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>BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage &amp; automotive ramp and improving utilization.</li><li>During earnings call, mgmt. guided 1) gradual recovery for Android business in 2H23E on mid to high-end model demand, 2) share gain in Apple OEM/components; 3) residential energy storage with 50- 100% YoY; and 4) auto segment with 100%+ YoY in FY23E.</li><li>We adjusted FY23/24E EPS by 1-2% to reflect better GPM recovery. </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>

BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage &amp; automotive ramp and improving utilization.During earnings call, mgmt. guided 1) gradual recovery for Android business in 2H23E on mid to high-end model demand, 2) share gain in Apple OEM/components; 3) residential energy storage with 50- 100% YoY; and 4) auto segment with 100%+ YoY in FY23E.We adjusted FY23/24E EPS by 1-2% to reflect better GPM recovery. 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.

BYDE (285 HK) – 1Q23 beat on better GPM; Maintain HOLD on fair valuation

BYD Electronics

BYDE (285 HK) – 1Q23 beat on better GPM; Maintain HOLD on fair valuation