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 3Q24 results on 12 Nov: total revenue increased by 7% YoY to RMB7.02bn, in line with our/Bloomberg consensus estimate; non-IFRS net income grew by 29% YoY to RMB1.81bn, also in line with our/consensus estimate of RMB1.76/1.79bn.</li><li>The number of SVIP subscribers achieved the 10mn milestone in Sept 2024, and we expect it to become a key driver of the music ARPPU and revenue growth going forward.</li><li>Looking ahead, we expect total revenue/non-IFRS net income to grow by 6/26% YoY to RMB7.31/1.98bn in 4Q24E. </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 3Q24 results on 12 Nov: total revenue increased by 7% YoY to RMB7.02bn, in line with our/Bloomberg consensus estimate; non-IFRS net income grew by 29% YoY to RMB1.81bn, also in line with our/consensus estimate of RMB1.76/1.79bn.The number of SVIP subscribers achieved the 10mn milestone in Sept 2024, and we expect it to become a key driver of the music ARPPU and revenue growth going forward.Looking ahead, we expect total revenue/non-IFRS net income to grow by 6/26% YoY to RMB7.31/1.98bn in 4Q24E. 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) - Inline 3Q24 Results; SVIP Evolves as the New Growth Driver

Tencent Music

TME (TME US) - Inline 3Q24 Results; SVIP Evolves as the New Growth Driver