13 Sep 2024 CMB International Global Markets | Equity Research | Company Update EVA Holdings (838 HK) On track to tier-1 supplier transformation We believe that EVA's auto parts business is on track to transform into a tier-1 supplier with more orders from OEMs to lift FY25E revenue, based on our recent meeting with management. Although we cut our FY24E revenue and NP by 3% and 9%, respectively, amid its cautious approach to maintain GPM, we see higher earnings visibility in FY25E. We estimate its dividend ...