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

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

<ul><li>Sanya’s lockdown weighed on CTGDF’s 3Q results as we expected, with recurring net profits standing at RMB656mn, down ~45%, as we exclude non-core Beijing airport rental concession and Hainan tax cut impact.</li><li>Despite this, revenue of the quarter rose 8% QoQ to RMB11.7bn, when online sales with Sunrise Shanghai made up most of the offline hiccups.</li><li>The change in sales mix also led to an almost 10pp/11pp QoQ decline in GPM/ OPM to 24.7%/ 12.5%, respectively.</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>

Sanya’s lockdown weighed on CTGDF’s 3Q results as we expected, with recurring net profits standing at RMB656mn, down ~45%, as we exclude non-core Beijing airport rental concession and Hainan tax cut impact.Despite this, revenue of the quarter rose 8% QoQ to RMB11.7bn, when online sales with Sunrise Shanghai made up most of the offline hiccups.The change in sales mix also led to an almost 10pp/11pp QoQ decline in GPM/ OPM to 24.7%/ 12.5%, respectively.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.

CTGDF (601888 CH) – A Weak 3Q on Sanya’s Lockdown

Thematic (Sector/Industry)

<ul><li>3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below consensus.</li><li>In our view, risks are still skewed to the downside, barring any sporadic lockdowns.</li><li>When policy rhetoric is not turning, we again see grounds on the enforcement of “stay put for the holiday” for the coming CNY holiday.</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>

3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below consensus.In our view, risks are still skewed to the downside, barring any sporadic lockdowns.When policy rhetoric is not turning, we again see grounds on the enforcement of “stay put for the holiday” for the coming CNY holiday.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 Consumer – Lacklustre 4Q22E Outlook Despite Any Short-Lived Rally; Top Buy CRB/ Proya/ CTGDF

<div><div><div><div><ul><li>A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings volatility for 3Q is unlikely to be drastic.</li><li>For items that we monitored, our channel checks suggested that sales momentum was largely on track to us - low-teen growth for CRB, double-digit growth for Nongfu, and particularly sequential double- digit recovery for Mengniu and Feihe.</li><li>Separately, the lockdown of Hainan since August could mean downside revision potential for CTGDF despite a well-maintained GPM.</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>

A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings volatility for 3Q is unlikely to be drastic.For items that we monitored, our channel checks suggested that sales momentum was largely on track to us - low-teen growth for CRB, double-digit growth for Nongfu, and particularly sequential double- digit recovery for Mengniu and Feihe.Separately, the lockdown of Hainan since August could mean downside revision potential for CTGDF despite a well-maintained GPM.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 Consumer – Addressing Recent Investors’ Concerns

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

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Five things to know about China’s scandal-struck chip industry ‘big fund’Force remains ‘last resort’ for reunifying Taiwan, Beijing white paper saysHong Kong to shorten quarantine for mainland travelers

CX Daily: Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

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China Tourism Group Duty Free Corp Ltd (601888 CH)

CTGDF (601888 CH) – A Weak 3Q on Sanya’s Lockdown

Despite this, revenue of the quarter rose 8% QoQ to RMB11.7bn, when online sales with Sunrise Shanghai made up most of the offline hiccups.

CMB International

China Consumer – Lacklustre 4Q22E Outlook Despite Any Short-Lived Rally; Top Buy CRB/ Proya/ CTGDF

3Q wrapped up with 2 beats, 2 in-lines and 2 misses. We revised our 2022E earnings forecasts by -1 to -23%, and that put us roughly 5-25% below...

CMB International

China Consumer – Addressing Recent Investors’ Concerns

A non-eventful 3Q. While earnings cuts and de-ratings have taken place and reset market expectation across 1H results, in our view, earnings...

CMB International

CX Daily: Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

Five things to know about China’s scandal-struck chip industry ‘big fund’. Force remains ‘last resort’ for reunifying Taiwan, Beijing white paper says

Caixin Global

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