【招银国际】 4Q22 Preview： earnings recovery remains bumpy; Maintain HOLD.pdf

Semiconductors:Broadcom 2Q24 earnings surged on AI power and VMware integration

Big surprise on 2023E earnings; TP raised

Marvell FY1Q25 earnings: Harnessing the AI revenue

Attractive valuation with likely resilient earnings

–3Q23 earnings surged 120-200% YoY; Strong gas trucks sales continue to be key driver

3Q24 first take: Earnings in-line with solid margin recovery; Focus on GB200 products in 4Q24E

–Solid 2Q23 earnings quality; Eyes on upmarket

PHEVs key to FY24; Earnings likely still resilient

1Q results pointed to a better full-year earnings growth outlook

Fair valuation despite FY22 high earnings quality