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>FriendTimes launched ToF2 on 2 Jan 2024, followed by an overseas version on 10 Jan. By 10 Jan, ToF2 ranked top 53 in terms of iOS grossing.</li><li>We estimate ToF2’s grossing for the first month could exceed that of TOF1, and anticipate an upward trend over the next 4-5 months.</li><li>We see high visibility for ToF2 to contribute annual grossing of RMB1.2bn and profit of RMB200mn in FY24E, supported by 1) a larger user base from channel diversification across iOS, Android and proprietary channels, 2) differentiated marketing campaigns, and 3) the release of monthly expansion packs. </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>

FriendTimes launched ToF2 on 2 Jan 2024, followed by an overseas version on 10 Jan. By 10 Jan, ToF2 ranked top 53 in terms of iOS grossing.We estimate ToF2’s grossing for the first month could exceed that of TOF1, and anticipate an upward trend over the next 4-5 months.We see high visibility for ToF2 to contribute annual grossing of RMB1.2bn and profit of RMB200mn in FY24E, supported by 1) a larger user base from channel diversification across iOS, Android and proprietary channels, 2) differentiated marketing campaigns, and 3) the release of monthly expansion packs. 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) – Looking to FY24E Rebound with Rising ToF2