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 announced 1H23 results with revenue of US$ 1.78bn and net loss of US$ 9mn, largely in-line with guidance and our preview note, mainly due to weak seasonality, expense on digital transformation and networking product mix change.</li><li>Mgmt. maintained FY23E guidance (revenue flat YoY, gross profit double-digit YoY increase, net income 5-15% YoY decline), and expected 2H23E earnings recovery driven by seasonality, new product ramp up and contribution from Voltaira.</li><li>We trimmed FY23-25E EPS by 5-6% to reflect higher expense for business transformation. </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 announced 1H23 results with revenue of US$ 1.78bn and net loss of US$ 9mn, largely in-line with guidance and our preview note, mainly due to weak seasonality, expense on digital transformation and networking product mix change.Mgmt. maintained FY23E guidance (revenue flat YoY, gross profit double-digit YoY increase, net income 5-15% YoY decline), and expected 2H23E earnings recovery driven by seasonality, new product ramp up and contribution from Voltaira.We trimmed FY23-25E EPS by 5-6% to reflect higher expense for business transformation. 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) – Weak 1H23 In-Line; Positive Outlook in 2H23E