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>Baozun’s 1Q24 results were better-than-feared, in which revenue +5% YoY (4% above consensus) and bottom line came in at -RMB15mn (vs. consensus of -RMB45mn).</li><li>Ecommerce segment achieved positive OCF for the first time since 2019. Despite macro uncertainty, we expect BEC to bottom out in 2Q24E (forecasting revenue flat YoY, vs. -17% in 1Q24), supported by cooperation with new clients in beauty &amp; cosmetics and beverage.</li><li>BBM revitalization was on good progress, with continuous narrowing of loss. We are positive on BBM’s double-digit YoY growth in FY24E, and BBM might resume positive growth from 2Q24E &amp; 3Q24E.</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.

Baozun’s 1Q24 results were better-than-feared, in which revenue +5% YoY (4% above consensus) and bottom line came in at -RMB15mn (vs. consensus of -RMB45mn).Ecommerce segment achieved positive OCF for the first time since 2019. Despite macro uncertainty, we expect BEC to bottom out in 2Q24E (forecasting revenue flat YoY, vs. -17% in 1Q24), supported by cooperation with new clients in beauty &amp; cosmetics and beverage.BBM revitalization was on good progress, with continuous narrowing of loss. We are positive on BBM’s double-digit YoY growth in FY24E, and BBM might resume positive growth from 2Q24E &amp; 3Q24E.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.

Baozun (BZUN US) - A Solid Start with Steady Transition Year

<ul><li>Baozun delivered mixed 4Q23 results with in-line revenue (+9% YoY) but soft bottom line.</li><li>For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft consumption sentiment.</li><li>Despite that, BBM (Baozun Brand Management) was making good progress, and we expect BBM to see 20% YoY revenue growth in FY24E, backed by brand revitalization, new store opening and scaling back of discounts. </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.

Baozun delivered mixed 4Q23 results with in-line revenue (+9% YoY) but soft bottom line.For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft consumption sentiment.Despite that, BBM (Baozun Brand Management) was making good progress, and we expect BBM to see 20% YoY revenue growth in FY24E, backed by brand revitalization, new store opening and scaling back of discounts. 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.

Baozun (BZUN US) - GAP Revitalization Making Good Progress

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul><li>Baozun delivered better-than-feared 3Q23 results with in-line revenue (+5% YoY) and better bottom line.</li><li>Looking into 4Q23E, we expect revenue +10% YoY in 4Q23E, supported by Gap’s expansion in Shanghai to offset BEC’s slower recovery (on soft consumption sentiment).</li><li>We are positive on the narrowing loss of GAP (forecasting -RMB45mn in 4Q23E), backed by brand revitalization, new stores opening and scaling back of discounts. </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.

Baozun delivered better-than-feared 3Q23 results with in-line revenue (+5% YoY) and better bottom line.Looking into 4Q23E, we expect revenue +10% YoY in 4Q23E, supported by Gap’s expansion in Shanghai to offset BEC’s slower recovery (on soft consumption sentiment).We are positive on the narrowing loss of GAP (forecasting -RMB45mn in 4Q23E), backed by brand revitalization, new stores opening and scaling back of discounts. 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.

Baozun (BZUN US) – Eye on GAP Revitalization & Livestreaming Ecommerce Expansion

<ul><li>Baozun delivered mixed 2Q23 results on soft topline but upbeat margin.</li><li>Looking into 3Q23E, we forecast rev at single-digit YoY growth, on solid BBM offset by declining BEC (forecasting -15% YoY), while the loss of Gap China is narrowing.</li><li>Soft BEC is mainly on slower-than-expected GMV recovery in Jul &amp; Aug, although some verticals (e.g. luxury, jewelry, outdoors) grew at double-digit 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.

Baozun delivered mixed 2Q23 results on soft topline but upbeat margin.Looking into 3Q23E, we forecast rev at single-digit YoY growth, on solid BBM offset by declining BEC (forecasting -15% YoY), while the loss of Gap China is narrowing.Soft BEC is mainly on slower-than-expected GMV recovery in Jul &amp; Aug, although some verticals (e.g. luxury, jewelry, outdoors) grew at double-digit 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.

Baozun (BZUN US) – BBM on Good Progress

United States

PFSweb Inc., is a provider of management services for traditional commerce and electronic commerce companies.  The Company's services include order management, customer care services, billing services, information management and distribution services. PFSweb offers its management services to clients in a range of markets including apparel, electronics, and computer products.

Edgio, Inc. operates content delivery network for internet distribution of video, music, games, and download. The Company offers content delivery network provides digital media and software via the Internet. Edgio serves customers worldwide.

Unisys Corporation is a worldwide information technology services and solutions company.  The Company's services include systems integration, outsourcing, infrastructure, server technology and consulting.  The Company primarily serves the financial services, public sector, communications, transportation, commercial and media markets.

Forrester Research, Inc. is an independent research firm that analyzes the future of technology change and its impact on businesses, consumers, and society. The Company's research products include internet commerce, corporate technology, and technographics data and analysis. Forrester advisory services include partnership programs, web site review, and strategy workshops.

TTEC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides customer engagement, experience consulting, care, and technology solutions. TTEC Holdings serves customers worldwide.

DHI Group, Inc. is a provider that specialize in career sites and career fairs for high growth vertical sectors. The Company provides services to help recruiters, consultants and businesses hire and train highly qualified professionals.

Travelzoo Inc. provides online marketing solutions to the travel industry.  The Company publishes deals from travel, entertainment, and local companies. Travelzoo researches, evaluates, and tests numerous deals and recommends deals whose accuracy and availability can be confirmed.

Brightcove Inc. provides video hosting and publishing services. The Company operates a video platform whose services include uploading and encoding, content management, players and styling, delivery, and live streaming. Brightcove offers its services globally.

Veritone, Inc. operates as a cloud-based artificial intelligence media technology company. The Company develops a cloud-based ecosystem that enables real-time audio and video processing, audience analytics, search, retrieval, replay, and share capabilities. Veritone offers visual and audio discovery applications.

LivePerson, Inc. provides technology that facilitates real-time sales and customer service for companies doing business on the Internet.  The Company, an application service provider, offers its real-time interaction technology as an outsourced service.  The LivePerson service enables its clients to communicate directly with Internet users via text-based chat.

KGMobilians Co Ltd develops and offers electronic payment solutions. The Company's services include agency business for payment settlement through general phone, cellular phone, and Internet.

CROSS CAT CO., LTD.develops application software for financial companies and government.  The Company also develops network software.  Cross Cat provides various type of services including information technology consulting and support services.

Wins Co Ltd. provides security network services. The Company provides various se curity solutions to protect networks from cyber threats and viruses.

P.T. Multipolar Technology Tbk provides IT solutions. The Company offers services in hardware infrastructure, software solutions, and consulting services.

BrainPad Inc. collects and analyzes large amount of data and provides statistics and insights with data mining technology.  The Company also offers Website-related services.

Hi Sun Technology (China) Limited provides business and technology consulting services and solutions.  The Company delivers a range of specialized services and solutions to its banking, insurance, securities, telecommunications, and utilities clients.  In addition, Hi Sun, through its subsidiaries, provides consulting and information technology outsourcing services and payment solution.

Hearts United Group Co.,Ltd. is a holding company established through reorganization.  The Company manages its subsidiaries which provide software testing services.

Quantum Solutions Co.,Ltd. provides Internet related consulting services.  The Company also provides project management services for system development and develops business application software such as document management tool.

CWT International Limited operates as a holding company. The Company through its subsidiaries engages in digital network operation, Hi-Tech value added services, and energy-saving products manufacturing and services.

Interactive Digital Technologies Inc is focused on the core business of Telecom, IT & Cloud, Media, and geographical information system (GIS) related professional consulting and implementation end-to-end services.

Baozun Inc. provides e-commerce solutions. The Company's services include website design, development and hosting, information technology infrastructure, customer service, warehousing, and logistics services, as well as digital marketing. Baozun serves customers in China.

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Baozun Inc. (BZUN US)

Baozun (BZUN US) - A Solid Start with Steady Transition Year

Baozun’s 1Q24 results were better-than-feared, in which revenue +5% YoY (4% above consensus) and bottom line came in at -RMB15mn (vs. consensus of ...

CMB International

Baozun (BZUN US) - GAP Revitalization Making Good Progress

For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Baozun (BZUN US) – Eye on GAP Revitalization & Livestreaming Ecommerce Expansion

Looking into 4Q23E, we expect revenue +10% YoY in 4Q23E, supported by Gap’s expansion in Shanghai to offset BEC’s slower recovery (on soft...

CMB International

Baozun (BZUN US) – BBM on Good Progress

Looking into 3Q23E, we forecast rev at single-digit YoY growth, on solid BBM offset by declining BEC (forecasting -15% YoY), while the loss of Gap...

CMB International

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