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>Following BYDE’s announcement to acquire Jabil’s mobility business (iPhone casing) for RMB15.8bn (~US$2.2bn), we conducted scenario analysis of the acquisition to BYDE’s earnings, and our base case suggested 5%/10% upside to BYDE’s net profit in FY24/25E, assuming 15%/18% iPhone casing share allocation and 3.4%/3.8% NPM in FY24/25E.</li><li>In addition, we believe integration of Jabil’s iPhone casing business will accelerate BYDE’s share gain in Apple’s multiple product categories.</li><li>For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz. </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>

Following BYDE’s announcement to acquire Jabil’s mobility business (iPhone casing) for RMB15.8bn (~US$2.2bn), we conducted scenario analysis of the acquisition to BYDE’s earnings, and our base case suggested 5%/10% upside to BYDE’s net profit in FY24/25E, assuming 15%/18% iPhone casing share allocation and 3.4%/3.8% NPM in FY24/25E.In addition, we believe integration of Jabil’s iPhone casing business will accelerate BYDE’s share gain in Apple’s multiple product categories.For 2H23E/24E, we remain positive on high-end Android recovery (e.g. Huawei), share gain in iPad OEM/components and rapid growth in household energy storage and NEV biz. 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) – Scenario Analysis of Jabil Biz Suggested 5-10% Earnings Upside in FY24/25E

BYD Electronics

BYDE (285 HK) – Scenario Analysis of Jabil Biz Suggested 5-10% Earnings Upside in FY24/25E