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

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul><li>The border re-opening between China and Hong Kong/ Macau has represented a clear catalyst to CTF, and we think the strong 4QFY23 is probably just one of the milestones of this upcycle.</li><li>According to Hong Kong Tourism Board, there were 4.4mn visitors to HK in the first three months this year, of which 3.3mn were from Mainland China.</li><li>While the data has been pre-emptive to CTF’s sales trajectory, we see further upside to CTF’s SSSG in the next few quarters.</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>

The border re-opening between China and Hong Kong/ Macau has represented a clear catalyst to CTF, and we think the strong 4QFY23 is probably just one of the milestones of this upcycle.According to Hong Kong Tourism Board, there were 4.4mn visitors to HK in the first three months this year, of which 3.3mn were from Mainland China.While the data has been pre-emptive to CTF’s sales trajectory, we see further upside to CTF’s SSSG in the next few quarters.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.

Chow Tai Fook (1929 HK) – Rosy Near-Term Outlook with Border Re-Opening