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 raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E</li><li>2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules)</li><li>2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. </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 raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules)2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. 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) - Upbeat 3-Year Guidance Reaffirmed Our Positive View