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>Even though Li Ning started the year slow, both retail sales growth and retail discounts got much better going into Mar-Apr 2023.</li><li>Hence, we are now even more certain about the turnaround in 2Q23E-2H23E. Maintain BUY. 1Q23 was a slight beat.</li><li>Li Ning’s retail sales grew by MSD YoY in 1Q23, beating CMBI est. of 2%. We believe the major surprises are: 1) robust offline growth since Mar 2023 (accelerated to 25%-30%, vs MSD in Jan-Feb) and 2) turnaround in e-commerce (resumed to +ve since Mar 2023). </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>

Even though Li Ning started the year slow, both retail sales growth and retail discounts got much better going into Mar-Apr 2023.Hence, we are now even more certain about the turnaround in 2Q23E-2H23E. Maintain BUY. 1Q23 was a slight beat.Li Ning’s retail sales grew by MSD YoY in 1Q23, beating CMBI est. of 2%. We believe the major surprises are: 1) robust offline growth since Mar 2023 (accelerated to 25%-30%, vs MSD in Jan-Feb) and 2) turnaround in e-commerce (resumed to +ve since Mar 2023). 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.

Li Ning (2331 HK) – A strong comeback in all channels since Mar