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>BOEVx reported strong revenue/NP growth of 39%/78% YoY in FY22 driven by solid auto display demand, better product mix and economies of scale.</li><li>Looking into 2023, we expect Chengdu plant fast expansion, CMS and US market will become major growth drivers, while ASP/GPM in 1H23E will be under pressure given near-term auto OEM price war and new biz ramp-up. </li><li>Therefore, we adjusted our FY23/24E EPS and assigned new TP of HK$23.69, based on same 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>

BOEVx reported strong revenue/NP growth of 39%/78% YoY in FY22 driven by solid auto display demand, better product mix and economies of scale.Looking into 2023, we expect Chengdu plant fast expansion, CMS and US market will become major growth drivers, while ASP/GPM in 1H23E will be under pressure given near-term auto OEM price war and new biz ramp-up. Therefore, we adjusted our FY23/24E EPS and assigned new TP of HK$23.69, based on same 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) – Strong FY22 Results