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>With a low base, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.</li><li>Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.</li><li>The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. </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, YoY growth in online physical goods GMV in April jumped to 20.8% (March: 10.9%), but the two-year CAGR of 7.0% only demonstrated a slight improvement from 6.8% in March, indicating a mild and gradual sequential recovery trend.Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery for online retail sales in May.The beat on JD’s 1Q23 earnings likely indicates a better than feared evolvement of competitive landscape for e-commerce industry in the near term, although industry competition remains fierce. 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 – April online retail sales recap

<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

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba’s core China marketplace GMV is on stable recovery track, aided by discretionary consumption recovery, macro recovery, and Alibaba’s strategy to enhance value proposition for both customers and merchants.</li><li>With the unveiling of reorganization plan on 28 March, we expect overall business agility and innovative capabilities would be better propelled, and improving shareholder return.</li><li>Taking into consideration of China e-commerce market and key business segments outlook, we adjust our forecasts and SOTP derived target price accordingly to US$154.0 (prior US$155.5), mainly reflecting near term revenue growth headwind on direct sales business due to high-base effect. 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’s core China marketplace GMV is on stable recovery track, aided by discretionary consumption recovery, macro recovery, and Alibaba’s strategy to enhance value proposition for both customers and merchants.With the unveiling of reorganization plan on 28 March, we expect overall business agility and innovative capabilities would be better propelled, and improving shareholder return.Taking into consideration of China e-commerce market and key business segments outlook, we adjust our forecasts and SOTP derived target price accordingly to US$154.0 (prior US$155.5), mainly reflecting near term revenue growth headwind on direct sales business due to high-base effect. 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) – A recovery year ahead with more to expect

<ul><li>Alibaba announced (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and Bloomberg consensus, mainly due to better than expected direct sales and international commerce revenue generation.</li><li>Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 12% YoY to RMB49.9bn, 13/12% ahead of our estimate/consensus.</li><li>Regarding investment strategy for China retail business in 2023, management highlighted three key focusing points: 1) enhance user stickiness and time spend; 2) enhance value for money proposition; and 3) enhance neighbourhood digital retail business deployment. </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 (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and Bloomberg consensus, mainly due to better than expected direct sales and international commerce revenue generation.Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 12% YoY to RMB49.9bn, 13/12% ahead of our estimate/consensus.Regarding investment strategy for China retail business in 2023, management highlighted three key focusing points: 1) enhance user stickiness and time spend; 2) enhance value for money proposition; and 3) enhance neighbourhood digital retail business deployment. 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) – Operating efficiency improvement on track

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

Hainan Island Construction Co Ltd.  is a property development company. The Company also operates regional malls and hotels.

Guangzhou Friendship Group Co., Ltd operates supermarkets and department stores in Guangzhou, China.  The Company sells a variety of consumer products, including apparel, food and beverages, electronics, jewelry, cosmetics, and electric appliances.  Guangzhou Friendship also leases real estate properties.

Guangzhou Friendship Group Co, Ltd. (000987 CH)

Golden Eagle Retail Group Limited operates department stores in China. The Company's stores target mid-range and high-end market segments in China, and contain various functions and amenities such as dining, entertainment, beauty and personal care, cinemas, and preschool education in addition to their core function as an international department store.

Tianjin Quanye Bazaar (Group) Co., Ltd. owns and operates department stores and supermarkets, as well as sells general merchandise on a wholesale basis. Tianjin Quanye also provides storage and cargo delivery services, and invests in real estate and interior decoration businesses.

Xian International Medical Investment Co Ltd is principally engaged in the medical services industry.

Xian International Medical Invest (000516 CH)

Wangfujing Group Co., Ltd. owns and operates department stores in Beijing, Guangzhou, Chengdu, Wuhan, and other cities in China.  The Company also develops residential real estate.

Dollar General Corporation operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern, and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health, beauty, pet supplies, and non-consumables such as seasonal merchandise.

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

Next Plc conducts retailing, home shopping, and customer services management operations.  The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

Dollarama Inc. operates as an online marketplace. The Company offers cleaning, school, office, home, kitchen, food, health, beauty, hardware, electronics, toys, and pets products, as well as provides delivery services. Dollarama serves customers in Canada.

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

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)

China Internet – April online retail sales recap

Looking ahead, robust consumption data from Brand and Quality shopping festival and Labour Day (LD) holiday likely heralds a constant mild recovery...

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

Alibaba (BABA US) – A recovery year ahead with more to expect

With the unveiling of reorganization plan on 28 March, we expect overall business agility and innovative capabilities would be better propelled,...

CMB International

Alibaba (BABA US) – Operating efficiency improvement on track

Alibaba announced (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and...

CMB International

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