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 delivered better-than-feared 1Q23 results on in-line topline and upbeat margin.</li><li>Looking into 2Q23E, we forecast rev at double digit YoY growth, with mild EBC recovery (from rev decline trend to stable YoY) and sequential growth for BBM.</li><li>By category, sports, luxury and apparels would deliver solid momentum, to offset soft electronics. </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 1Q23 results on in-line topline and upbeat margin.Looking into 2Q23E, we forecast rev at double digit YoY growth, with mild EBC recovery (from rev decline trend to stable YoY) and sequential growth for BBM.By category, sports, luxury and apparels would deliver solid momentum, to offset soft electronics. 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.

<ul><li>Baozun delivered mixed 4Q22 results on soft electronics.</li><li>It restructured into three biz lines, to capture ecommerce recovery and LT opportunities.</li><li>Looking into 2023, we expect BEC rev to grow 7% YoY, with strong sports &amp; luxury to offset electronics softness.</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 4Q22 results on soft electronics.It restructured into three biz lines, to capture ecommerce recovery and LT opportunities.Looking into 2023, we expect BEC rev to grow 7% YoY, with strong sports &amp; luxury to offset electronics softness.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) – Reorganizing to capture LT opportunities

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>In this deep dive report, we initiate coverage on Softbank Group with a ¥6,300 target price and Neutral recommendation</li>
<li>We are cautious on global tech and consider that the main risk to the story but a recovery in China sentiment provides some offset</li>
<li>For Q3 results next week, we expect the defensive theme of the last two quarters to continue</li>
</ul>


In this deep dive report, we initiate coverage on Softbank Group with a ¥6,300 target price and Neutral recommendation
We are cautious on global tech and consider that the main risk to the story but a recovery in China sentiment provides some offset
For Q3 results next week, we expect the defensive theme of the last two quarters to continue


Softbank Group (Neutral) - Japan’s Global Tech Play: Initiation of Coverage and Q3 Preview

<ul><li>Baozun delivered in-line 3Q22 results.</li><li>With priority on cost optimization and working capital efficiency, we expect BZUN to see margin improvement ahead (forecasting Non-GAAP OP at double digit YoY growth in FY23E), despite muted topline.</li><li>Epidemic resurgence would dampen 4Q22E momentum (forecasting GMV/rev +0%/-13% YoY), but the negative impact has been almost priced in.</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 in-line 3Q22 results.With priority on cost optimization and working capital efficiency, we expect BZUN to see margin improvement ahead (forecasting Non-GAAP OP at double digit YoY growth in FY23E), despite muted topline.Epidemic resurgence would dampen 4Q22E momentum (forecasting GMV/rev +0%/-13% YoY), but the negative impact has been almost priced in.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) – Focus on enhancing brand management

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Weimob has emerged from the pandemic stronger and leaner, further consolidating its leadership in China's e-commerce SaaS market. </li>
<li>Drawing insights into the supply side (merchants/brands) on  Alibaba platform, our bottom-up analysis suggests that Weimob potentially has a US$600mn revenue opportunity by 2025.</li>
<li>We value Weimob at US$3bn assigning 5xPS on its US$600mn revenue by 2025,  implying 25% CAGR over 3-year period. Patience needed to navigate high-inflation environment which pressures growth assets. </li>
</ul>


Weimob has emerged from the pandemic stronger and leaner, further consolidating its leadership in China's e-commerce SaaS market. 
Drawing insights into the supply side (merchants/brands) on  Alibaba platform, our bottom-up analysis suggests that Weimob potentially has a US$600mn revenue opportunity by 2025.
We value Weimob at US$3bn assigning 5xPS on its US$600mn revenue by 2025,  implying 25% CAGR over 3-year period. Patience needed to navigate high-inflation environment which pressures growth assets. 


Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

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) – Mild Recovery Ahead

Looking into 2Q23E, we forecast rev at double digit YoY growth, with mild EBC recovery (from rev decline trend to stable YoY) and sequential growth...

CMB International

Baozun (BZUN US) – Reorganizing to capture LT opportunities

Baozun delivered mixed 4Q22 results on soft electronics. It restructured into three biz lines, to capture ecommerce recovery and LT opportunities.

CMB International

Softbank Group (Neutral) - Japan’s Global Tech Play: Initiation of Coverage and Q3 Preview

In this deep dive report, we initiate coverage at Neutral with a ¥6,300 target price. We think global tech will struggle but a recovery in China...

Kirk Boodry

Baozun (BZUN US) – Focus on enhancing brand management

Baozun delivered in-line 3Q22 results. With priority on cost optimization and working capital efficiency, we expect BZUN to see margin improvement...

CMB International

Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

Our bottom-up analysis suggests Weimob has a US$600mn revenue opportunity and could achieve US$100mn net profit by 2025 and we value the company at...

Eric Chen

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