M N 11 Mar 2024 CMB International Global Markets | Equity Research | Company Update ZTE (000063 CH) Improved margins in 2023 Target Price RMB34.20 ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast. Net profit increased by 15.4% (Previous TP RMB36.90) YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts. Gross Up/Downside 13.3% margin for 2023 was 41.5%, representing a 434bps increase from FY22. NPM Current Price RMB ...

M N 11 Mar 2024 CMB International Global Markets | Equity Research | Company Update ZTE (763 HK) Improved margins in 2023; expect steady BUY (Maintain) growth in 2024 Target Price HK$24.80 ZTE released its FY23 results. Revenue grew by 1.1% YoY to RMB124bn, in line with consensus and 3% higher than our forecast. Net profit increased by 15.4% (Previous TP HK$27.40) YoY to RMB9.3bn, 5% lower than consensus and in line with our forecasts. Gross Up/Downside 38.4% margin for 2023 was 41.5%, representing a 434bps ...

M N 8 Mar 2024 CMB International Global Markets | Equity Research | Company Update Bilibili (BILI US) Steady progress towards a sustainable business model Target Price US$20.50 Bilibili announced its 4Q23 results on 7 Mar: total revenue grew by 3% YoY to (Previous TP US$24.00) RMB6.35bn, in line with our/consensus estimate; adjusted net loss narrowed by Up/Downside 89.6% 58% YoY to RMB556mn, beating our/consensus estimate of RMB677/633mn, Current Price US$10.81 mainly attributable to the better-than-expecte ...

M N 8 Mar 2024 CMB International Global Markets | Equity Research | Company Update Prada SpA (1913 HK) 4Q23 cFX revenue +18%; Miu Miu overshot 4Q results were a beat to us and consensus, with the quarter’s net revenue Target Price HK$65.2 expanding by cFX +18.1%. The strength was mainly driven by 82% growth in Miu (Previous TP HK$64.5) Miu (vs CMBIe 50%+). All regions marked robust growth, especially Japan (cFX Up/Downside 17.1% +38%) and APAC (cFX +32%), when the US continued to record sequential Current P ...

M Asia Pacific Insight March 10, 2024 08:40 AM GMT Contemporary Amperex Technology Co. Ltd. Morgan Stanley Asia Limited+ Jack Lu Equity Analyst Resurgence of "CATL Inside" Jack.Lu@morganstanley.com +852 2848-5044 Kaylee Xu Equity Analyst What’s Changed Kaylee.Xu@morganstanley.com +852 2239-1506 Contemporary Amperex Technology Co. Ltd. (300750.SZ) From To Morgan Stanley & Co. International plc, Seoul Branch+ Rating Equal-weight Overweight Young Suk Shin Price Target Rmb184.00 Rmb210.00 Equity Analyst Young.S ...

6 Mar 2024 CMB International Global Markets | Equity Research | Company Initiation Kelun-Biotech (6990 HK) ` A trailblazer in ADC arena BUY (Initiation) Target Price HK$152.26  Kelun-Biotech, a trailblazer in biotech innovation, boasts a diverse ADC Up/Downside 30.4% pipeline with strategic backing from MSD. Leveraging a robust integrated ADC Current Price HK$116.80 platform, the company has developed several differentiated clinical-stage ADCs - including SKB264 (TROP2 ADC), A166 (HER2 ADC), SKB315 (CLDN18 ...

M N 6 Mar 2024 CMB International Global Markets | Equity Research | Company Update NIO Inc. (NIO US) Cash burn speeds up with capital injection Target Price US$6.20 Maintain HOLD. NIO’s all-time high R&D and SG&A expenses in 4Q23 once (Previous TP US$6.80) again confirm that it is probably too difficult for the company to control costs. Up/Downside 13.1% The cash burn from CYVN’s capital injection may last shorter than we expected Current Price US$5.48 before. We see no sign or persuasive strategies to turn ...

M N 6 Mar 2024 CMB International Global Markets | Equity Research | Company Update Yuexiu Transport (1052 HK) 2023 core profit +91% YoY but below estimates; >7% yield + potential asset injection Target Price HK$7.20 Yuexiu Transport’s net profit in 2023 grew 69% YoY to RMB765mn. Adjusted (Previous TP HK$7.50) for RMB100mn of non-cash impairment on Shantou Bay Bridge, the core net Up/Downside 57.2% profit would be RMB865mn (+91% YoY), 10%/8% below our/consensus Current Price HK$4.58 forecast as the gross mar ...

GPT-5 achieved proto AGI in late 2023 with an IQ of 48 [Source: https://www.lesswrong.com/posts/k2SNji3jXaLGhBeYP/extrapolating-gpt-n-performance] Max 80 Translation (BLEU) Winggrad the way to max performa Common sense eading (Acc & F1) SAT analogies 40 FLOP used to train GP caling-law crossover po okens in common cra FLOP for $1B 20 Size implies 1 cent/v Params = Synapses in brain (guess) Params in TAI quess) FLOP for p(TAI)=25% Data FLOP : per word: | --- | |----------------------------------------------- ...

M N 4 Mar 2024 CMB International Global Markets | Equity Research | Company Update Cloud Music (9899 HK) Solid core music business and margin expansion outlook Target Price HK$106.50 Cloud Music announced FY23 financial results: total revenue dropped by 13% (Previous TP HK$99.50) YoY to RMB7.87bn in FY23, in line with our/consensus estimate. 2H23 total Up/Downside 17.7% revenue was down by 16% YoY to RMB3.96bn, mainly due to the adjustment of Current Price HK$90.45 social entertainment business (-42% YoY). ...