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)

HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

A/H Premium Tracker (To 30 Aug 2024): SB/NB Volumes Down, NB Net Now Impossible to Track

HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

Equity Bottom-Up

<ul><li>We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.</li><li>Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that.</li><li>Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E.</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 are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth.Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that.Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E.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.

Anta Sports (2020 HK) - A Moderate Outlook and Buybacks Announced

Anta Sports Products

Anta Sports (2020 HK) - A Moderate Outlook and Buybacks Announced