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>Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.</li><li>In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.</li><li>We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. </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.

Although total retail sales growth of 12.7% YoY in May 2023 missed Wind consensus (+13.6% YoY) again, the YoY online retail sales of physical goods of 16.9% (two-year CAGR of 11.8%) was a beat compared to our estimates of 11%, which we attribute to shopping festival promotions of online channels that stimulates consumer’s willingness to shopping online.In addition, overall online retail sales GMV growth accelerated to 13.8% YoY in 5M23 (4M23: 12.3%) as online game was less a drag and online travel recorded strong performance, which both likely to sustain in the rest of 2Q23.We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover, while the aggressive efforts that e-commerce platforms spent to drive for better consumer engagement may provide support. 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 – May online retail sales recap

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by capitalizing on the widespread adoption of digital services in the Southeast Asian nation, the firm’s chief executive told Caixin.</li><li>The uptake of digital services for transactions surged during the Covid-19 pandemic — especially in the fintech, medical, and healthcare sectors.</li><li>The trend has continued even after the Philippines relaxed virus controls, Globe Telecom President and CEO Ernest Cu said in an interview on the sidelines of the Asia New Vision Forum in Singapore Monday</li></ul>

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by capitalizing on the widespread adoption of digital services in the Southeast Asian nation, the firm’s chief executive told Caixin.The uptake of digital services for transactions surged during the Covid-19 pandemic — especially in the fintech, medical, and healthcare sectors.The trend has continued even after the Philippines relaxed virus controls, Globe Telecom President and CEO Ernest Cu said in an interview on the sidelines of the Asia New Vision Forum in Singapore Monday

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Cross Asset Strategy

<ul><li>Consumption /Analysis: China’s holiday spending boom masks patchy recovery</li><li>LGFVs /: Kunming scrambles to pay off $170 million of financing vehicle debt</li><li>China-U.S. /: Top trade officials from China and U.S. to meet at APEC</li></ul>

Consumption /Analysis: China’s holiday spending boom masks patchy recoveryLGFVs /: Kunming scrambles to pay off $170 million of financing vehicle debtChina-U.S. /: Top trade officials from China and U.S. to meet at APEC

CX Daily: China’s Holiday Spending Boom Masks Patchy Recovery

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul><li>Alibaba Group Holding Ltd. outlined timetables for several key business units to complete spinoffs or pursue independent share sales, kicking off major moves in a sweeping reorganization to break up the gigantic conglomerate and unleash new growth momentum.</li><li>Alibaba’s board of directors approved a full spinoff of its cloud services division while exploring initial public offerings for the logistics and grocery arms, the company said Thursday.</li><li>The e-commerce giant plans to carve out the Cloud Intelligence Group within 12 months through a stock dividend distribution to shareholders, meaning it could relinquish control of China’s biggest cloud services platform.</li></ul>

Alibaba Group Holding Ltd. outlined timetables for several key business units to complete spinoffs or pursue independent share sales, kicking off major moves in a sweeping reorganization to break up the gigantic conglomerate and unleash new growth momentum.Alibaba’s board of directors approved a full spinoff of its cloud services division while exploring initial public offerings for the logistics and grocery arms, the company said Thursday.The e-commerce giant plans to carve out the Cloud Intelligence Group within 12 months through a stock dividend distribution to shareholders, meaning it could relinquish control of China’s biggest cloud services platform.

Alibaba Kicks Off Overhaul With Spinoff and Share Sale Targets

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba announced (18 May) its 4QFY23 (March year-end) results: total revenue was RMB208.2bn, up 2% YoY, in line with our forecast and Bloomberg consensus.</li><li>Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 30% YoY to RMB28.0bn, 9/14% ahead of our estimate/consensus.</li><li>For FY23, total revenue grew 2% YoY to RMB868.7bn, and non-GAAP net profit reached RMB143.9bn, flat YoY.</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 (18 May) its 4QFY23 (March year-end) results: total revenue was RMB208.2bn, up 2% YoY, in line with our forecast and Bloomberg consensus.Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 30% YoY to RMB28.0bn, 9/14% ahead of our estimate/consensus.For FY23, total revenue grew 2% YoY to RMB868.7bn, and non-GAAP net profit reached RMB143.9bn, flat YoY.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 Progress to Enhance Shareholder Value

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 – May online retail sales recap

We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover

CMB International

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by...

Caixin Global

CX Daily: China’s Holiday Spending Boom Masks Patchy Recovery

Consumption /Analysis: China’s holiday spending boom masks patchy recovery LGFVs /: Kunming scrambles to pay off $170 million of financing vehicle...

Caixin Global

Alibaba (BABA US) – In Progress to Enhance Shareholder Value

Alibaba announced (18 May) its 4QFY23 (March year-end) results: total revenue was RMB208.2bn, up 2% YoY, in line with our forecast and Bloomberg...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Internet – May online retail sales recap

We await for more concrete results to become more bullish on e-commerce industry growth as overall consumption sentiment takes time to recover

CMB International

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by...

Caixin Global

CX Daily: China’s Holiday Spending Boom Masks Patchy Recovery

Consumption /Analysis: China’s holiday spending boom masks patchy recovery LGFVs /: Kunming scrambles to pay off $170 million of financing vehicle...

Caixin Global

Alibaba Kicks Off Overhaul With Spinoff and Share Sale Targets

Alibaba Group Holding Ltd. outlined timetables for several key business units to complete spinoffs or pursue independent share sales, kicking off...

Caixin Global

Alibaba (BABA US) – In Progress to Enhance Shareholder Value

Alibaba announced (18 May) its 4QFY23 (March year-end) results: total revenue was RMB208.2bn, up 2% YoY, in line with our forecast and Bloomberg...

CMB International