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. ...

Investment Rating - The report initiates coverage on Walt Disney Co with a BUY rating and a target price of US$142, implying a 28.7% upside from the current price of US$110.3 [4][5]. Core Insights - The report highlights that Disney is expected to benefit from streaming and sports industry tailwinds, alongside cost control initiatives. The company has shown significant improvement in streaming losses and operational efficiency, with management guiding for an EPS of US$4.6 (+22% YoY) and free cash flow of US$8 billion in FY24E. Streaming profitability is anticipated by 4QFY24E, with projected revenue and earnings CAGR of 5% and 16% respectively from FY24-26E [2][3][28]. Company Overview - Established in 1923, Disney is a global entertainment and media conglomerate with a diversified portfolio that includes film production, theme parks, and streaming services. The company is currently prioritizing its streaming and ESPN segments, supported by cash flow from its Experiences business [12][17]. Streaming and Sports Growth - Disney+ has reached 150 million paid subscribers as of 1QFY24, with expectations for continued growth driven by strong content, AVOD initiatives, and paid-sharing strategies. The report forecasts a 4% CAGR in Disney+ subscribers from FY24-26E, with net adds of 5.5-6 million expected in 2QFY24E [2][20][38]. Parks and Experiences - The Parks segment is projected to be a significant cash generator, contributing approximately two-thirds of the Group's operating income in FY24E, with an expected 10% CAGR in operating income from FY24-26E. Revenue from US parks is anticipated to accelerate in the second half of FY24E [2][3][9]. Financial Performance - For FY24E, Disney's revenue is expected to reach US$91.8 billion, with a YoY growth of 3.3%. Adjusted net profit is projected at US$8.5 billion, reflecting a 23.9% increase YoY. The diluted EPS is forecasted to be US$4.62, a 23.4% increase YoY [3][4]. Valuation Metrics - The report sets a target price based on a sum-of-the-parts (SOTP) valuation, implying a P/E ratio of 30.7x for FY24E, which is 14% below Netflix's valuation but slightly above the industry average [2][4]. Key Catalysts - The report identifies several key catalysts for Disney's growth, including the upcoming breakeven on streaming, strong net subscriber additions, resilient performance in parks, and progress in the sports segment [2][3][4].

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 ...

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 ...