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>We hosted a three-day NDR for FriendTimes (FT), during which its mgmt. showed more confidence in the upcoming launch of Twist of the Fate (ToF, 浮生忆玲珑), diversified pipeline and mini-games potential in FY24-25E.</li><li>We suggest to move beyond soft 2H23E, and eye on the launch of ToF (estimated on 2 Jan 2024).</li><li>With better testing feedback and differentiated marketing, we see high visibility for ToF to contribute annual grossing of RMB1.2bn and profit of RMB200mn in FY24E, backed by innovative cooperation with popular female-oriented dramas and films, as well as offline campaigns. </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>

We hosted a three-day NDR for FriendTimes (FT), during which its mgmt. showed more confidence in the upcoming launch of Twist of the Fate (ToF, 浮生忆玲珑), diversified pipeline and mini-games potential in FY24-25E.We suggest to move beyond soft 2H23E, and eye on the launch of ToF (estimated on 2 Jan 2024).With better testing feedback and differentiated marketing, we see high visibility for ToF to contribute annual grossing of RMB1.2bn and profit of RMB200mn in FY24E, backed by innovative cooperation with popular female-oriented dramas and films, as well as offline campaigns. 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.

FriendTimes Inc. (6820 HK) – Eye on Upcoming Launch of Twist of the Fate