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>China’s online game market revenue grew by 37.5% YoY to RMB28.6bn in Jul 2023, with growth further accelerating (May/Jun: +16.0/23.6% YoY), according to CNG.</li><li>The strong YoY growth was mainly due to the launch of new games and low-base effect.</li><li>Overseas revenue from China’s self-developed games also returned to positive growth track in July (+7.6% YoY), thanks to the solid performance of Tencent’s and NetEase’s overseas mobile games. </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.

China’s online game market revenue grew by 37.5% YoY to RMB28.6bn in Jul 2023, with growth further accelerating (May/Jun: +16.0/23.6% YoY), according to CNG.The strong YoY growth was mainly due to the launch of new games and low-base effect.Overseas revenue from China’s self-developed games also returned to positive growth track in July (+7.6% YoY), thanks to the solid performance of Tencent’s and NetEase’s overseas mobile games. 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 – July online game market recap

Equity Bottom-Up

<ul><li>Tencent announced 2Q23 results on 16 Aug: total revenue grew by 11% YoY to RMB149.2bn, in line with CMBI/consensus estimate.</li><li>Non-IFRS net income increased by 33% YoY to RMB37.5bn in 2Q23, beating CMBI/consensus estimate by 7/13%, mainly due to 1) better-than-expected ad revenue growth (+34% YoY); and 2) FBS/ad business GPM expansion (+5.1/8.3ppt YoY).</li><li>Tencent’s investments in Video Account, international games and business services continue to bear fruit, reaccelerating higher margin business segments growth and unleashing operating leverage. </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.

Tencent announced 2Q23 results on 16 Aug: total revenue grew by 11% YoY to RMB149.2bn, in line with CMBI/consensus estimate.Non-IFRS net income increased by 33% YoY to RMB37.5bn in 2Q23, beating CMBI/consensus estimate by 7/13%, mainly due to 1) better-than-expected ad revenue growth (+34% YoY); and 2) FBS/ad business GPM expansion (+5.1/8.3ppt YoY).Tencent’s investments in Video Account, international games and business services continue to bear fruit, reaccelerating higher margin business segments growth and unleashing operating leverage. 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.

Tencent  (700 HK) – Solid earnings growth on GPM expansion

<ul><li>China online game market revenue decreased 2.4% YoY but grew 22% HoH to RMB144.3bn in 1H23, according to GPC</li><li>Supported by the recovery of game supply and paying willingness, online game market revenue returned to positive growth track and was up by 12% YoY in 2Q23, with a 2-year CAGR of 2%.</li><li>We expect China online game market to maintain steady growth momentum in 2H23E, mainly due to the launch of quality new games YTD and the low-base effect. </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.

China online game market revenue decreased 2.4% YoY but grew 22% HoH to RMB144.3bn in 1H23, according to GPCSupported by the recovery of game supply and paying willingness, online game market revenue returned to positive growth track and was up by 12% YoY in 2Q23, with a 2-year CAGR of 2%.We expect China online game market to maintain steady growth momentum in 2H23E, mainly due to the launch of quality new games YTD and the low-base effect. 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 – Online game sector: rebounded in 2Q23

<ul><li>Tencent will report 2Q23 results on 16 Aug.</li><li>We expect a strong quarter with total revenue/non-IFRS net income up by 12/25% YoY to RMB149.9/35.2bn, driven by solid recovery of ads/fintech businesses and operating leverage.</li><li>Several developing catalysts will support Tencent’s business growth and valuation recovery: 1) solid consumer internet revenue growth provides room for operating leverage improvement; 2) Tencent’s MaaS solutions and AI deployment will not only capture the rising enterprise demand for model training and AI applications, but also become growth multipliers for its own business lines. </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.

Tencent will report 2Q23 results on 16 Aug.We expect a strong quarter with total revenue/non-IFRS net income up by 12/25% YoY to RMB149.9/35.2bn, driven by solid recovery of ads/fintech businesses and operating leverage.Several developing catalysts will support Tencent’s business growth and valuation recovery: 1) solid consumer internet revenue growth provides room for operating leverage improvement; 2) Tencent’s MaaS solutions and AI deployment will not only capture the rising enterprise demand for model training and AI applications, but also become growth multipliers for its own business lines. 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.

Tencent (700 HK) – 2Q23 Preview: Expecting Strong Recovery Ahead

<ul><li>Tencent disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun.</li><li>The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.</li><li>We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. </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.

Tencent disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun.The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. 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.

Tencent MaaS -  Offering One-Stop Industry LLM Solutions

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

China Internet – July online game market recap

China’s online game market revenue grew by 37.5% YoY to RMB28.6bn in Jul 2023, with growth further accelerating (May/Jun: +16.0/23.6% YoY),...

CMB International

Tencent (700 HK) – Solid earnings growth on GPM expansion

Tencent announced 2Q23 results on 16 Aug: total revenue grew by 11% YoY to RMB149.2bn, in line with CMBI/consensus estimate.

CMB International

China Internet – Online game sector: rebounded in 2Q23

Supported by the recovery of game supply and paying willingness, online game market revenue returned to positive growth track and was up by 12% YoY...

CMB International

Tencent (700 HK) – 2Q23 Preview: Expecting Strong Recovery Ahead

We expect a strong quarter with total revenue/non-IFRS net income up by 12/25% YoY to RMB149.9/35.2bn, driven by solid recovery of ads/fintech...

CMB International

Tencent MaaS - Offering One-Stop Industry LLM Solutions

The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.

CMB International

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