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

Kingdee International Software / Equity Bottom-Up

<ul><li>Kingdee reported 2023 financial results: revenue was RMB5.7bn, up 17% YoY (2022: 17% YoY), and net loss attributable to ordinary shareholders was RMB210mn (2022: loss of RMB389mn), both in line with our estimate and Bloomberg consensus.</li><li>Kingdee’s loss reduction effort was on track, with loss margin narrowing from -17.9% in 2022 to -12.1% in 2023, driven by 2.6ppt improvement in gross margin, on an increase in subscription revenue, cloud infrastructure cost optimization, as well as operating efficiency improvement.</li><li>We remain positive that Kingdee is well-positioned to benefit from the domestic substitution trend, backed by strong and continuously enhanced product capability and partner ecosystem. </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>

Kingdee reported 2023 financial results: revenue was RMB5.7bn, up 17% YoY (2022: 17% YoY), and net loss attributable to ordinary shareholders was RMB210mn (2022: loss of RMB389mn), both in line with our estimate and Bloomberg consensus.Kingdee’s loss reduction effort was on track, with loss margin narrowing from -17.9% in 2022 to -12.1% in 2023, driven by 2.6ppt improvement in gross margin, on an increase in subscription revenue, cloud infrastructure cost optimization, as well as operating efficiency improvement.We remain positive that Kingdee is well-positioned to benefit from the domestic substitution trend, backed by strong and continuously enhanced product capability and partner ecosystem. 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.

Kingdee (268 HK) - Steady Rev Growth with On-Track Loss Reduction