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 strong set of 2Q24 results, in-line with prior positive profit alert.</li><li>Following our NDR call with mgmt., we are constructive on rapid expansion of AI server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector solutions undergoing customer evaluation.</li><li>Mgmt. raised FY24E guidance for networking business revenue to high double-digit YoY (vs prior +5- 15% YoY), partially offset by weaker system products (flattish vs prior lowdouble YoY), while lifted FY24E GPM guidance by 10-20 bps to 20.1-20.2% and maintained the OPM target. </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 strong set of 2Q24 results, in-line with prior positive profit alert.Following our NDR call with mgmt., we are constructive on rapid expansion of AI server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector solutions undergoing customer evaluation.Mgmt. raised FY24E guidance for networking business revenue to high double-digit YoY (vs prior +5- 15% YoY), partially offset by weaker system products (flattish vs prior lowdouble YoY), while lifted FY24E GPM guidance by 10-20 bps to 20.1-20.2% and maintained the OPM target. 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 Guidance on Power Busbar and Liquid Cooling Order Wins