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)

[Tencent Music (TME US) Target Price Change]: Cut TP for Competition Pressure and Cost Rebound

[Tencent Music (TME US) Target Price Change]: Cut TP as Offline Music Activities Begin to Thrive

[Tencent Music (TME US, SELL, TP US$6) Preview]: Competition Is Still a Concern, Maintain SELL

Equity Bottom-Up

<ul><li>TME announced its 4Q22 financial results on 21 March.</li><li>Total revenue declined 2% YoY to RMB7.4bn in 4Q22, inline with consensus and CMBI estimates.</li><li>2022 Full-year revenue declined 9% YoY, mainly due to soft social entertainment and ad businesses amid macro uncertainty. </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 announced its 4Q22 financial results on 21 March.Total revenue declined 2% YoY to RMB7.4bn in 4Q22, inline with consensus and CMBI estimates.2022 Full-year revenue declined 9% YoY, mainly due to soft social entertainment and ad businesses amid macro uncertainty. 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) – Expect a year of mild recovery in FY23