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.

Thematic (Sector/Industry)

<ul><li>China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </li></ul>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.

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. 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.

China Internet – 2Q23 online advertising: recovery in cautious mode

Equity Bottom-Up

<ul><li>Meituan reported (25 May) its 1Q23 results: revenue was RMB58.6bn, up 26.7% YoY, 3/2% higher than our forecast/consensus estimate.</li><li>Adjusted net profit during 1Q23 reached RMB5.5bn, better than our/consensus forecast of RMB2.0/1.9bn, due to better-than-expected operating profit generated from core local commerce business aided by better operating leverage improvement, and more stringent than expected cost control from new initiatives.</li><li>Meituan remains determined to invest in driving for better consumer mindshare and merchants ROI in local consumer services industry, in order to fend off escalating competition from Douyin. </li></ul>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.

Meituan reported (25 May) its 1Q23 results: revenue was RMB58.6bn, up 26.7% YoY, 3/2% higher than our forecast/consensus estimate.Adjusted net profit during 1Q23 reached RMB5.5bn, better than our/consensus forecast of RMB2.0/1.9bn, due to better-than-expected operating profit generated from core local commerce business aided by better operating leverage improvement, and more stringent than expected cost control from new initiatives.Meituan remains determined to invest in driving for better consumer mindshare and merchants ROI in local consumer services industry, in order to fend off escalating competition from Douyin. 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.

Meituan (3690 HK) – Determined to maintain local consumer services industry consumer mind share

<ul><li>We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.</li><li>Most of the TMT issuers are cash-rich with solid liquidity profiles.</li><li>Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. </li></ul>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.

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.Most of the TMT issuers are cash-rich with solid liquidity profiles.Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. 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.

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

<ul><li>Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.</li><li>With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.</li><li>Maintain BUY on TCOM, BABA, and Meituan.</li></ul>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.

Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.Maintain BUY on TCOM, BABA, and Meituan.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.

China Internet – Release of pent-up demand aids robust travel and consumption recovery

<ul><li>With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.</li><li>Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.</li><li>Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. </li></ul>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.

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. 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.

China Internet – March online retail sales recap

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.

CMB International

China Internet – Release of pent-up demand aids robust travel and consumption recovery

With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of...

CMB International

China Internet – March online retail sales recap

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)