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 announced its 4Q23 results on 20 Mar: total revenue grew by 7% YoY to RMB155.2bn in 4Q23, largely in line with our/consensus estimate of RMB156.1/157.4bn.</li><li>Non-IFRS net income was up by 44% YoY to RMB42.7bn in 4Q23, ahead of our/consensus estimate of RMB40.0/42.0bn, mainly due to solid GPM expansion (+7.3ppt YoY).</li><li>FY23 total revenue grew by 10% YoY to RMB609.0bn, and non-IFRS net income increased by 36% YoY to RMB157.7bn. </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 announced its 4Q23 results on 20 Mar: total revenue grew by 7% YoY to RMB155.2bn in 4Q23, largely in line with our/consensus estimate of RMB156.1/157.4bn.Non-IFRS net income was up by 44% YoY to RMB42.7bn in 4Q23, ahead of our/consensus estimate of RMB40.0/42.0bn, mainly due to solid GPM expansion (+7.3ppt YoY).FY23 total revenue grew by 10% YoY to RMB609.0bn, and non-IFRS net income increased by 36% YoY to RMB157.7bn. 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) - Unleashing Business Model Advantages