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>FY23 result was a strong beat. In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and 21%/ 26% respectively, and that was also far better than the previous guidance of LSD sales growth and low-teens net profit decline.</li><li>Such result was, in fact, implying an extremely strong rebound in 2H23 (Jan-Jun 2023), following a rather suppressed business environment in 1H23.</li><li>For 2H23, sales and net profit surged by 31% and 116%, better than BBG/ CMBI est. by 10%/ 13% and 80%/ 103%</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.

FY23 result was a strong beat. In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and 21%/ 26% respectively, and that was also far better than the previous guidance of LSD sales growth and low-teens net profit decline.Such result was, in fact, implying an extremely strong rebound in 2H23 (Jan-Jun 2023), following a rather suppressed business environment in 1H23.For 2H23, sales and net profit surged by 31% and 116%, better than BBG/ CMBI est. by 10%/ 13% and 80%/ 103%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.

JNBY Design (3306 HK) – An All-Rounded Beat and an Optimistic Outlook

Thematic (Sector/Industry)

<ul><li>The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.</li><li>Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.</li><li>However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. </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.

The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. 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.

Consumer Discretionary - Cautiously Optimistic After a Mixed Golden Week

<ul><li>We do think the market should have certain expectation about the miss in earnings and cut in guidance, and would focus more on the recovery.</li><li>Supported by: 1) decent rebound in Jan 2023, 2) JNBY’s competitive edges and 3) industry leading dividend yield, we still find its risk-reward attractive.</li><li>1H6/23 result dragged by the pandemic in late 2022.</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.

We do think the market should have certain expectation about the miss in earnings and cut in guidance, and would focus more on the recovery.Supported by: 1) decent rebound in Jan 2023, 2) JNBY’s competitive edges and 3) industry leading dividend yield, we still find its risk-reward attractive.1H6/23 result dragged by the pandemic in late 2022.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.

JNBY Design (3306 HK) – Eyes on the recovery and risk-reward

China

JNBY Design Limited designs, promotes, and sells textile products. The Company offers apparels, footwear, and other accessories for women and children. JNBY Design markets its products globally.

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JNBY Design Ltd (3306 HK)

JNBY Design (3306 HK) – An All-Rounded Beat and an Optimistic Outlook

In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and...

CMB International

Consumer Discretionary - Cautiously Optimistic After a Mixed Golden Week

The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we...

CMB International

JNBY Design (3306 HK) – Eyes on the recovery and risk-reward

We do think the market should have certain expectation about the miss in earnings and cut in guidance, and would focus more on the recovery.

CMB International

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