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

<ul><li>Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.</li><li>Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.</li><li>Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. </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 (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. 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) - Offering of Exchangeable Bonds to Support International Business Development

<ul><li>Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.</li><li>Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.</li><li>We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. </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 reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. 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) - Core Earnings a Nice Beat

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth and adjusted EBITA for 4QFY25 (March year-end).</li><li>For core domestic e-commerce business, driven by healthy GMV growth and an increase in monetization rate aided by incremental technology service fee charges and the increase in penetration of Quanzhantui, Alibaba could sustain solid customer management revenue (CMR) growth and positive profitability growth of Taobao and Tmall (T&amp;T) Group in 4QFY25, in our view.</li><li>YoY revenue growth of cloud business could see further acceleration as expected driven by solid public cloud revenue growth and incremental contribution from AI cloud. </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 expect Alibaba to deliver in-line-with-consensus revenue growth and adjusted EBITA for 4QFY25 (March year-end).For core domestic e-commerce business, driven by healthy GMV growth and an increase in monetization rate aided by incremental technology service fee charges and the increase in penetration of Quanzhantui, Alibaba could sustain solid customer management revenue (CMR) growth and positive profitability growth of Taobao and Tmall (T&amp;T) Group in 4QFY25, in our view.YoY revenue growth of cloud business could see further acceleration as expected driven by solid public cloud revenue growth and incremental contribution from AI cloud. 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) - Positive Profitability Growth of Core E-Commerce Business Likely to Sustain

<ul><li>Alibaba reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus; adjusted EBITA/non-GAAP net income for the quarter was RMB54.9bn/51.3bn, up 3.8%/6.5% YoY, 2%/11% better than consensus, driven by a 4/11% beat in adjusted EBITA of Taobao &amp; Tmall (T&amp;T) Group and Cloud Intelligence Group (CIG).</li><li>Post the results, we are becoming more constructive on Alibaba’s EBITA growth outlook in FY26E aided by increasing merchant adoption of Quanzhantui, sooner-than-expected loss reduction from Alibaba International Digital Commerce Group (AIDC), and more rapid-than-expected cloud revenue growth aided by the increase in AI inference demand across industries.</li><li>We lift SOTP-based TP to US$157.7 (was US$132.2), translating into 15x FY26E PE. 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 reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus; adjusted EBITA/non-GAAP net income for the quarter was RMB54.9bn/51.3bn, up 3.8%/6.5% YoY, 2%/11% better than consensus, driven by a 4/11% beat in adjusted EBITA of Taobao &amp; Tmall (T&amp;T) Group and Cloud Intelligence Group (CIG).Post the results, we are becoming more constructive on Alibaba’s EBITA growth outlook in FY26E aided by increasing merchant adoption of Quanzhantui, sooner-than-expected loss reduction from Alibaba International Digital Commerce Group (AIDC), and more rapid-than-expected cloud revenue growth aided by the increase in AI inference demand across industries.We lift SOTP-based TP to US$157.7 (was US$132.2), translating into 15x FY26E PE. 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) - Solid Cloud Rev Growth with Improved Earnings Growth Outlook...

Thematic (Sector/Industry)

<ul><li>Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.</li><li>Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.</li><li>Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. </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.

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due to intensifying competition among marketplace platforms.Expanding quality supply, reducing merchant costs, and increasing core user transaction frequency are the priorities.Looking ahead, we believe subsectors and companies having strong business model moats and less vulnerable to subsidy-driven competition may outperform, while firms with established ecosystems/network effects, higher margins, and substantial absolute profits will likely have stronger competitive positioning. 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.

Internet - Business Model/Competitive Barrier Back in Focus

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 (BABA US)

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development

Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on...

CMB International

Alibaba (BABA US) - Core Earnings a Nice Beat

Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus

CMB International

Alibaba (BABA US) - Positive Profitability Growth of Core E-Commerce Business Likely to Sustain

We fine-tune our SOTP-based target price to US$157.0 (was US$157.7), translating into 16.9x FY25E PE (non-GAAP). Maintain BUY

CMB International

Alibaba (BABA US) - Solid Cloud Rev Growth with Improved Earnings Growth Outlook...

Alibaba reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus

CMB International

Internet - Business Model/Competitive Barrier Back in Focus

Most internet companies’ 1Q25 earnings met or exceeded market expectations, while concerns are mainly around over reduced earnings visibility due...

CMB International

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