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>We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.</li><li>Most of the TMT issuers are cash-rich with solid liquidity profiles.</li><li>Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. </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 consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.Most of the TMT issuers are cash-rich with solid liquidity profiles.Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. 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.

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

Equity Bottom-Up

<ul><li>Xiaomi will report 1Q23 results in late May.</li><li>We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone offset by better GPM and efficiency improvement.</li><li>Looking ahead, we believe 1H23E weakness has been priced in, and earnings growth will recover sequentially given improving channel inventory, GPM recovery and efficiency enhancement. </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.

Xiaomi will report 1Q23 results in late May.We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone offset by better GPM and efficiency improvement.Looking ahead, we believe 1H23E weakness has been priced in, and earnings growth will recover sequentially given improving channel inventory, GPM recovery and efficiency enhancement. 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.

Xiaomi (1810 HK) – 1Q23E Preview: Expect Earnings Recovery on Track

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Genscript Bio, China Merchants Bank, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 28th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Genscript Bio, China Merchants Bank, Baba.


HK Short Interest Weekly: Genscript Bio, CMB, Alibaba

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.


Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.

CMB International

Xiaomi (1810 HK) – 1Q23E Preview: Expect Earnings Recovery on Track

We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone...

CMB International

HK Short Interest Weekly: Genscript Bio, CMB, Alibaba

We analyzed the latest HK SFC report for aggregate short position as of Apr 28th and highlight short interest changes in Genscript Bio, CMB, Alibaba.

Ke Yan, CFA, FRM

Screening for GEMs: May 2023

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)