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>The first wave of pandemic infection and soft macro have impacted short-term revenue recovery trajectory of Baidu’s ads business, and weighed on growth of cloud business, as it impacted project deployment and digitalisation spending budget of enterprises.</li><li>But Baidu’s advertising business is regaining recovery trajectory in January 2023 after pandemic impact wanes.</li><li>Looking into 2023, Baidu’s advertising business could recover along with macro environment, and its cloud revenue growth has the potential to reaccelerate, as Baidu cloud has established competitive advantage in verticals like smart transportation, manufacturing, energy &amp; utilities and public services.</li></ul><p><em>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.</em></p>

The first wave of pandemic infection and soft macro have impacted short-term revenue recovery trajectory of Baidu’s ads business, and weighed on growth of cloud business, as it impacted project deployment and digitalisation spending budget of enterprises.But Baidu’s advertising business is regaining recovery trajectory in January 2023 after pandemic impact wanes.Looking into 2023, Baidu’s advertising business could recover along with macro environment, and its cloud revenue growth has the potential to reaccelerate, as Baidu cloud has established competitive advantage in verticals like smart transportation, manufacturing, energy &amp; utilities and public services.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.

Baidu (BIDU US) – Factoring into near-term pandemic impact but recovery is in sight

Thematic (Sector/Industry)

<ul><li>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</li></ul><p><em>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.</em></p>

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.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 – Quality growth and further digitization penetration provide growth support

<ul><li>Baidu reported (22 Nov) its 3Q22 results: revenue was up 1.9% YoY to RMB32.5bn, 2% higher than both our forecast and Bloomberg-consensus estimates; non-GAAP net income was RMB5.9bn, beating our/consensus estimates of RMB5.6/5.5bn, due to stringent cost control.</li><li>Non-ad revenue grew 25% YoY in 3Q22 and accounted for 26% of Baidu Core revenue (3Q21: 21%), driven by Baidu Cloud and AI-powered businesses.</li><li>The results demonstrated a continuously enhanced mobile ecosystem and solid progress on new AI and autonomous driving business, in our view. </li></ul><p><em>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.</em></p>

Baidu reported (22 Nov) its 3Q22 results: revenue was up 1.9% YoY to RMB32.5bn, 2% higher than both our forecast and Bloomberg-consensus estimates; non-GAAP net income was RMB5.9bn, beating our/consensus estimates of RMB5.6/5.5bn, due to stringent cost control.Non-ad revenue grew 25% YoY in 3Q22 and accounted for 26% of Baidu Core revenue (3Q21: 21%), driven by Baidu Cloud and AI-powered businesses.The results demonstrated a continuously enhanced mobile ecosystem and solid progress on new AI and autonomous driving business, 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.

Baidu (BIDU US) – Earnings beat on stringent cost control

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.


<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><p><em>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.</em></p>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 Sector – 3Q22 preview: near term bumpy recovery

China

East Money Information Co., Ltd. operates online financial information platform.  The Company's products include internet advertising and financial data.

Hithink RoyalFlush Information Network Co Ltd provides online financial data, data analysis software, and other financial software system.

Hithink RoyalFlush Information Network (300033 CH)

Wangsu Science & Technology Co., Ltd. provides online business solutions in China. The Company also provides Content Delivery Network (CDN), and Internet Data Centers (IDC).

Shanghai Wangsu Science & Technology Co (300017 CH)

People.cn Company Limited mainly engages in internet advertising, information services, mobile value-added and technical services. The Company's main products include original messages, government information services, public opinion research and consulting, mobile news, and ISP services.

Autohome Inc is an online destination for automobile consumers in China.  The Company delivers comprehensive, independent and interactive content to automobile buyers and owners.

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

Beijing TRS Information Technology Company Limited develops and markets software and technology services for unstructured data management. The Company provides software products that are enterprise search, content management and text mining.

Beijing Sinnet Technology Company Limited provides customers with broadband access services, IDC and its value-added services, and other internet integrated services. The Company's core business are broadband access services, IDC and its value-added services.

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

INESA Intelligent Tech Inc. operates in the IT industry. The Company designs and manages cloud servers and big data applications for businesses. INESA Intelligent also manufactures electronic components.

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

Akamai Technologies, Inc. provides services for accelerating and improving the delivery of content and applications over the Internet; ranging from live and on-demand streaming video capabilities to conventional content on websites, to tools that help people transact business and reach out to new and existing customers.

AppFolio, Inc. provides cloud-based software solutions. The Company offers a cloud-based property management software that allows apartment and residential property managers to market, manage, and grow their business. AppFolio conducts business in the United States.

Zillow Group, Inc. provides e-commerce services. The Company provides information about homes, real estate listings, and mortgages through their website and mobile applications. Zillow serves homeowners, buyers, sellers, renters, and real estate professionals throughout the United States.

VeriSign Inc provides domain names and Internet security, enabling the world to connect online with reliability and confidence, anytime, anywhere. The Company ensures the security, stability and resiliency of key Internet infrastructure including the .com and .net top-level domains among others. VeriSign also offers intelligence-driven security services.

Info Edge (India) Limited operates an online job posting website. The website offers services for recruiters, job seekers, and employers. The Company also operates  an online matrimonial website for prospective brides, grooms, and relatives.

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

GoDaddy, Inc. provides a cloud-based web platform for small businesses, web design professionals and individuals. The Company's platform provides applications that help them connect to their customers, manage their businesses and get found online.

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

CoStar Group Inc. provides building-specific information to the United States commercial real estate industry and related industries. The Company's database details office and industrial space. The database provides digitized photographs and floor plan images on individual commercial buildings in the company's markets.

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu (BIDU US) – Factoring into near-term pandemic impact but recovery is in sight

The first wave of pandemic infection and soft macro have impacted short-term revenue recovery trajectory of Baidu’s ads business, and weighed on...

CMB International

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

Baidu (BIDU US) – Earnings beat on stringent cost control

Baidu reported (22 Nov) its 3Q22 results: revenue was up 1.9% YoY to RMB32.5bn, 2% higher than both our forecast and Bloomberg-consensus estimates

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 Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

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