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 will announce its 4Q23/FY23E results in March. We estimate FY23E revenue/net profit of US$ 4,184mn/131mn (-8%/-23% YoY) and 4Q23 revenue/ net profit of US$1,235mn/76.0mn (+7%/+121% YoY), largely in-line with guidance, given weak CE demand, SP business price pressure, networking product portfolio alternation and auto business integration.</li><li>Looking ahead, we are positive in new product ramp-up (high-speed connectivity products/DDR5 connectors/CPU sockets), auto business consolidation and audio product order wins in FY24/25E.</li><li>We slightly trimmed our topline estimates for FY23/24E due to smartphone price pressure and lowered shipment demand of the key customer. </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 will announce its 4Q23/FY23E results in March. We estimate FY23E revenue/net profit of US$ 4,184mn/131mn (-8%/-23% YoY) and 4Q23 revenue/ net profit of US$1,235mn/76.0mn (+7%/+121% YoY), largely in-line with guidance, given weak CE demand, SP business price pressure, networking product portfolio alternation and auto business integration.Looking ahead, we are positive in new product ramp-up (high-speed connectivity products/DDR5 connectors/CPU sockets), auto business consolidation and audio product order wins in FY24/25E.We slightly trimmed our topline estimates for FY23/24E due to smartphone price pressure and lowered shipment demand of the key customer. 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) - FY23E Preview: Earnings Recovery on Track