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 hosted FIT Hon Teng (FIT) at CMBI Technology Corporate Day on 25 Jun.</li><li>After 50% rally post-Computex and WWDC in early June, investors expressed strong interests in 1) AI server upside in 2H24/2025, 2) AirPods ramp-up in Vietnam/India, 3) new EV JV and opportunities, and 4) AI PC/phone cycle in 2H24E. Mgmt. stated 2Q24 rev/GPM guidance on track with upside potential in smartphone/networking segments.</li><li>Overall, we maintain our positive view on FIT’s multiple growth drivers in FY24/25E (AI server connectors, AirPods, EV biz), and expect further upside in AI server content value, general server recovery and AI PC/smartphone upcycle. </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 hosted FIT Hon Teng (FIT) at CMBI Technology Corporate Day on 25 Jun.After 50% rally post-Computex and WWDC in early June, investors expressed strong interests in 1) AI server upside in 2H24/2025, 2) AirPods ramp-up in Vietnam/India, 3) new EV JV and opportunities, and 4) AI PC/phone cycle in 2H24E. Mgmt. stated 2Q24 rev/GPM guidance on track with upside potential in smartphone/networking segments.Overall, we maintain our positive view on FIT’s multiple growth drivers in FY24/25E (AI server connectors, AirPods, EV biz), and expect further upside in AI server content value, general server recovery and AI PC/smartphone upcycle. 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) - Multiple Growth Drivers in AI Server, AI PC/Phone and AirPods in FY24/25E