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>2023 guidance maintained. During the conference call, management reiterated its 2023 growth outlook to be in line with its ESOP target at 23% YoY, with steadily improving GPM.</li><li>Of note, the plan was initiated in July last year with vesting condition stipulated to be no less than 25%/ 23%/ 22% revenue/ net profit growth YoY for 2022-24E.</li><li>This year, selling and R&amp;D expense could kick-in higher along with intensifying promotional campaigns and new launches, but such is likely to be offset by a stable administration expense ratio. Net-net, we expect a small increase in net margins.</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>

2023 guidance maintained. During the conference call, management reiterated its 2023 growth outlook to be in line with its ESOP target at 23% YoY, with steadily improving GPM.Of note, the plan was initiated in July last year with vesting condition stipulated to be no less than 25%/ 23%/ 22% revenue/ net profit growth YoY for 2022-24E.This year, selling and R&amp;D expense could kick-in higher along with intensifying promotional campaigns and new launches, but such is likely to be offset by a stable administration expense ratio. Net-net, we expect a small increase in net margins.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.

Proya Cosmetics (603605 CH) – 1Q in line; 2023 guidance maintained