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)

EQD | Alibaba (BABA US): Revisiting the December Call Ratios

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba Group Holding (Alibaba) announced (17 Nov) its 2QFY23 (March year- end) results: total revenue was RMB207.2bn, up 3% YoY, 0.8% shy of both our estimate and Bloomberg consensus, mainly due to lower than expected China commerce revenue generation due to soft macro.</li><li>However, driven by effective cost control and operating efficiency improvement, non-GAAP net income attributable to ordinary shareholders was RMB34.3bn, up 13% YoY, 5/16% ahead of our forecast/consensus estimates.</li><li>With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23</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>

Alibaba Group Holding (Alibaba) announced (17 Nov) its 2QFY23 (March year- end) results: total revenue was RMB207.2bn, up 3% YoY, 0.8% shy of both our estimate and Bloomberg consensus, mainly due to lower than expected China commerce revenue generation due to soft macro.However, driven by effective cost control and operating efficiency improvement, non-GAAP net income attributable to ordinary shareholders was RMB34.3bn, up 13% YoY, 5/16% ahead of our forecast/consensus estimates.With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23Content 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.

Alibaba (BABA US) – Earnings back on growth track