M N 20 Mar 2024 CMB International Global Markets | Equity Research | Company Update Akeso (9926 HK) Expect another fruitful year in 2024 In FY23, Akeso recorded RMB4.53bn in revenue, including RMB1.63bn from Target Price HK$59.61 product sales and RMB2.92bn from license income relevant to AK112 (PD- (Previous TP HK$51.23) 1/VEGF). Cadonilimab/AK104 (PD-1/CTLA-4) achieved RMB1.36bn in sales in Up/Downside 19.3% FY23, surpassing the Company’s initial guidance of RMB1.2-1.3bn. In 2H23, Current Price HK$49.95 A ...

M N 20 Mar 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) Raise TP and estimates on 4Q23 beat; All eyes on EV official launch on 28 March Target Price HK$20.25 Xiaomi’s 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus (Previous TP HK$19.54) estimates, driven by stronger margins, improving mix and investment gains. Up/Downside 36.3% Looking ahead, mgmt. is positive on smartphone recovery, premiumization Current Price HK$14.86 strategy and EV busines ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update CSPC Pharmaceutical (1093 HK) New products to contribute meaningful revenue in 2024  FY23 results in line with expectation. CSPC reported FY23 revenue of Target Price HK$7.76 RMB31.45bn (+1.7% YoY) and attributable net profit of RMB5.87bn (-3.6% (Previous TP HK$8.16) YoY), in line with our previous estimates. The adjusted attributable net profit Up/Downside 21.1% (excl. impact from financial assets, share-based compensation ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Most businesses are trending up Target Price HK$14.00 Maintain BUY. We are of the view that Geely’s FY23 earnings quality was better (Previous TP HK$14.00) than FY21-22. We believe most of its businesses are poised to enjoy higher Up/Downside 58.6% profits in FY24E. Some investors may overlook Geely’s recent assets disposal Current Price HK$8.83 to ease its lingering D&A burden by leveraging its par ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) Expectations reset with positive initiatives Target Price HK$24.86 We do find Li Ning’s FY23 results and FY24E guidance are inline, even though the views from the market are quite mixed. Anyhow, we do appreciate (Previous TP HK$32.93) management’s efforts to fix the bugsell and the branding power issues, as well Up/Downside 15.9% as resetting investors’ expectation with a prudent guidance. With all the prog ...

M N 19 Mar 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Stay prudent as channel health is the priority Target Price HK$6.31 Xtep’s FY23 results were dragged by weak e-commerce sales but inline with market consensus. Due to the macro uncertainty and high base, Xtep’s (Previous TP HK$7.07) management has put aside its 5-year growth target and introduced a rather Up/Downside 39.0% conservative target in FY24E. This is inline with our view that Xtep may not be Current ...

M N 19 Mar 2024 CMB International Global Markets | Equity Research | Company Update GigaCloud (GCT US) Riding on stepping-up of expansion Target Price US$43.0 GigaCloud (GCT) 4Q23 results beat already-high expectation, with revenue (Previous TP US$30.0) /earnings +95%/185% YoY (beating 9%/43%). Coupled with robust 1Q24E Up/Downside 25.7% guidance, we see high visibility for its strong performance in next few quarters, Current Price US$34.2 backed by continuous share gain and SKU& Sellers expansion. Leveragi ...

CMB International Global Markets | Equity Research | Company Update PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk1 Error! Reference source not found. Rerating rationale Total value = Embedded Value + Value of New Business * New Business Multiplier Long-term RoEV from 14% to 11%: Aside from the operating RoEV, we also include other metrics, i.e. investment experience variances, effect of changes in economic assum ...

M N 18 Mar 2024 CMB International Global Markets | Equity Research | Company Update Tuhu Car (9690 HK) Solid FY23 with better profitability Target Price HK$35.3 Tuhu Car (Tuhu) achieved decent profit for the first time in FY23, with revenue (Previous TP HK$50.10) +18% YoY (in line) and adj. NP at RMB481mn (27% above consensus). Looking Up/Downside 195.2% into FY24E, we are positive on its resilient growth (forecasting revenue + 16% Current Price HK$11.96 YoY), backed by workshop expansion, richer offerings, ...

M N 18 Mar 2024 CMB International Global Markets | Equity Research | Company Update Shennan Circuit (002916 CH) FY23 results beat helped by better 4Q Q Shennan Circuit released its FY23 earnings, with revenue down 3.3% YoY to Target Price RMB79.00 RMB13.5bn (5%/2% higher than our forecast/consensus) and net profit down (Previous TP RMB72.00) 14.8% YoY to RMB1.4bn (11%/5% higher than our forecast/consensus). The Up/Downside -11.2% Company beat estimates thanks to a stronger-than-expected 4Q. The Current Pric ...