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)

Meituan (3690 HK): Lack of Clear Topline Driver Remains a Concern

Equity Bottom-Up

<ul><li>Meituan reported (22 Mar) its 4Q23 results: revenue was RMB73.7bn, up 23% YoY, 1% higher than Bloomberg consensus estimate.</li><li>Adjusted net profit during 4Q23 reached RMB4.4bn, better than consensus at RMB2.9bn, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, and narrower-than-expected loss generated from new business.</li><li>Management highlighted that it will make strategic changes and refine business model of Meituan Select in 2024, aiming to significantly reduce the operating loss, which we believe should drive c.49% YoY non-IFRS net profit growth in 2024E. </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>

Meituan reported (22 Mar) its 4Q23 results: revenue was RMB73.7bn, up 23% YoY, 1% higher than Bloomberg consensus estimate.Adjusted net profit during 4Q23 reached RMB4.4bn, better than consensus at RMB2.9bn, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, and narrower-than-expected loss generated from new business.Management highlighted that it will make strategic changes and refine business model of Meituan Select in 2024, aiming to significantly reduce the operating loss, which we believe should drive c.49% YoY non-IFRS net profit growth in 2024E. 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.

Meituan (3690 HK) - Expect Significant Loss Reduction for New Businesses