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>FEH continued to deliver double-digit profit growth in FY22, with net profits up 11% YoY, translating into 12% YoY growth in 2H21.</li><li>Pre-provision operating profit (PPoP) increased by 6% YoY in FY22, and was up 7% YoY in 2H22.</li><li>The decent earnings growth was primarily driven by 1) continual NIM expansion against macro headwinds (+53bps YoY to 4.67% in FY22, and +37bps HoH to 4.86% in 2H22) on the back of both lower funding costs and higher asset yields, and 2) robust revenue growth from industrial operations (+16% YoY). Asset quality remained stable in 2H22, with NPL ratio and 30+ days overdue ratio further trending down HoH. </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>

FEH continued to deliver double-digit profit growth in FY22, with net profits up 11% YoY, translating into 12% YoY growth in 2H21.Pre-provision operating profit (PPoP) increased by 6% YoY in FY22, and was up 7% YoY in 2H22.The decent earnings growth was primarily driven by 1) continual NIM expansion against macro headwinds (+53bps YoY to 4.67% in FY22, and +37bps HoH to 4.86% in 2H22) on the back of both lower funding costs and higher asset yields, and 2) robust revenue growth from industrial operations (+16% YoY). Asset quality remained stable in 2H22, with NPL ratio and 30+ days overdue ratio further trending down HoH. 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.

Far East Horizon (3360 HK) – NIM expansion HoH in 2H22; sound asset quality