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 recently spoke to Tongda’s mgmt., and with Apple biz disposal and business reorganisation in 1H24E, mgmt. reiterated their positive view on Android demand recovery, major customers’ share gains (Xiaomi, Honor/Huawei), household &amp; sports goods demand and cooling modules for AI servers to drive growth in FY24-25E.</li><li>We lower FY24/25E EPS by 1-9% to reflect the business disposal, a lower GPM and debt repayment.</li><li>Our new TP of HK$0.14 is based on the same 6.0x FY24E P/E. Trading at 3.0x/2.5x FY24/25E P/E (lower than 1sd below 10-year hist. avg.), the stock offers attractive risk/reward in our view. Maintain BUY.</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 recently spoke to Tongda’s mgmt., and with Apple biz disposal and business reorganisation in 1H24E, mgmt. reiterated their positive view on Android demand recovery, major customers’ share gains (Xiaomi, Honor/Huawei), household &amp; sports goods demand and cooling modules for AI servers to drive growth in FY24-25E.We lower FY24/25E EPS by 1-9% to reflect the business disposal, a lower GPM and debt repayment.Our new TP of HK$0.14 is based on the same 6.0x FY24E P/E. Trading at 3.0x/2.5x FY24/25E P/E (lower than 1sd below 10-year hist. avg.), the stock offers attractive risk/reward in our view. Maintain BUY.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) - Healthier Balance Sheet and Android Momentum to Drive Profitability Recovery

Tongda Group Holdings

Tongda (698 HK) - Healthier Balance Sheet and Android Momentum to Drive Profitability Recovery