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)

March Themes and Thematic Portfolio Review

What's up with Hong Kong? Bull Market Dude!

Citic Resource Holdings (1205.HK) - A Play on Oil and Coal Demand

Equity Bottom-Up

<ul><li>We think the risk-reward currently for Stella is excellent, because of: 1) a turnaround of the clothing and sportswear sector in the US</li><li>2) the company’s specific strengths like its high-end positioning (e.g. producing Jordan series for Nike) and ramp-up of footwear business by luxury brands (acquired 17-18 new clients, like Moncler Lacoste and Kenzo (under LVMH)in the past two years) and</li><li>3) undemanding valuation of 8x FY23E P/E and 9% FY23E yield.</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>

We think the risk-reward currently for Stella is excellent, because of: 1) a turnaround of the clothing and sportswear sector in the US2) the company’s specific strengths like its high-end positioning (e.g. producing Jordan series for Nike) and ramp-up of footwear business by luxury brands (acquired 17-18 new clients, like Moncler Lacoste and Kenzo (under LVMH)in the past two years) and3) undemanding valuation of 8x FY23E P/E and 9% FY23E yield.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.

Stella  (1836 HK) – A Dividend Play Riding on the Athleisure Trend

Stella International

Stella (1836 HK) – A Dividend Play Riding on the Athleisure Trend