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

Glodon Company Limited A / Equity Bottom-Up

<ul><li>Glodon announced FY23 results: total revenue declined by 16% YoY to RMB1.78bn in 4Q23, 10% below consensus estimate mainly due to the soft construction market; the company recorded net loss of RMB146mn in 4Q23, deteriorating from net income of RMB328mn in 4Q22, primarily attributable to the operating deleverage.</li><li>FY23 total revenue was largely flat YoY at RMB6.56bn, while net income was down by 88% YoY to RMB116mn.</li><li>Looking ahead to FY24, we expect top-line growth will remain under pressure as the overall construction market remains challenging and the decline in new contracts signed in FY23 will weigh on revenue recognition in FY24. </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>

Glodon announced FY23 results: total revenue declined by 16% YoY to RMB1.78bn in 4Q23, 10% below consensus estimate mainly due to the soft construction market; the company recorded net loss of RMB146mn in 4Q23, deteriorating from net income of RMB328mn in 4Q22, primarily attributable to the operating deleverage.FY23 total revenue was largely flat YoY at RMB6.56bn, while net income was down by 88% YoY to RMB116mn.Looking ahead to FY24, we expect top-line growth will remain under pressure as the overall construction market remains challenging and the decline in new contracts signed in FY23 will weigh on revenue recognition in FY24. 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.

Glodon (002410 CH) - Focus on Quality Growth in FY24E