+M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) Resilient margin in 2H23 with positive outlook Target Price HK$8.39 Maintain BUY and raise TP to HK$8.39 (we now assume a gradual improvement in SSS recovery rate onwards as the group is rolling out more new initiatives (Previous TP HK$7.05) this year). We are still cautious about catering sector, but JMJ’s numbers have Up/Downside 49.9% stabilized lately. A rebound in share price is possible given undem ...

M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) NDR takeaways: Opportunities in US$1.7bn server connector/cable market; Lift TP to HK$2.42 Target Price HK$2.42 Maintain BUY and raise TP to HK$2.42 to reflect stronger demand of next-gen high-speed connectivity in AI servers in FY24/25E, backed by MCIO connectors (Previous TP HK$2.21) /cables and high-speed I/O products, recent launch of 224G high-speed Up/Downside 19.3% products at DesignCon (link), ...

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update Zhejiang Dingli (603338 CH) New AWP capacity expansion plan to further enhance global competitiveness Target Price RMB70.00 Zhejiang Dingli (Dingli) announced over the weekend that it plans to spend (Previous TP RMB70.00) RMB1.7bn to build a new production base for 20k units of new energy aerial work Up/Downside 24.8% platform (AWP). We understand that the entire capacity will be for scissors lifts, Current Price RMB56.10 gi ...

25 Mar, 2024 due to the keen price war. We, thus, slash the TP to HKD 2.85/share, maintaining "BUY". Intron | 01760.HK TARGET PRICE Intron (01760.HK) reported a YoY 20.1% increase in revenue to RMB 5,802.3mn in FY 2023, and the GM plunged by 2.9p.p. to 18.7%, lower than our estimates. An abnormally low GM COMPANY UPDATE brianngo@westbullsec.com.hk | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------- ...

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update AAC Tech (2018 HK) Solid outlook for PSS merger & optics margin recovery; Maintain HOLD on fair valuation Target Price HK$22.44 AAC reported FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange (Previous TP HK$14.04) gains and other income. FY23 GPM came in at 16.9%, largely in line, and 2H23 Up/Downside (10.2%) GPM recovered to 19.2% (+1.4ppts YoY/+5. ...

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update Henlius Biotech (2696 HK) Anticipating sustained profitability  Profit turnaround driven by core business operations. Henliu’s FY23 revenue Target Price HK$18.67 increased 67.8% YoY to RMB5.40bn, driven by strong sales of HANQUYOU (Previous TP HK$18.67) (trastuzumab biosimilar) and serplulimab (PD-1). HANQUYOU recorded Up/Downside 31.8% RMB2.74bn revenue in FY23, +58% YoY. We think HANQUYOU may be free from Current Price HK ...

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update Greentown Management (9979 HK) FY23 results in-line: >30% NP and 100% pay- out Greentown Management delivered +31% YoY growth in net profit in FY23 and Target Price HK$9.37 offered a special dividend for the second time that maintained the pay-out ratio (Previous TP HK$9.67) at 100%, representing 8% div. yield. We think company’s capability of timely Up/Downside 51.3% business restructuring supported its consistent delivery ...

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) GAP revitalization making good progress Target Price US$4.93 Baozun delivered mixed 4Q23 results with in-line revenue (+9% YoY) but soft (Previous TP US$6.90) bottom line. For 1Q24E, we expect a low-single-digit YoY decline in revenue, with Up/Downside 113.0% a net loss position, for slower BEC (Baozun E-commerce) recovery with soft Current Price US$2.30 consumption sentiment. Despite that, BBM (Baozun Brand ...

M N 22 Mar 2024 CMB International Global Markets | Equity Research | Company Update Prudential Plc. (2378 HK) NBP beat driven by better 2H margin; expect FY24 DPS to continue growing by 7%-9% Prudential reported strong FY23 results with new business profit (NBP) jumping by Target Price HK$137.8 45% YoY (CER) to US$3.13bn, beating consensus by 6.4%, thanks to +3ppt NBP (Previous TP HK$143.00) margin expansion to 53% in full year. The Group’s NBP margin (NBM) sequentially Up/Downside 81.9% improved in 2H23 to ...

Li Ning | 2331.HK Rating BUY Maintain Operating quality to drive earnings growth Target price HK$29 .40 C Cuu rr rr ee nn t price HK$21.25 Upside: +38.4% Curren FY23 results met exp ectations Company update Li Ning (LN) FY23 results on 20th Mar with revenue and net profit of RMB27.6bn (+7% YoY) and RMB3,187mn (-21.6% YoY) respectively. And they declared a final dividend of 22 Mar 2024 RMB19cents, implying dividend payout ratio reached 45% (FY22: 30%). We joined their post result presentation, management pro ...