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>TME reported 1Q24 results: total revenue declined by 3% YoY to RMB6.77bn, beating consensus estimate by 3% on strong online music revenue growth; non-IFRS net income grew by 21% YoY to RMB1.70bn, 7% ahead of consensus estimate, primarily attributable to the solid GPM expansion (+7.9ppt YoY) and effective control in opex (-8% YoY).</li><li>TME further enhanced shareholder return on its strong cash generation capability and announced its first annual cash dividend of US$0.137 per ADS (c.1.0% dividend yield).</li><li>Looking ahead, we forecast total revenue to decline by 2% YoY, while non-IFRS net income to grow by 20% in 2Q24E on solid music revenue growth and GPM expansion.</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>

TME reported 1Q24 results: total revenue declined by 3% YoY to RMB6.77bn, beating consensus estimate by 3% on strong online music revenue growth; non-IFRS net income grew by 21% YoY to RMB1.70bn, 7% ahead of consensus estimate, primarily attributable to the solid GPM expansion (+7.9ppt YoY) and effective control in opex (-8% YoY).TME further enhanced shareholder return on its strong cash generation capability and announced its first annual cash dividend of US$0.137 per ADS (c.1.0% dividend yield).Looking ahead, we forecast total revenue to decline by 2% YoY, while non-IFRS net income to grow by 20% in 2Q24E on solid music revenue growth and GPM expansion.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.

TME (TME US) - 1Q24 Beat on Strong Music Business Growth and GPM Expansion

Tencent Music

TME (TME US) - 1Q24 Beat on Strong Music Business Growth and GPM Expansion