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 Group Holding (Alibaba) announced (17 Nov) its 2QFY23 (March year- end) results: total revenue was RMB207.2bn, up 3% YoY, 0.8% shy of both our estimate and Bloomberg consensus, mainly due to lower than expected China commerce revenue generation due to soft macro.</li><li>However, driven by effective cost control and operating efficiency improvement, non-GAAP net income attributable to ordinary shareholders was RMB34.3bn, up 13% YoY, 5/16% ahead of our forecast/consensus estimates.</li><li>With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23</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 Group Holding (Alibaba) announced (17 Nov) its 2QFY23 (March year- end) results: total revenue was RMB207.2bn, up 3% YoY, 0.8% shy of both our estimate and Bloomberg consensus, mainly due to lower than expected China commerce revenue generation due to soft macro.However, driven by effective cost control and operating efficiency improvement, non-GAAP net income attributable to ordinary shareholders was RMB34.3bn, up 13% YoY, 5/16% ahead of our forecast/consensus estimates.With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23Content 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) – Earnings back on growth track

Thematic (Sector/Industry)

<div><ul><li>Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMV</li><li>Overall consumption sentiment still needs confidence boost.</li><li>Ability to stabilize earnings remains the key focus in the near term.</li></ul></div>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.

Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMVOverall consumption sentiment still needs confidence boost.Ability to stabilize earnings remains the key focus in the near term.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 – October online retail sales recap

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

<ul>
<li>Tweedy, Browne Company LLC provides investment advisory services. The Company offers portfolio management, financial planning, and consulting services for individuals, institutions, partnerships, pension and profit-sharing plans, charitable foundations, trusts, and offshore funds. Tweedy, Browne serves investors in the U.S.</li>
<li>In this volatile environment, the Tweedy, Browne Funds trailed their respective primary benchmark indices for the quarter.</li>
<li>Returns for the quarter were led by solid results from a number of our branded consumer product holdings.</li>
<li>As a result of the ongoing volatility, our fundportfolios over the last year havebeen in the process of becoming refreshedwith a significant number of new stocks.</li>
<li>Theopportunity set being presented tous today in non-US equities is one of thebest we have seen in well over adecade.</li>
</ul>


Tweedy, Browne Company LLC provides investment advisory services. The Company offers portfolio management, financial planning, and consulting services for individuals, institutions, partnerships, pension and profit-sharing plans, charitable foundations, trusts, and offshore funds. Tweedy, Browne serves investors in the U.S.
In this volatile environment, the Tweedy, Browne Funds trailed their respective primary benchmark indices for the quarter.
Returns for the quarter were led by solid results from a number of our branded consumer product holdings.
As a result of the ongoing volatility, our fundportfolios over the last year havebeen in the process of becoming refreshedwith a significant number of new stocks.
Theopportunity set being presented tous today in non-US equities is one of thebest we have seen in well over adecade.


<ul><li>Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.</li><li>Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.</li><li>In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.</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.

Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.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 Sportswear Sector – Sequential improvements during double 11

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

Cross Asset Strategy

<ul><li>Business / Cover Story: Will Europe pour more money into China?</li><li>China-U.S. / Xi calls for China-U.S. relations to return to ‘right course’</li><li>Banking / Exclusive: Agricultural Bank of China to name Fu Wanjun president</li></ul>

Business / Cover Story: Will Europe pour more money into China?China-U.S. / Xi calls for China-U.S. relations to return to ‘right course’Banking / Exclusive: Agricultural Bank of China to name Fu Wanjun president

CX Daily: Will Europe Pour More Money Into China?

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 (9988 HK)

Alibaba (BABA US) – Earnings back on growth track

With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23

CMB International

China Internet – October online retail sales recap

Pull and push to online e-commerce channels propelled the strong YoY growth in online retail sales of physical goods GMV. Overall consumption...

CMB International

Tweedy, Browne Fund Q3 2022 Commentary

Tweedy, Browne Company LLC provides investment advisory services. The Company offers portfolio management, financial planning, and consulting...

Fund Newsletters

China Sportswear Sector – Sequential improvements during double 11

Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market...

CMB International

CX Daily: Will Europe Pour More Money Into China?

Cover Story: Will Europe pour more money into China? Xi calls for China-U.S. relations to return to ‘right course’. Exclusive: Agricultural Bank of...

Caixin Global

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