Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company is a leading ICT solutions provider in the Asia-Pacific region, focusing on digital transformation through cloud computing and AI technologies [8][13]. - The Southeast Asian market is experiencing rapid growth, with projected revenue growth of approximately 74% in 2024, contributing to a significant portion of the company's overall revenue [32]. - The company has established strong partnerships with major tech firms, enhancing its market position and service offerings [18][19]. Summary by Sections 1. Company Overview - The company was founded in 1991 and listed on the Hong Kong Stock Exchange in 2002, serving as a key channel for ICT products in Southeast Asia [8][13]. - It operates across nine countries in the region, with a network of 87 branches and partnerships with over 50,000 channel institutions [15]. 2. Business Growth - Revenue from the Southeast Asian market is expected to increase significantly, with a forecasted growth rate of 34.41% in 2024 [32]. - The company has seen steady revenue growth from 2020 to 2024, with total revenues projected to reach HKD 102.31 billion in 2025, reflecting a year-on-year growth of 14.85% [61]. 3. Cloud Computing and AI Expansion - The company has been actively expanding its cloud computing and AI services since establishing its cloud division in 2013, collaborating with major cloud providers [37]. - AI-related revenue is projected to reach HKD 3.78 billion in 2024, marking a 42% increase year-on-year [54]. 4. Financial Projections - The company anticipates total revenues of HKD 1,023.11 billion, HKD 1,170.77 billion, and HKD 1,334.02 billion for the years 2025, 2026, and 2027, respectively [61]. - The expected net profit for the same period is projected to be HKD 1.3 billion, HKD 1.5 billion, and HKD 1.8 billion, with corresponding growth rates of 20%, 22%, and 15% [60].