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

Bosideng International Holdings / Equity Bottom-Up

Bosideng International Holdings (3998 HK)

<ul><li>A results beat is good, but positive outlook with solid growth drivers (new products, new categories, ASP hike, solid plan of advertising and channel upgrades) is even better.</li><li>Together with the attractive 6% FY25E yield and a 13x FY25E P/E, we maintain BUY, based on a 15x FY25E P/E.</li><li>FY24 result was a strong beat. In FY24 (ending Mar), Bosideng’s sales has surged by 38% YoY to RMB 23.2bn, better than BBG/ CMBI est. by 6% while its net profit also rocketed by 44% YoY to RMB 3.1bn, beating BBG/ CMBI est. by 7%.</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>

A results beat is good, but positive outlook with solid growth drivers (new products, new categories, ASP hike, solid plan of advertising and channel upgrades) is even better.Together with the attractive 6% FY25E yield and a 13x FY25E P/E, we maintain BUY, based on a 15x FY25E P/E.FY24 result was a strong beat. In FY24 (ending Mar), Bosideng’s sales has surged by 38% YoY to RMB 23.2bn, better than BBG/ CMBI est. by 6% while its net profit also rocketed by 44% YoY to RMB 3.1bn, beating BBG/ CMBI est. by 7%.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.

Bosideng (3998 HK) - Beautifully executed the solid strategies