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>Tencent will report 3Q23 financial results on 15 Nov.</li><li>We expect 3Q23 total revenue/adjusted net income to grow by 10/26% YoY to RMB153.5/40.6bn (consensus estimates: RMB155.5/39.8bn). For 3Q23E, we forecast games/ads/fintech &amp; business services (FBS) revenue to grow by 7/23/12% YoY.</li><li>Supported by operating leverage improvement from its consumer internet business segments, Tencent is able to deliver solid earnings growth amid macro headwinds. </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>

Tencent will report 3Q23 financial results on 15 Nov.We expect 3Q23 total revenue/adjusted net income to grow by 10/26% YoY to RMB153.5/40.6bn (consensus estimates: RMB155.5/39.8bn). For 3Q23E, we forecast games/ads/fintech &amp; business services (FBS) revenue to grow by 7/23/12% YoY.Supported by operating leverage improvement from its consumer internet business segments, Tencent is able to deliver solid earnings growth amid macro headwinds. 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.

Tencent (700 HK) – Expect Steady 3Q23 Despite Macro Uncertainty