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 ...

M N 13 Mar 2024 CMB International Global Markets | Equity Research | Initiation 361 Degrees (1361 HK) Star products & sponsorships-led turnaround BUY Target Price HK$6.23 We initiate BUY on 361 Degrees with TP of HK$6.23 based on 10x FY24E P/E. We forecast 16%/20% sales/ NP CAGRs in FY22-25E vs 7%/20% during Up/Downside 43.5% FY19-22, driven by major improvements in: 1) star products and endorsement Current Price HK$4.34 quality, 2) offline store images and e-commerce strategy, and 3) kids business. China C ...

JD.com (JD US) Target Price US$52.00 (Previous TP US$52.00) Up/Downside 142.5% Current Price US$21.44 China Internet Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk Ye TAO franktao@cmbi.com.hk Wentao LU, CFA luwentao@cmbi.com.hk Stock Data Mkt Cap (US$ mn) 33,993.1 Avg 3 mths t/o (US$ mn) 354.7 52w High/Low (US$) 46.98/21.44 Total Issued Shares (mn) 1585.5 Source: FactSet Shareholding Structure Richard Qiangdong Liu 13.8% Max Smart Limitied 13.3% Source: HKEx Share Performance Absolute Relative 1-mth -11. ...

M N 11 Mar 2024 CMB International Global Markets | Equity Research | Initiation Walt Disney Co (DIS US) Streaming and ESPN+ on the rise BUY Leveraging its notable IP and diversified portfolio, we expect Disney to benefit from Target Price US$142.0 streaming & sports industry tailwinds and cost control initiatives. After unveiling Up/Downside 28.7% decent 1QFY24 results, Disney has shown significant narrowing of loss on Current Price US$110.3 streaming, improving group efficiency, and strategic expansion on ...

FY23E Preview: industry headwinds mostly priced in; Awaiting recovery in FY24E PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk1 Source: Company data, CMBIGM estimates 28% 37% 15% -14% 59%52% 19% 20% 24% 0 2,000 4,000 6,000 8,000 10,000 12,000 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E (RMB mn) Revenue YoY Source: Company data, CMBIGM estimates PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON ...