M N 9 May 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 1Q24E preview: Expect strong earnings ahead; Raise TP to HK$23.77 Target Price HK$23.77 Xiaomi will report 1Q24 results in late May. We estimate 1Q revenue/adj. net profit (Previous TP HK$22.19) to deliver 26%/67% YoY growth to RMB75.2bn/5.4bn, 5%/19% above consensus, Up/Downside 24.5% backed by strong smartphone shipments, better GPM across all segments and Current Price HK$19.10 prudent expense controls. Lo ...

China Puti FLASH NOTE 8 May 2024 Fundamentals Expects better 2HFY24 on client's fast order ; Net gearing ratio further declined ◼ The sales drop in 1HFY24 was mainly driven by ASP (-12.9% Yoy,in HKD terms) in knitwear as a result of higher sales volume of normal knitwear and whole garment with lower ASP, while mutually agreed price adjustment for whole garment products caused a drag on ASP. Nevertheless, we noticed that normal knitwear ASP managed to grow 10.6% HoH (based on our calculation) in 1HFY24, we b ...

M N 8 May 2024 CMB International Global Markets | Equity Research | Company Update Walt Disney Co (DIS US) Looking beyond 3Q OI volatility Target Price US$142.00 Disney delivered solid 2QFY24 results, with inline revenue (+1.2% YoY) (Previous TP US$142.00) and upbeat profit (+30% YoY, beating consensus by 8%). The upbeat Up/Downside 34.7% margin was mainly attributable to DTC’s breakeven (ahead of guidance). Current Price US$105.39 Mgmt also raised its FY24E EPS growth target to 25% YoY (vs. prior at least ...

L Page 2 / 7 Source: Company data, CIRL estimates | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|--------|--------|-------|--------|--------|-------|-------|-------| | Exhibit 2: Key assumptions \nYear to Dec (HK$ mn) | FY19A | FY20A | FY21A | FY22A | FY23A | FY24E | FY25E | FY26E | | Segment Revene | | | | | | | | | | Mold fabrication | 591 | 700 | 706 | 606 | 620 | 657 | 683 | 718 | | Plastic components manufacturing | 1,720 | 1,333 | 1,698 | ...

M N 7 May 2024 CMB International Global Markets | Equity Research | Company Update PICC P&C (2328 HK) 1Q24 catastrophe-induced claims fully released; FY24 CoR guidance sustained; exp. >40% payout PICC P&C reported weaker-than-expected first-quarter results given the 1Q24 CoR Target Price HK$11.90 slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto premium growth Up/Downside 25.9% dropped to +1.9%/+5.0% YoY (1Q23: +6.5%/+12.8% YoY). Dragged by increased Current Price HK$9.45 claims for low-temper ...

Disclosures & Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analy ...

BYD Electronic | 285.HK Rating BUY Maintain 1Q24 result in-line, AI exposure next to watch Target HKD 41.35 P Cri uce rr ent HKD 27.10 Upside: +54.3% 1Q24 result in-line, e arnings backend loaded Comppraicen y U pdate % BYDE’s 1Q24 result was largely in-line and on track to FY24E consensus, with revenue and net profit each grew 38.5%/33% to 3 May 2024 RMB36.5bn and RMB610mn respectively thanks to Jabil Singapore (Jabil) consolidation, while GM was largely flattish QoQ at 6.9%, Hayman Chiu despite a 0.8ppt d ...

M N 6 May 2024 CMB International Global Markets | Equity Research | Company Update CPIC (2601 HK) VNB growth accelerated; NP turned positive YoY CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. Target Price HK$24.80 China Life / Ping An +26.3%/+20.7% YoY in the corresponding period (link/link). (Previous TP HK$29.72) The strong VNB momentum was driven by margin expansion to an est.15.8%, Up/Downside 37.8% +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32 ...

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Yum China (9987 HK) 2Q24E is tough but turnaround is still possible o The 1Q24 results of Yum China were satisfactory, however the catering industry Target Price HK$348.13 remain subdued and hence we have become more cautious about YUMC’s (Previous TP HK$384.17) 2Q24E outlook. But since the turnaround in 2H24E should still be intact, plus Up/Downside 18.3% the massive buyback and dividend payment, we continue to maintain BUY. ...

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Henlius Biotech (2696 HK) Strong product sales in 1Q  Strong sales maintained in 1Q24. Henlius Biotech (Henlius) recorded total Target Price HK$20.33 revenue of RMB1.349bn in 1Q24, up 35% YoY. Of this, HANQUYOU’s sales in (Previous TP HK$18.67) China was RMB671mn (+25% YoY, -4% QoQ), which accounted for 23% of our Up/Downside 21.2% previous FY24 estimate. In 1Q24, serplulimab (PD-1) experienced robust Current Price HK$16.78 ...