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 announced its 4Q23 results on 19 Mar: total revenue decreased by 7% YoY to RMB6.9bn, 3% ahead of consensus/our estimate thanks to the robust core music revenue growth (+41% YoY); non-IFRS net income grew 10% YoY to RMB1.58bn, beating consensus/our estimate of RMB1.56/1.50bn.</li><li>For FY23, total revenue declined by 2% YoY, while non-IFRS net income was up 25% YoY on solid improvement in GPM and operating efficiency.</li><li>For FY24E, we expect total revenue will return to the growth track (+3% YoY), backed by the robust core music business. </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 4Q23 results on 19 Mar: total revenue decreased by 7% YoY to RMB6.9bn, 3% ahead of consensus/our estimate thanks to the robust core music revenue growth (+41% YoY); non-IFRS net income grew 10% YoY to RMB1.58bn, beating consensus/our estimate of RMB1.56/1.50bn.For FY23, total revenue declined by 2% YoY, while non-IFRS net income was up 25% YoY on solid improvement in GPM and operating efficiency.For FY24E, we expect total revenue will return to the growth track (+3% YoY), backed by the robust core music business. 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 Solid Core Music Business and GPM Expansion in FY24

Tencent Music

TME (TME US) - Expect Solid Core Music Business and GPM Expansion in FY24