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>Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.</li><li>With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.</li><li>Maintain BUY on TCOM, BABA, and Meituan.</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>

Labour Day (LD) Holiday data revealed a strong recovery trend for travel industry aided by the release of pent-up demand, which is likely to trend into 3Q22 aided by the coming of peak summer holiday travel period.With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of competitive landscape is the key to watch.Maintain BUY on TCOM, BABA, and Meituan.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 – Release of pent-up demand aids robust travel and consumption recovery

Equity Bottom-Up

<ul><li>Trip.com Group (TCOM) announced 4Q22 results on 7 Mar: net revenue was RMB5.0bn, up 7% YoY, 3/4% ahead of our/Bloomberg consensus estimates, and was 60% of the 4Q19 level.</li><li>Non-GAAP net income was RMB498mn, better than our forecast/consensus estimate of loss at RMB140/152mn, thanks to betterthan-expected cost saving.</li><li>Recovery in both domestic and outbound travel in 1Q23 was better than our expectation, aided by the release of pent-up demand, especially for business travel. </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>

Trip.com Group (TCOM) announced 4Q22 results on 7 Mar: net revenue was RMB5.0bn, up 7% YoY, 3/4% ahead of our/Bloomberg consensus estimates, and was 60% of the 4Q19 level.Non-GAAP net income was RMB498mn, better than our forecast/consensus estimate of loss at RMB140/152mn, thanks to betterthan-expected cost saving.Recovery in both domestic and outbound travel in 1Q23 was better than our expectation, aided by the release of pent-up demand, especially for business travel. 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.

Trip.com (TCOM US) – Pent-up demand boosts revenue recovery

<ul><li>Trip.com Group (TCOM) announced (15 Dec) 3Q22 results: net revenue was RMB6.9bn, up 29.0% YoY, 5/6% ahead of our/Bloomberg consensus estimates, and was 66% of the 3Q19 level.</li><li>Non-GAAP net income was RMB1.0bn, better than our forecast/consensus estimate at RMB742/ 830mn, owning to betterthan-expected revenue recovery in domestic market.</li><li>Although pandemic resurgence brought disruption to TCOM’s business recovery in 4Q22, overall business recovery from 2023 onward has greater visibility as pandemic prevention policy has been relaxing.</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>

Trip.com Group (TCOM) announced (15 Dec) 3Q22 results: net revenue was RMB6.9bn, up 29.0% YoY, 5/6% ahead of our/Bloomberg consensus estimates, and was 66% of the 3Q19 level.Non-GAAP net income was RMB1.0bn, better than our forecast/consensus estimate at RMB742/ 830mn, owning to betterthan-expected revenue recovery in domestic market.Although pandemic resurgence brought disruption to TCOM’s business recovery in 4Q22, overall business recovery from 2023 onward has greater visibility as pandemic prevention policy has been relaxing.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.

Trip.com (TCOM US) – Business recovery has greater visibility

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><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>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 Sector – 3Q22 preview: near term bumpy recovery

<ul><li>While revenue recovery of Trip.com (TCOM)’s domestic business remained under pandemic impact in 3Q22, pure international businesses (Trip.com &amp; Skyscanner) were rolling back on track.</li><li>We remain positive on TCOM’s unique proposition value in China market with sticky high-end consumer and business user base, strong supply chain capability as well as deep industry resources.</li><li>Our DCF-based target price values TCOM at USD29.7 per ADS. We are transferring coverage with a BUY rating.</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>

While revenue recovery of Trip.com (TCOM)’s domestic business remained under pandemic impact in 3Q22, pure international businesses (Trip.com &amp; Skyscanner) were rolling back on track.We remain positive on TCOM’s unique proposition value in China market with sticky high-end consumer and business user base, strong supply chain capability as well as deep industry resources.Our DCF-based target price values TCOM at USD29.7 per ADS. We are transferring coverage with a BUY rating.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.

Trip.com (TCOM US) – Revenue recovery underway

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.

Vipshop Holdings Ltd. retails branded products at discount over the Internet. The Company retails through flash sales, in which limited quantities of an item are sold at deep discount for a specified period of time.

Mango Excellent Media Co.,Ltd. offers television based services. The Company provides television shopping, online shopping, outbound shopping, and other services. Mango Excellent Media also operates new media platform operation.

Cogobuy Group provides an e-commerce platform for electronic goods in China. The Company promarily deals with computer and telecommunication hardware. Cogobuy and it's subsidiaries operate in China and distribute their products globally.

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

Zhongsheng Group Holdings Ltd. retails automobiles.  The Company imports and retails primarily luxury and mid- to high-end automobile brands.

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)

Wuchan Zhongda Group Co.,Ltd. offers supply chain services. The Company purchases and distributes metal materials, ores, automobiles, chemicals, rubbers, and energy products. Wuchan Zhongda Group also conducts finance, medical, thermal power, and public utility businesses.

Shanghai Yuyuan Tourist Mart Co., Ltd. processes gold and operates jewelry stores.  The Company also manages department stores, provides import and export trading service, produces pharmaceutical products, offers food service, and develops real estate properties.

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.

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

ZOZO Inc operates internet shopping sites for apparel.  The Company also provides communication services relating to apparel such as blogs by fashion moguls and internet chat room for users.

Ocado Group PLC distributes a wide range of retail consumer products.  The Company provides home delivery of a wide range of products including food and drink, toiletries and baby, household, pet care, and holiday products.

Momo.com Inc is an e-commerce services company. The Company offers TV shopping and Internet shopping services, including beauty products, clothing, leather goods and food shops.

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

Webjet Limited provides branded online travel services for travelers.  The Company offers one-stop travel shopping and reservation services, providing real-time access to schedule, pricing, and availability information for airlines hotels, and major car rental companies.

ASKUL Corporation sells office equipment products to medium and small sized business offices via the Internet and facsimiles.  The Company provides next day delivery services throughout Japan.

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

China Internet – Release of pent-up demand aids robust travel and consumption recovery

With the recovery of offline activities and low base effect, local consumer services industry also saw robust recovery, while the evolvement of...

CMB International

Trip.com (TCOM US) – Pent-up demand boosts revenue recovery

Trip.com Group (TCOM) announced 4Q22 results on 7 Mar: net revenue was RMB5.0bn, up 7% YoY, 3/4% ahead of our/Bloomberg consensus estimates, and...

CMB International

Trip.com (TCOM US) – Business recovery has greater visibility

Trip.com Group (TCOM) announced (15 Dec) 3Q22 results: net revenue was RMB6.9bn, up 29.0% YoY, 5/6% ahead of our/Bloomberg consensus estimates, and...

CMB International

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

Trip.com (TCOM US) – Revenue recovery underway

While revenue recovery of Trip.com (TCOM)’s domestic business remained under pandemic impact in 3Q22, pure international businesses (Trip.com &...

CMB International

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