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 estimate iQIYI could deliver an upbeat margin but mild rev growth in 4Q23E, with better-than-feared ads revenue and rising ARM (despite subs volatility).</li><li>We suggest looking beyond the high base for 1Q24E, and focusing on upcoming rich content in its 2024 pipeline, including San Ke Shu (南来北往), Fox Spirit Matchmaker (狐妖小红娘) and Gu Zhou (孤舟). ARM expansion should support its earnings growth and solid free cash flow in FY24E.</li><li>We are also positive on its margin improvement on higher ROI in content investments. </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 estimate iQIYI could deliver an upbeat margin but mild rev growth in 4Q23E, with better-than-feared ads revenue and rising ARM (despite subs volatility).We suggest looking beyond the high base for 1Q24E, and focusing on upcoming rich content in its 2024 pipeline, including San Ke Shu (南来北往), Fox Spirit Matchmaker (狐妖小红娘) and Gu Zhou (孤舟). ARM expansion should support its earnings growth and solid free cash flow in FY24E.We are also positive on its margin improvement on higher ROI in content investments. 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.

IQIYI (IQ US) – Margin Intact with Continued ARM Expansion

iQIYI Inc

IQIYI (IQ US) – Margin Intact with Continued ARM Expansion