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>EC Healthcare (ECH) reported FY1H23 revenue of HK$1,893mn, up by 31% YoY, and attributable net profit of HK$80mn, down by 50% YoY, accounting for 50%/ 19% of our full-year estimates, respectively.</li><li>Sales volume (generated from contracted sales) showed continuous recovery by quarter, up by 21%/11% QoQ in FY1Q23/FY2Q23, following a 19% QoQ decline in FY4Q22 due to COVID lock down in HK.</li><li>Medical service segment delivered a strong rebound, with revenue up by 48% YoY to HK$1,175mn in FY1H23, while revenue from aesthetic medical and beauty and wellness segment underwent a 2% YoY decline to HK$607mn, caused by store closures in April and a gradual recovery thereafter in HK as well as regulatory headwinds and COVID disruptions in the Mainland.</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>

EC Healthcare (ECH) reported FY1H23 revenue of HK$1,893mn, up by 31% YoY, and attributable net profit of HK$80mn, down by 50% YoY, accounting for 50%/ 19% of our full-year estimates, respectively.Sales volume (generated from contracted sales) showed continuous recovery by quarter, up by 21%/11% QoQ in FY1Q23/FY2Q23, following a 19% QoQ decline in FY4Q22 due to COVID lock down in HK.Medical service segment delivered a strong rebound, with revenue up by 48% YoY to HK$1,175mn in FY1H23, while revenue from aesthetic medical and beauty and wellness segment underwent a 2% YoY decline to HK$607mn, caused by store closures in April and a gradual recovery thereafter in HK as well as regulatory headwinds and COVID disruptions in the Mainland.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.

EC Healthcare (2138 HK) – Strong Post-COVID Business Rebound