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 BOEVx at 4Q outlook investor call this week. Mgmt. is positive on demand recovery in both domestic and overseas markets as well as rapid growth in system business in 2H24E.</li><li>As for Chengdu plant, mgmt. guided UTR to improve to 70-80% in the near term (vs. 60-70% now) given larger orders and better sales in 2H24E.</li><li>As for overseas markets, mgmt. stated Japan/Korea/ Europe project wins are on track in FY25-26E and reiterated 50% overseas sales mix guidance in FY27E.</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 BOEVx at 4Q outlook investor call this week. Mgmt. is positive on demand recovery in both domestic and overseas markets as well as rapid growth in system business in 2H24E.As for Chengdu plant, mgmt. guided UTR to improve to 70-80% in the near term (vs. 60-70% now) given larger orders and better sales in 2H24E.As for overseas markets, mgmt. stated Japan/Korea/ Europe project wins are on track in FY25-26E and reiterated 50% overseas sales mix guidance in FY27E.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 Plant, System Biz and Overseas Market to Drive Growth