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 ...

M N 18 Mar 2024 CMB International Global Markets | Equity Research | Company Update Mobvista Inc. (1860 HK) Focusing on margin enhancement FY23 results were largely in line, with rev +18% YoY and profit at US$19.1mn Target Price HK$6.00 (in line with our estimate but 9% above consensus). Mintegral rev remained (Previous TP HK$6.00) resilient at +19.5% YoY in 4Q23. For 2024E, we see high visibility for Mobvista Up/Downside 85.8% to enhance its profitability (forecasting bottom line at US$37mn, net margin at ...

M N 15 Mar 2024 CMB International Global Markets | Equity Research | Company Update Weibo (WB US) Weathering a challenging FY24 Target Price US$18.80 Weibo reported 4Q23 results on 14 Mar: total revenue grew by 3% YoY (or +5% (Previous TP US$23.50) YoY on a constant currency basis) to US$464mn, vs consensus/our estimate of Up/Downside 93.8% US$454/458mn. Non-GAAP operating income declined by 4% YoY to Current Price US$9.70 US$146mn in 4Q23, 7% ahead of consensus, mainly thanks to the stringent control in pr ...

h 股 c r a 票 e s e R 研 y [Table_Title] Gin Yu 余劲同 tiu Company Report: FIT Hon Teng (06088 HK) 究 q (852)2509 2113 E 公司报告： 鸿腾精密 (06088 HK) gin.yu@gtjas.com.hk 14 March 2024 R[Taebsleu_lStusm mWarey]r e in Line with Expectations, While Layout in EV Mobility to Bring Huge Expandable Market Space, "Buy" tr 公 o p  We maintain the investment rating as "Buy" but set TP to HK$1.65. We e [RTaabtlien_gR:a nk] Buy 司 R forecast FY24-FY26 EPS to be US$0.023/ US$0.029/ US$0.035, y Maintained 报 n respectively. Considering ...

M N 14 Mar 2024 CMB International Global Markets | Equity Research | Company Update 361 Degrees (1361 HK) Resilient outlook backed by rising popularity Target Price HK$6.25 361 Degrees’s FY23 result was roughly inline but we are delighted to see its dividend payout ratio resumed to 40%. Going forward in FY24E, we are still (Previous TP HK$6.23) confident, thanks to: 1) its wholesale business nature (supported by 80%+ sell Up/Downside 36.6% through rate), 2) resilient retail sales growth (20%+ in Jan-Feb 202 ...

M N 14 Mar 2024 CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) FY23 in line; upbeat FY24E outlook on AI server/networking, EV and AirPods upside Target Price HK$2.21 FIT Hon Teng delivered in-line FY23 results and upbeat FY24E guidance. It (Previous TP HK$2.02) posted FY23 revenue of US$4,196mn (-7% YoY) and net profit of US$130mn (- Up/Downside 64.7% 24% YoY), largely in-line with guidance, mainly due to softer demand for Current Price HK$1.34 traditional servers ...

M N 13 Mar 2024 CMB International Global Markets | Equity Research | Company Update Horizon CD (9930 HK) 2023 earnings in line; 15% share price pullback BUY (Maintain) looks overdone Target Price HK$3.70 Horizon CD’s core net profit in 2023 grew 10% YoY to RMB1bn, in line with our (Previous TP HK$5.20) expectation. While the lack of dividend payout is disappointing given that Up/Downside 189.1% positive free cash flow is achieved, we believe the 15% share price pullback Current Price HK$1.28 yesterday was o ...