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>FIT will announce its 1H23 results next week. We estimate 1H23E revenue of US$1,823mn (-13% YoY) and net loss of US$11.9mn, largely in-line with earlier guidance, given weak seasonality of consumer electronics, higher expense for digital transformation and overseas capacity expansion.</li><li>Looking into 2H23E, we expect a back-end loaded 2H23E with QoQ recovery, backed by better product mix (CPU socket, DDR5 connector, acoustics, Prettl business) and new iPhone model launch.</li><li>Despite near-term opex pressure, we think 1H23 earnings weakness has been reflected in share price, and we are positive on FIT’s improving product mix and margin expansion trend in 2H23E. </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>

FIT will announce its 1H23 results next week. We estimate 1H23E revenue of US$1,823mn (-13% YoY) and net loss of US$11.9mn, largely in-line with earlier guidance, given weak seasonality of consumer electronics, higher expense for digital transformation and overseas capacity expansion.Looking into 2H23E, we expect a back-end loaded 2H23E with QoQ recovery, backed by better product mix (CPU socket, DDR5 connector, acoustics, Prettl business) and new iPhone model launch.Despite near-term opex pressure, we think 1H23 earnings weakness has been reflected in share price, and we are positive on FIT’s improving product mix and margin expansion trend in 2H23E. 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.

FIT Hon Teng (6088 HK) – 1H23 Preview: Expect Weakness In-Line