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>1Q23 was a slight beat, mostly due to rocketed sales growth in the EU.</li><li>Even with no FY23E guidance provided, we do think rapid growth in the EU will stay, sales growth in the US shall improve, together with the tailwinds in margins (e.g. cheaper input costs and freight rate, better discounts).</li><li>We still have a BUY rating with TP of HK$ 9.92, based on 11x FY23E P/E, vs 5 years average of 14x.</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>

1Q23 was a slight beat, mostly due to rocketed sales growth in the EU.Even with no FY23E guidance provided, we do think rapid growth in the EU will stay, sales growth in the US shall improve, together with the tailwinds in margins (e.g. cheaper input costs and freight rate, better discounts).We still have a BUY rating with TP of HK$ 9.92, based on 11x FY23E P/E, vs 5 years average of 14x.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.

JS Global Lifestyle (1691 HK) – 1Q23 results beat and gradual recovery is likely