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 Hon Teng posted a solid set of 1Q24 results, in-line with its positive profit alert, and mgmt. reiterated its FY24E guidance (rev +low-double digit YoY, GP +mid-double digit YoY, OPM 5.5%) in earnings call.</li><li>After hosting post-results NDR call with mgmt. on 10 May, we believe recent stock correction was mainly due to profit taking after a 101% rally in the past three months, and we remain positive on its 2H24E outlook backed by AirPods ramp-up, integration of Voltaira auto electronics business and order wins of AI server/networking products (US$500-1,000 content value per compute tray).</li><li>We slightly adjust FY24-26E forecasts to reflect higher GPM and better sales mix offset by higher opex for new products. </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 Hon Teng posted a solid set of 1Q24 results, in-line with its positive profit alert, and mgmt. reiterated its FY24E guidance (rev +low-double digit YoY, GP +mid-double digit YoY, OPM 5.5%) in earnings call.After hosting post-results NDR call with mgmt. on 10 May, we believe recent stock correction was mainly due to profit taking after a 101% rally in the past three months, and we remain positive on its 2H24E outlook backed by AirPods ramp-up, integration of Voltaira auto electronics business and order wins of AI server/networking products (US$500-1,000 content value per compute tray).We slightly adjust FY24-26E forecasts to reflect higher GPM and better sales mix offset by higher opex for new products. 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

FIT Hon Teng (6088 HK) - 1Q24 in Line