External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Trip.com Group (TCOM) announced (8 June) 1Q23 results: net revenue was RMB9.2bn, up 124% YoY, 14% ahead of both our forecast and Bloomberg consensus estimates, and was 13% higher than 1Q19 level.</li><li>Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB1.2/1.3bn, thanks to stronger-than-expected revenue growth and cost saving initiatives.</li><li>Management noted stronger and more sustainable than expected release of pent-up demand, and expected the robust recovery to sustain in 2Q-3Q23, aided by: 1) arrival of summer peak season; 2) recovery in supply of international flights; 3) its loyal middle to high income user base, as well as enhanced supply chain capabilities and partner relationship. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Trip.com Group (TCOM) announced (8 June) 1Q23 results: net revenue was RMB9.2bn, up 124% YoY, 14% ahead of both our forecast and Bloomberg consensus estimates, and was 13% higher than 1Q19 level.Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB1.2/1.3bn, thanks to stronger-than-expected revenue growth and cost saving initiatives.Management noted stronger and more sustainable than expected release of pent-up demand, and expected the robust recovery to sustain in 2Q-3Q23, aided by: 1) arrival of summer peak season; 2) recovery in supply of international flights; 3) its loyal middle to high income user base, as well as enhanced supply chain capabilities and partner relationship. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trip.com (TCOM US) – Strong Recovery to Sustain in 2Q23

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Q123 Net Revenue was strong, exceeding Q119 (pre-Covid) levels by over 12%</li>
<li>Almost six months into recovery, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> has also managed SG&amp;A expenses well</li>
<li>A good result for the company, but we see no reason to alter our long-term view</li>
</ul>


Q123 Net Revenue was strong, exceeding Q119 (pre-Covid) levels by over 12%
Almost six months into recovery, Trip.com (TCOM US) has also managed SG&amp;A expenses well
A good result for the company, but we see no reason to alter our long-term view


Trip.com Q123 | Revenue Surges Past Q119 Level | Decade-High Margin | But Our Thesis Is Unchanged

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700.HK:  Supercell’s new game Floodrush receives unenthusiastic reception ( - )</li>
<li>3690.HK / TCOM: Douyin launches new hotel booking feature (-/-)</li>
<li>LI: Li Auto's daily order volume exceeds 1k for three consecutive weeks (+)</li>
</ul>


700.HK:  Supercell’s new game Floodrush receives unenthusiastic reception ( - )
3690.HK / TCOM: Douyin launches new hotel booking feature (-/-)
LI: Li Auto's daily order volume exceeds 1k for three consecutive weeks (+)


China TMT Update Jun 1 - 700.HK/Douyin/3690.HK/TCOM/Li- Supercell’s New Game Receives Unenthusiastic

<ul>
<li>Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting</li>
<li>FTA is making good progress on promoting its automated freight matching service</li>
<li>But other changes will require more time, and investors are impatient</li>
</ul>


Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting
FTA is making good progress on promoting its automated freight matching service
But other changes will require more time, and investors are impatient


Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

<ul>
<li>Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity</li>
<li>Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed</li>
<li>Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel</li>
</ul>


Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity
Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed
Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel


Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Trip.com (TCOM US) – Strong Recovery to Sustain in 2Q23

Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB1.2/1.3bn, thanks to stronger-than-expected revenue growth and...

CMB International

Trip.com Q123 | Revenue Surges Past Q119 Level | Decade-High Margin | But Our Thesis Is Unchanged

Trip.com posted a strong result in Q123, with Revenue finally above pre-Covid levels and core margins at a decade-high. But management seemed to...

Tracking Traffic

China TMT Update Jun 1 - 700.HK/Douyin/3690.HK/TCOM/Li- Supercell’s New Game Receives Unenthusiastic

700.HK: Supercell’s new game receives unenthusiastic reception (-) 3690.HK/TCOM: Douyin launches new hotel booking feature; LI: Li Auto's daily...

Blue Lotus Research Institute

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Despite solid revenue growth and rising profitability in Q1, investors focused on unexciting Q2 guidance. In this note we highlight some...

Tracking Traffic

Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

In April domestic and international air traffic continued to improve from depressed pandemic levels, but there are growing signs that Chinese...

Tracking Traffic

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