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 is making steady progress in online music paying user growth: we expect 4Q23 total revenue to decline by 10% YoY to RMB6.7bn, but non-IFRS net income to grow by 5% YoY to RMB1.5bn, mainly due to continuous improvement in online music GPM and the effective control on opex.</li><li>Despite macro uncertainty, we expect TME’s online music business to maintain solid growth in 4Q23 (+36% in 4Q23E based on our estimate), supported by the steady growth of both paid users and ARPPU.</li><li>In our view, TME’s current valuation of 16x FY24E Non-IFRS PE remains attractive given its resilience against macro uncertainty, unparalleled leadership in online music sector and solid earnings growth outlook (FY23-25E CAGR of 15%). </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 is making steady progress in online music paying user growth: we expect 4Q23 total revenue to decline by 10% YoY to RMB6.7bn, but non-IFRS net income to grow by 5% YoY to RMB1.5bn, mainly due to continuous improvement in online music GPM and the effective control on opex.Despite macro uncertainty, we expect TME’s online music business to maintain solid growth in 4Q23 (+36% in 4Q23E based on our estimate), supported by the steady growth of both paid users and ARPPU.In our view, TME’s current valuation of 16x FY24E Non-IFRS PE remains attractive given its resilience against macro uncertainty, unparalleled leadership in online music sector and solid earnings growth outlook (FY23-25E CAGR of 15%). 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) - Online Music Business Maintains Solid Growth Amid Macro Uncertainty

Tencent Music

TME (TME US) - Online Music Business Maintains Solid Growth Amid Macro Uncertainty