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

<ul><li>CMGE delivered soft top line and profitability in FY23 for declining game grossing from existing games and rescheduling of several key titles.</li><li>We suggest looking to revenue acceleration and margin recovery in FY24E (forecast top line +32% YoY, with adj. NM at 11%), boosted by: 1) a strong pipeline in FY24E, including Soul Land: Space and Time Reversal (斗罗大 陆：逆转时空), Fights Break Firmament: Peak Confrontation (斗破苍穹：巅峰 对决) and Sword and Fair World (仙剑世界); 2) rising contribution from minigames; and 3) continued overseas expansion.</li><li>CMGE would pursue a ROIdriven R&amp;D and S&amp;M strategy ahead, to enhance its margin. </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>

CMGE delivered soft top line and profitability in FY23 for declining game grossing from existing games and rescheduling of several key titles.We suggest looking to revenue acceleration and margin recovery in FY24E (forecast top line +32% YoY, with adj. NM at 11%), boosted by: 1) a strong pipeline in FY24E, including Soul Land: Space and Time Reversal (斗罗大 陆：逆转时空), Fights Break Firmament: Peak Confrontation (斗破苍穹：巅峰 对决) and Sword and Fair World (仙剑世界); 2) rising contribution from minigames; and 3) continued overseas expansion.CMGE would pursue a ROIdriven R&amp;D and S&amp;M strategy ahead, to enhance its margin. 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.

CMGE Technology (302 HK) - Eyes on Strong Pipeline Ahead