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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).</li><li>During the New Year’s Eve holiday, TC saw eye-catching growth, attributable to well-performed accommodation and in-line transportation.</li><li>The strong CNY momentum may continue for a longer period with strong return-home demand, 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.

We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).During the New Year’s Eve holiday, TC saw eye-catching growth, attributable to well-performed accommodation and in-line transportation.The strong CNY momentum may continue for a longer period with strong return-home demand, 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.

Tongcheng Travel (780 HK) – Robust Travel Demand in FY24E

<ul><li>Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.</li><li>Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.</li><li>Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline growth.</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.

Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline growth.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.

Tongcheng Travel (780 HK) – Clear Growth Path on Resilient Travel Demand

<ul><li>Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long-haul travel recovery.</li><li>We forecast TC’s room night +100% (vs. 2019), air ticketing volume +30%, and trains volume at single-digit growth in the Golden Week.</li><li>This trend is largely in line with summer holiday. We keep confident on TC’s 3Q23E growth (rev forecast unchanged at +56% YoY, +55% vs. 2019 level), and expect 4Q23E rev +96% YoY (+51% vs. 2019), backed by strong hotel in the Golden Week and resilient demand from exam-related accommodation. </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.

Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long-haul travel recovery.We forecast TC’s room night +100% (vs. 2019), air ticketing volume +30%, and trains volume at single-digit growth in the Golden Week.This trend is largely in line with summer holiday. We keep confident on TC’s 3Q23E growth (rev forecast unchanged at +56% YoY, +55% vs. 2019 level), and expect 4Q23E rev +96% YoY (+51% vs. 2019), backed by strong hotel in the Golden Week and resilient demand from exam-related accommodation. 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.

Tongcheng Travel (780 HK) – Share Gain Continued in Golden Week

Thematic (Sector/Industry)

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</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.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent 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.

Internet - 1Q24 recap & our three stock-picking ideas

<ul><li>Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.</li><li>Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.</li><li>We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid growth. </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.

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid growth. 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 Entertainment – Embracing rich pipeline and sector mild re-rating

China

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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Tongcheng Travel Holdings (780 HK)

Tongcheng Travel (780 HK) – Robust Travel Demand in FY24E

We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).

CMB International

Tongcheng Travel (780 HK) – Clear Growth Path on Resilient Travel Demand

Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn) backed by exam...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tongcheng Travel (780 HK) – Robust Travel Demand in FY24E

We expect Tongcheng Travel (TC) to deliver solid 4Q23E results, with revenue +87% YoY and NPM at 17% (in line with prior estimates).

CMB International

Tongcheng Travel (780 HK) – Clear Growth Path on Resilient Travel Demand

Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn) backed by exam...

CMB International

Tongcheng Travel (780 HK) – Share Gain Continued in Golden Week

Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International