15 Aug 2024 CMB International Global Markets | Equity Research | Company Update Tencent (700 HK) Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn; non- IFRS operating profit grew by 27% YoY to RMB58.4bn, largely in line with our estimate of RMB57.7bn; non-IFRS net income increased by 53% YoY to RMB57.3bn and was 17/18% ahead of our/cons ...

14 Aug 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) 2Q24 in-line; Upbeat guidance on power busbar and liquid cooling order wins 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 Al server product portfolio: 1) power busbar and liquid cooling CDU products certified by customers (1-3% of FY24E sales), 2) sampling of backplane connector soluti ...

14 Aug 2024 CMB International Global Markets | Equity Research | Company Update TME (TME US) Inline 2Q24 results; focus on balanced growth of music subs and ARPPU in 2H24E TME announced 2Q24 results on 13 Aug: total revenue declined by 2% YoY to RMB7.16bn, in line with our/Bloomberg consensus estimate of RMB7.16/7.13bn; non-IFRS net income was up by 22% YoY to RMB1.87bn, 2/2% ahead of our/consensus estimate. For 2H24E, management will focus more on balanced growth of music subs and ARPPU, expecting slower m ...

13 Aug 2024 CMB International Global Markets | Equity Research | Company Update Q-Tech (1478 HK) 1H24 earnings recovery on fast track; reiterate BUY Q-tech announced in-line 1H24 results driven by strong CCM/FPM growth and GPM improvement on smartphone demand rebound, share gains, an increasing UTR and a better high-end product mix. For 2H24/2025, we remain positive on high-end spec upgrade to drive ASP/GPM, auto CCM sales growth to accelerate under rising NEV penetration and ultra-sound FPM upgrade in smar ...

Fixed Income Credit Commentary 13 Aug 2024 CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 The Asset Asian G3 Bond Benchmark Review 2023 We hope you found our commentaries and ideas helpful. We seek to elevate our efforts and value-add further in the coming year. We highly appreciate your support to us in Sell-Side Analysts of the polls of "The Asset Asian G3 Bond Benchmark Review 2024". Thank you for your support! . Asian IGs were stable and flows skewed to better selling this morning. Ja ...

Investment Rating - Initiate at BUY with a target price of HK$21.41, representing an upside of 21.1% from the current price of HK$17.68 [3][14]. Core Insights - Rimag Group is the largest medical imaging service provider in China, leading the third-party medical imaging services market with significant growth potential [1][9]. - The medical imaging service market in China is expected to grow at a CAGR of 13.6%, reaching RMB661.5 billion by 2030, driven by unmet demand for quality services [1][9]. - Rimag's revenue increased at a CAGR of 25.3% from RMB592.0 million in 2021 to RMB928.9 million in 2023, with expectations of continued growth at a CAGR of 23.3% from 2023 to 2026E [1][30]. Summary by Sections Investment Thesis - The third-party medical imaging center market in China has large growth potential due to low imaging equipment per capita, resource imbalance, and high patient demand for quality services [8][9]. - Rimag is positioned to lead this market with a comprehensive suite of services and a strong operational model [9][10]. Company Overview - Rimag was established in 2014 and has become the largest medical imaging group in China, with 97 imaging centers across 17 provinces and over 220 advanced imaging equipment [10][18]. - The company holds 31 licenses for third-party medical imaging centers, accounting for 19% of the total licenses in China [18]. Financial Performance - Rimag's revenue from imaging center services was RMB638.1 million in 2023, accounting for 68.7% of total revenue, with a gross profit margin of 45.1% [40]. - The company achieved an attributable net profit of RMB44.4 million in 2023, with a net profit margin of 4.8% [30][12]. Business Model - Rimag operates a comprehensive medical imaging platform that provides end-to-end services, including imaging center services, imaging solution services, and Rimag Cloud services [24][27]. - The company integrates operational management, equipment configuration, and talent cultivation to enhance service delivery and efficiency [35][36]. Market Outlook - The third-party medical imaging center market in China is projected to reach RMB18.6 billion by 2030, growing at a CAGR of 30.7% from 2023 to 2030 [1][9]. - Favorable government policies and increasing private sector participation are expected to drive market penetration and growth [9][22].