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)

China Tourism Duty Free Corp (601888. CH): Is Now Good Time for Bottom-Fishing?

2024 High Conviction: China Tourism Group (601888 CH, BUY, TP:CNY106): See the Forest for the Trees

China Tourism Group (601888 CH, BUY, TP: CNY106): How to Catch a Falling Knife

Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd (601888 CH)

<ul><li>CTGDF’s shares have been a laggard and are c.30% behind its re-opening peers, on an assumption that international travel is set to recover and likely takes the wallet shares from domestic travelers.</li><li>With year-to-date overseas travel recovery tracking c.30% of that in 2019, however, we think year-end recovery rate should reasonably reach 70%+, slightly lower than a 90% ballpark estimates from talks we held with investors.</li><li>Meanwhile, despite a just-in-line 1Q results, we think GPM should continue to improve sequentially, driven by 1) an increasing higher-margin airport sales mix, 2) a better inventory mix with sufficient stocks on popular hardluxury/ fashion items, and 3) a consistently well-disciplined discount policy. Beyond these, during the earnings call, management remains upbeat on the outlook, and discussed a few positive operation updates.</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>

CTGDF’s shares have been a laggard and are c.30% behind its re-opening peers, on an assumption that international travel is set to recover and likely takes the wallet shares from domestic travelers.With year-to-date overseas travel recovery tracking c.30% of that in 2019, however, we think year-end recovery rate should reasonably reach 70%+, slightly lower than a 90% ballpark estimates from talks we held with investors.Meanwhile, despite a just-in-line 1Q results, we think GPM should continue to improve sequentially, driven by 1) an increasing higher-margin airport sales mix, 2) a better inventory mix with sufficient stocks on popular hardluxury/ fashion items, and 3) a consistently well-disciplined discount policy. Beyond these, during the earnings call, management remains upbeat on the outlook, and discussed a few positive operation updates.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.

CTGDF (601888 CH) – Overseas Travel a Lingering Headwind to Valuation