External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We hosted NDR meetings with BOE Varitronix on 12 Jan. Mgmt. maintained positive view on automotive intelligence and smart-cockpit, and expected limited impact from recent industry updates (China NEV subsidy expiry and Tesla price cut) thanks to its focus on both traditional and NEV customers, pricing strategy and cost advantage.</li><li>In addition, Chengdu auto display turned profitable in 4Q22 and is on track to reach maximum capacity of 15mn by 2024E.</li><li>Overall, we remain positive on auto display upgrade trend, new client wins, and Chengdu plant to drive growth. Reiterate BUY with TP HK$26.01 based on 25x FY23E P/E.</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>

We hosted NDR meetings with BOE Varitronix on 12 Jan. Mgmt. maintained positive view on automotive intelligence and smart-cockpit, and expected limited impact from recent industry updates (China NEV subsidy expiry and Tesla price cut) thanks to its focus on both traditional and NEV customers, pricing strategy and cost advantage.In addition, Chengdu auto display turned profitable in 4Q22 and is on track to reach maximum capacity of 15mn by 2024E.Overall, we remain positive on auto display upgrade trend, new client wins, and Chengdu plant to drive growth. Reiterate BUY with TP HK$26.01 based on 25x FY23E P/E.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.

BOE Varitronix (710 HK) – Chengdu Auto Display Capacity Ramp-Up on Track