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.

Thematic (Sector/Industry)

<ul><li>2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.</li><li>The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.</li><li>Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long run</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>

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from 4.4% YoY in December 2022.The YoY growth of 6.2% in online retail sales GMV outpaced that of online physical goods, which in our view could be attributed to the recovery in online travel related services and products aided by the relaxation of pandemic prevention policy.Offline activities also demonstrated a recovery trend, with catering services GMV making a turnaround to 9.2% YoY growth in 2M23 from 14.1% YoY decline in December 2022, which likely drive a recovery of advertising sentiment, especially for offline verticals. With JD.com (JD) launching “RMB10bn subsidy” campaign, competition in user retention in the e-commerce industry is likely to intensify in the near term, while the ability to drive for better consumer engagement and merchants ROI are still key factors to exceed peers over the long runContent 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 – 2M23 online retail sales recap

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in December.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.</li>
<li>In this note, we run the deal through our ECM framework and talk about valuations.</li>
</ul>



DPC Dash (1405 HK) is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in December.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.
In this note, we run the deal through our ECM framework and talk about valuations.


DPC Dash IPO - Might Be Worth a Small Slice

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zto-express" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express (ZTO US)</a> met consensus Q422 EPS estimate despite a miss on Revenue</li>
<li>Management expects to exceed industry volume growth (around +10%) in 2023</li>
<li>Likely obstacles to a sharp earnings recovery are: ASP momentum, "new-old" competition, and a lack of demonstrated cost control</li>
</ul>



ZTO Express (ZTO US) met consensus Q422 EPS estimate despite a miss on Revenue
Management expects to exceed industry volume growth (around +10%) in 2023
Likely obstacles to a sharp earnings recovery are: ASP momentum, "new-old" competition, and a lack of demonstrated cost control


ZTO Express Q4/2022 Results & Guidance:  Moderate Growth in '23, but Also Obstacles

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>PDD: PDD reveals ambitious goal in Temu offline conference (+)</li>
<li>BABA/JD/VIPS/3690.HK: 5% YoY rebound in January/February retail data, but slower than expected (-/-/-/+)</li>
<li>TikTok：TikTok is ready to launch search ads, minior impact to Google</li>
</ul>


PDD: PDD reveals ambitious goal in Temu offline conference (+)
BABA/JD/VIPS/3690.HK: 5% YoY rebound in January/February retail data, but slower than expected (-/-/-/+)
TikTok：TikTok is ready to launch search ads, minior impact to Google


China TMT Update(Mar.16): BABA/JD/PDD/VIPS/TikTok - PDD Reveals Ambitious Goal in Temu Conference

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Grizzly Research LLC publishes a short selling report on ZTO.</li>
<li>Meituan plans to shift car hailing from direct operation to a platform for third-party operators.</li>
<li>Dada, which was acquired by JD.com last year, posts good 4Q22 results.</li>
</ul>


Grizzly Research LLC publishes a short selling report on ZTO.
Meituan plans to shift car hailing from direct operation to a platform for third-party operators.
Dada, which was acquired by JD.com last year, posts good 4Q22 results.


China Internet Weekly (13Mar2023): ZTO, Meituan, Alibaba, Trip.com, Dada, JD.com

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

China Internet – 2M23 online retail sales recap

2M23 online retail sales data showed a gradual recovery trend, with online physical goods GMV YoY growth rate improved to 5.3% YoY in 2M23 from...

CMB International

DPC Dash IPO - Might Be Worth a Small Slice

DPC Dash (1405 HK) is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in...

Sumeet Singh

ZTO Express Q4/2022 Results & Guidance: Moderate Growth in '23, but Also Obstacles

ZTO guides strong volume growth and potentially better unit economics in '23, but we expect price pressure to return, and the company needs to rein...

Daniel Hellberg

China TMT Update(Mar.16): BABA/JD/PDD/VIPS/TikTok - PDD Reveals Ambitious Goal in Temu Conference

PDD: Temu announced ambitious goal in an open conference; BABA/JD/PDD/VIPS/3690.HK: Positive rebound in January/February retail data, increased...

Blue Lotus Research Institute

China Internet Weekly (13Mar2023): ZTO, Meituan, Alibaba, Trip.com, Dada, JD.com

Grizzly Research LLC publishes a short selling report on ZTO. Meituan plans to give up on direct sales of car hailing. Dada, which was acquired...

Ming Lu

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