tesla fired salespeople.

Ming Lu

BUY/SELL/HOLD: Hong Kong Stock Updates (July 22)

Xiaomi launches its new AI enabled phone and has success in EVs. Sunny Optical has seen its auto lens business grow and Minth is successfully...

David Mudd

HK Connect SOUTHBOUND Flows (To 19 Jul 2024); Tencent the Big Buy, but Few Banks and a Long Tail

SOUTHBOUND saw significant net buying this past week but to no avail. HK stocks got crushed across the board. A-shares were up on the week, so it...

Travis Lundy

Hong Kong Connect Flows (Jul 19th): ICBC, China Hongqiao

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for ICBC (1398 HK), China Hongqiao (1378 HK).

Ke Yan, CFA, FRM

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