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

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba’s adjustment on Taobao and Tmall strategies is delivering early-stage results.</li><li>The strategic move drives user engagement improvement through enhancing supply of value for money products and brands to reach targeted consumers, which in turn improves merchants’ willingness to invest in advertising, securing long-term revenue and earnings growth prospects to be in line with industry trend.</li><li>International expansion and technology enhancement are still on track to drive long-term revenue and earnings growth. </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.

Alibaba’s adjustment on Taobao and Tmall strategies is delivering early-stage results.The strategic move drives user engagement improvement through enhancing supply of value for money products and brands to reach targeted consumers, which in turn improves merchants’ willingness to invest in advertising, securing long-term revenue and earnings growth prospects to be in line with industry trend.International expansion and technology enhancement are still on track to drive long-term revenue and earnings growth. 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.

Alibaba (BABA US) – In-Depth Analysis into Segment Value

Thematic (Sector/Industry)

<ul><li>Based on NBS data, 7M23 online retail sales GMV/ online physical goods GMV reached RMB8.3/7.0tn, up 12.5/10.0% YoY.</li><li>The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption recovery still takes time.</li><li>Although overall topline growth of e-commerce platforms is likely to face short-term fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to a benign than expected industry competition, and better than expected earnings growth in 2Q-3Q23. </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.

Based on NBS data, 7M23 online retail sales GMV/ online physical goods GMV reached RMB8.3/7.0tn, up 12.5/10.0% YoY.The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption recovery still takes time.Although overall topline growth of e-commerce platforms is likely to face short-term fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to a benign than expected industry competition, and better than expected earnings growth in 2Q-3Q23. 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 – July online retail sales recap

<ul><li>Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg consensus estimates, mainly driven by better-than-expected revenue growth in customer management revenue (CMR) and Cainiao.</li><li>Fueled by operating efficiency improvement across business lines and a beat in relatively highmargin CMR, non-GAAP net income grew 48% YoY to RMB44.9bn, 13/17% ahead of our estimates/consensus.</li><li>The results, in our view, demonstrated BAB’s early-stage success in Taobao and Tmall business transformation to focus on quality user growth and better user retention through product supply and merchants ROI enhancement, which in turn improved number of daily active paying merchants for CMR business. Maintain BUY.</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.

Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg consensus estimates, mainly driven by better-than-expected revenue growth in customer management revenue (CMR) and Cainiao.Fueled by operating efficiency improvement across business lines and a beat in relatively highmargin CMR, non-GAAP net income grew 48% YoY to RMB44.9bn, 13/17% ahead of our estimates/consensus.The results, in our view, demonstrated BAB’s early-stage success in Taobao and Tmall business transformation to focus on quality user growth and better user retention through product supply and merchants ROI enhancement, which in turn improved number of daily active paying merchants for CMR business. Maintain BUY.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.

Alibaba (BABA US) – User First Strategy Delivered Early-Stage Results

<ul><li>Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20 level.</li><li>The YoY growth of online physical goods GMV in June 2023 came in at 7.1% and indicates a two-year CAGR of 6.4%, falling from two-year CAGR of 11.8% in May 2023, as part of the 618 shopping festival sales GMV was frontloaded to May, and the overall consumption sentiment takes time to recover.</li><li>Although e-commerce platforms are escalating investment to enhance consumer mindshare gain amid recovering consumption sentiment, the deterioration of industry competitive landscape is likely to be better than feared given that investments are ROI driven, and this may indicate a better than market expected margin profile for e-commerce platforms in the near term, 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.

Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20 level.The YoY growth of online physical goods GMV in June 2023 came in at 7.1% and indicates a two-year CAGR of 6.4%, falling from two-year CAGR of 11.8% in May 2023, as part of the 618 shopping festival sales GMV was frontloaded to May, and the overall consumption sentiment takes time to recover.Although e-commerce platforms are escalating investment to enhance consumer mindshare gain amid recovering consumption sentiment, the deterioration of industry competitive landscape is likely to be better than feared given that investments are ROI driven, and this may indicate a better than market expected margin profile for e-commerce platforms in the near term, 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 – June online retail sales recap

<ul><li>Alibaba’s core China marketplace GMV is on a stable recovery track which is likely to be better than consensus in 1QFY24 (March year-end), aided by discretionary consumption recovery and a low base.</li><li>Also, Alibaba’s strategic move to enhance merchant ROI and customer experience should gradually bear fruit.</li><li>Recovery in YoY revenue growth for cloud business is likely in a mild pace, since demand recovery takes time. </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.

Alibaba’s core China marketplace GMV is on a stable recovery track which is likely to be better than consensus in 1QFY24 (March year-end), aided by discretionary consumption recovery and a low base.Also, Alibaba’s strategic move to enhance merchant ROI and customer experience should gradually bear fruit.Recovery in YoY revenue growth for cloud business is likely in a mild pace, since demand recovery takes time. 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.

Alibaba (BABA US) – Fundamentals on Constant Recovery Track

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Alibaba (BABA US) – In-Depth Analysis into Segment Value

The strategic move drives user engagement improvement through enhancing supply of value for money products and brands to reach targeted consumers

CMB International

China Internet – July online retail sales recap

The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption...

CMB International

Alibaba (BABA US) – User First Strategy Delivered Early-Stage Results

Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg...

CMB International

China Internet – June online retail sales recap

Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20...

CMB International

Alibaba (BABA US) – Fundamentals on Constant Recovery Track

Alibaba’s core China marketplace GMV is on a stable recovery track which is likely to be better than consensus in 1QFY24 (March year-end)

CMB International

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