External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

361 Degrees International / Equity Bottom-Up

<ul><li>We initiate BUY on 361 Degrees with TP of HK$6.23 based on 10x FY24E P/E.</li><li>We forecast 16%/20% sales/ NP CAGRs in FY22-25E vs 7%/20% during FY19-22, driven by major improvements in: 1) star products and endorsement quality, 2) offline store images and e-commerce strategy, and 3) kids business.</li><li>Noted that 361 Degrees’ YTD returns was 25%, the highest among all peers.</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>

We initiate BUY on 361 Degrees with TP of HK$6.23 based on 10x FY24E P/E.We forecast 16%/20% sales/ NP CAGRs in FY22-25E vs 7%/20% during FY19-22, driven by major improvements in: 1) star products and endorsement quality, 2) offline store images and e-commerce strategy, and 3) kids business.Noted that 361 Degrees’ YTD returns was 25%, the highest among all peers.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.

361 Degrees (1361 HK) - Star Products & Sponsorships-Led Turnaround