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 Entertainment(TME.US) 4Q22 Preview: Raise TP for Gradual but Slow Recovery

[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

Equity Bottom-Up

<ul><li>TME reported its 3Q22 financial results on 15 Nov.</li><li>Total revenue declined by 5.6% YoY but grew by 6.7% QoQ to RMB7.4bn in 3Q22, largely inline with consensus/CMBI estimate of RMB7.1/7.1bn.</li><li>9M22 revenue was down 11.5% YoY due to the soft performance of social entertainment 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 reported its 3Q22 financial results on 15 Nov.Total revenue declined by 5.6% YoY but grew by 6.7% QoQ to RMB7.4bn in 3Q22, largely inline with consensus/CMBI estimate of RMB7.1/7.1bn.9M22 revenue was down 11.5% YoY due to the soft performance of social entertainment 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) – Strong earnings beat on improvement in GPM and operating efficiency