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

Shanghai Kindly Instrument-H / Equity Bottom-Up

<ul><li>Kindly Medical announced FY22 earnings with revenue of RMB585.9mn (+26.1% YoY) which were 4.6% below the consensus est., mainly due to severe production constraints in 2Q22 and significantly declined number of surgeries in 4Q22 caused by COVID-19 interruptions in China.</li><li>GPM was down 2.5 ppts to 56.8% (vs. 59.3% in 2021) because of the increasing proportion of revenue from the agent business, while the GPM of interventional medical devices improved by 2.9 ppts to 65.4% in 2022 (vs. 62.5% in 2021).</li><li>Additionally, Kindly Medical expanded its team size to 1,632 employees in 2022 (vs. 1,189 in 2021), leading to a 42% YoY increase in the total cost of employees. </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>

Kindly Medical announced FY22 earnings with revenue of RMB585.9mn (+26.1% YoY) which were 4.6% below the consensus est., mainly due to severe production constraints in 2Q22 and significantly declined number of surgeries in 4Q22 caused by COVID-19 interruptions in China.GPM was down 2.5 ppts to 56.8% (vs. 59.3% in 2021) because of the increasing proportion of revenue from the agent business, while the GPM of interventional medical devices improved by 2.9 ppts to 65.4% in 2022 (vs. 62.5% in 2021).Additionally, Kindly Medical expanded its team size to 1,632 employees in 2022 (vs. 1,189 in 2021), leading to a 42% YoY increase in the total cost of employees. 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.

Kindly Medical (1501 HK) – Rich portfolios guarantee recovery in 2023E