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

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul><li>4Q results came in below us with a net loss of US$12mn and a slightly deeper than expected revenue decline.</li><li>However, this was not a total surprise to us when our channel check suggested a lukewarm sales momentum for the quarter impacted by lockdowns.</li><li>While results could be eventful to near term share price, we believe long term market would instead focus on the reopening trend. </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>

4Q results came in below us with a net loss of US$12mn and a slightly deeper than expected revenue decline.However, this was not a total surprise to us when our channel check suggested a lukewarm sales momentum for the quarter impacted by lockdowns.While results could be eventful to near term share price, we believe long term market would instead focus on the reopening trend. 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.

Bud APAC (1876 HK) – Down to HOLD; when positives of the recovery trade have mostly played out