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 upgrade BYDE from Hold to BUY with new TP of HK$31.67, since we believe BYDE will deliver faster-than-expected NPM improvement from 2.7% in 2023E to 2.9%/3.1% in FY24/25E, backed by stabilized Android business, Apple share gain, fast-growing NEV/new intelligent products and improving utilization.</li><li>BYDE’s upbeat 1H23 NP preannouncement of 115-146% YoY growth is also 26%/27% above our/consensus estimates, due to better margin and faster business development.</li><li>We raised FY23-25E EPS by 11-13% to reflect 1H23 results and better GPM recovery. Our new SOTP-based TP of HK$31.67 implied 17.9x 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 upgrade BYDE from Hold to BUY with new TP of HK$31.67, since we believe BYDE will deliver faster-than-expected NPM improvement from 2.7% in 2023E to 2.9%/3.1% in FY24/25E, backed by stabilized Android business, Apple share gain, fast-growing NEV/new intelligent products and improving utilization.BYDE’s upbeat 1H23 NP preannouncement of 115-146% YoY growth is also 26%/27% above our/consensus estimates, due to better margin and faster business development.We raised FY23-25E EPS by 11-13% to reflect 1H23 results and better GPM recovery. Our new SOTP-based TP of HK$31.67 implied 17.9x 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.

BYDE (285 HK) – Clear Path to Margin Recovery; Upgrade to BUY

BYD Electronics

BYDE (285 HK) – Clear Path to Margin Recovery; Upgrade to BUY