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>JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.</li><li>NonGAAP net income was RMB7.6bn, ahead of our estimates/consensus at RMB5.4/5.3bn, and translated into a non-GAAP net margin of 3.1% (1Q22: 1.7%), 0.9pp ahead of our forecast, driven by better-than-expected gross margin aided by business transition of supermarket category, and more controlled than expected sales and marketing spending.</li><li>JD announced that current CEO Lei XU will retire from his positions and CFO Sandy XU will take over the CEO role.</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.

JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.NonGAAP net income was RMB7.6bn, ahead of our estimates/consensus at RMB5.4/5.3bn, and translated into a non-GAAP net margin of 3.1% (1Q22: 1.7%), 0.9pp ahead of our forecast, driven by better-than-expected gross margin aided by business transition of supermarket category, and more controlled than expected sales and marketing spending.JD announced that current CEO Lei XU will retire from his positions and CFO Sandy XU will take over the CEO role.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.

JD.com (JD US) – Focusing on driving healthy and quality growth

Thematic (Sector/Industry)

<ul><li>With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.</li><li>Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.</li><li>Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, in our view. </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.

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV increased to 10.9% from 5.3% in 2M23, which indicates a two-year CAGR of 6.8%.Aided by the constant recovery in online travel related services, YoY growth of overall online retail sales GMV of 12.9% in March continued to outpace that of online physical goods GMV.Potential recovery in online virtual products sales in 2Q23 is likely to aid a further recovery for online retail, 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.

China Internet – March online retail sales recap

<ul><li>JD.com (JD) is entering into a year of business transition.</li><li>It is enhancing supply chain capabilities, driving more engagement from third-party merchants, and diversifying product offerings to drive for consumer and merchant base expansion and long-term development of third-party business.</li><li>The newly announced adjustment of organizational structure (link) could lead to better business agility and better third-party (3P) business operating environment in the medium term, but is likely to bring additional headwind to revenue growth in the near term. </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.

JD.com (JD) is entering into a year of business transition.It is enhancing supply chain capabilities, driving more engagement from third-party merchants, and diversifying product offerings to drive for consumer and merchant base expansion and long-term development of third-party business.The newly announced adjustment of organizational structure (link) could lead to better business agility and better third-party (3P) business operating environment in the medium term, but is likely to bring additional headwind to revenue growth in the near term. 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.

JD.com (JD US) – Entering into a year of business transition

<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>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.

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

<ul><li>JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.</li><li>Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.</li><li>For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.</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.

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.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.

JD.com (JD US) – Driving for long-term healthy growth

China

Hainan Island Construction Co Ltd.  is a property development company. The Company also operates regional malls and hotels.

Guangzhou Friendship Group Co., Ltd operates supermarkets and department stores in Guangzhou, China.  The Company sells a variety of consumer products, including apparel, food and beverages, electronics, jewelry, cosmetics, and electric appliances.  Guangzhou Friendship also leases real estate properties.

Guangzhou Friendship Group Co, Ltd. (000987 CH)

Wangfujing Group Co., Ltd. owns and operates department stores in Beijing, Guangzhou, Chengdu, Wuhan, and other cities in China.  The Company also develops residential real estate.

Golden Eagle Retail Group Limited operates department stores in China. The Company's stores target mid-range and high-end market segments in China, and contain various functions and amenities such as dining, entertainment, beauty and personal care, cinemas, and preschool education in addition to their core function as an international department store.

Tianjin Quanye Bazaar (Group) Co., Ltd. owns and operates department stores and supermarkets, as well as sells general merchandise on a wholesale basis. Tianjin Quanye also provides storage and cargo delivery services, and invests in real estate and interior decoration businesses.

Xian International Medical Investment Co Ltd is principally engaged in the medical services industry.

Xian International Medical Invest (000516 CH)

Nanjing Xinjiekou Department Store Co. Ltd. operates department stores in Nanjing, Jiangsu.  Through its subsidiaries, the Company also develops real estate and manufactures pharmaceuticals.

Nanjing Xinjiekou Department S (600682 CH)

Beijing Urban-Rural Trade Centre Co. Ltd. operates department stores and supermarkets. The Company also provides food and entertainment services, as well as develops real estate.

Beijing Urban Rural Trade Centre Co. (600861 CH)

Chengdu Hongqi Chain Company Limited operates convenience stores chain. The Company's main products are food, alcoholic drinks and tobacco, and other daily necessities.

Chongqing Department Store Co., Ltd. operates retail stores in Chongqing.  The Company also operates a wholesale business.

Chongqing Department Store Co. (600729 CH)

Dollar General Corporation operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern, and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health, beauty, pet supplies, and non-consumables such as seasonal merchandise.

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

Next Plc conducts retailing, home shopping, and customer services management operations.  The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

Canadian Tire Corporation Limited is a family of businesses that includes a retail segment, a financial services division and CT REIT. The Company's retail business provides Canadians with products for life in Canada across its living, playing, fixing, automotive and seasonal categories. Canadian Tire Corporation's  retail products include casual, industrial and active wear.

Dollarama Inc. operates as an online marketplace. The Company offers cleaning, school, office, home, kitchen, food, health, beauty, hardware, electronics, toys, and pets products, as well as provides delivery services. Dollarama serves customers in Canada.

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)

JD.com (JD US) – Focusing on driving healthy and quality growth

JD.com (JD) reported (11 May) 1Q23 results: revenue was RMB243.0bn, up 1.4% YoY, 1% higher than both our forecast and Bloomberg consensus.

CMB International

China Internet – March online retail sales recap

With a low base, March online retail sales data demonstrated steady recovery trend as expected, with YoY growth in online physical goods GMV...

CMB International

JD.com (JD US) – Entering into a year of business transition

JD.com (JD) is entering into a year of business transition. It is enhancing supply chain capabilities, driving more engagement from third-party...

CMB International

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

JD.com (JD US) – Driving for long-term healthy growth

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.

CMB International

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