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 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

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>Autos /In Depth: How smart cars are upending the auto supply chain</li><li>Capsized /: 39 missing after Chinese fishing vessel capsizes in Indian Ocean</li><li>Talk show /: Chinese comedy producer takes $2.1 million hit for military pun</li></ul>

Autos /In Depth: How smart cars are upending the auto supply chainCapsized /: 39 missing after Chinese fishing vessel capsizes in Indian OceanTalk show /: Chinese comedy producer takes $2.1 million hit for military pun

CX Daily: How Smart Cars Are Upending the Auto Supply Chain

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>AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. </li><li>Bridge / Mainland roads opened to more cars from Hong Kong</li><li>Soccer / Two more former top China soccer officials ensnared in corruption dragnet</li></ul>

AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. Bridge / Mainland roads opened to more cars from Hong KongSoccer / Two more former top China soccer officials ensnared in corruption dragnet

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) – 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

CX Daily: How Smart Cars Are Upending the Auto Supply Chain

Autos /In Depth: How smart cars are upending the auto supply chain Capsized /: 39 missing after Chinese fishing vessel capsizes in Indian...

Caixin Global

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

CX Daily: China’s AI Charge

Special Report: China’s AI charge. Mainland roads opened to more cars from Hong Kong. Two more former top China soccer officials ensnared in...

Caixin Global

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