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)

Sensetime Placement - Seems Highly Opportunistic

Equity Bottom-Up

<ul><li>SenseTime reported FY23 financial results on 26 Mar: total revenue declined by 11% YoY to RMB3.4bn in FY23, below consensus estimate of RMB4.3bn, primarily due to the decline in the Traditional AI business as the company shifted its strategic focus to Generative AI business; adjusted net loss widened by 14% YoY to RMB5.4bn in FY23, versus consensus estimate of RMB3.7bn, due to investment in AI infra and impairment loss of RMB1.8bn (mainly for trade receivables of the smart city business).</li><li>For 2024, the company will further accelerate the monetization of generative AI services, which we expect to support its revenue rebound.</li><li>Meanwhile, the company will enhance operating efficiency and improve cash flow conversion capability in 2024, via cutting non-core businesses.</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>

SenseTime reported FY23 financial results on 26 Mar: total revenue declined by 11% YoY to RMB3.4bn in FY23, below consensus estimate of RMB4.3bn, primarily due to the decline in the Traditional AI business as the company shifted its strategic focus to Generative AI business; adjusted net loss widened by 14% YoY to RMB5.4bn in FY23, versus consensus estimate of RMB3.7bn, due to investment in AI infra and impairment loss of RMB1.8bn (mainly for trade receivables of the smart city business).For 2024, the company will further accelerate the monetization of generative AI services, which we expect to support its revenue rebound.Meanwhile, the company will enhance operating efficiency and improve cash flow conversion capability in 2024, via cutting non-core businesses.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.

SenseTime (20 HK) - Accelerating Generative AI Monetization

SenseTime Group

SenseTime (20 HK) - Accelerating Generative AI Monetization