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 spoke to Tongda mgmt. post results, and we believe FY24 earnings were mainly dragged by disposal of Apple biz and non-cash impairment provisions.</li><li>Excluding Apple biz, FY24 revenue grew 17.8% YoY, backed by consumer electronics (+17.5%) and household &amp; sports goods (+19%).</li><li>For 2025, mgmt. believes growth drivers include Android demand recovery, high-margin smarttech business, and GPM recovery to 15-16% after 2 years of restructuring. </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 spoke to Tongda mgmt. post results, and we believe FY24 earnings were mainly dragged by disposal of Apple biz and non-cash impairment provisions.Excluding Apple biz, FY24 revenue grew 17.8% YoY, backed by consumer electronics (+17.5%) and household &amp; sports goods (+19%).For 2025, mgmt. believes growth drivers include Android demand recovery, high-margin smarttech business, and GPM recovery to 15-16% after 2 years of restructuring. 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.

Tongda (698 HK) - Android Demand and Smart-Tech to Drive Earnings Recovery; Maintain BUY

Tongda Group Holdings

Tongda (698 HK) - Android Demand and Smart-Tech to Drive Earnings Recovery; Maintain BUY