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>Trip.com Group (TCOM) released (21 May) 1Q24 results: net revenue was RMB11.9bn, up 29.4% YoY, 3% ahead of both our forecast and Bloomberg consensus estimates, aided by better-than-expected revenue generation from both accommodation reservation and Others segments.</li><li>Non-GAAP operating income (OP) was RMB3.8bn, better than our forecast/consensus at RMB3.2/3.1bn, thanks to a better-than-expected GPM aided by better-thanexpected scale effect, and better-than-expected marketing spend driven by a stringent ROI target.</li><li>Although the strong release of pent-up demand in travel industry has been largely priced in, we suggest investors look beyond pent-up demand to TCOM’s globalization potential. </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>

Trip.com Group (TCOM) released (21 May) 1Q24 results: net revenue was RMB11.9bn, up 29.4% YoY, 3% ahead of both our forecast and Bloomberg consensus estimates, aided by better-than-expected revenue generation from both accommodation reservation and Others segments.Non-GAAP operating income (OP) was RMB3.8bn, better than our forecast/consensus at RMB3.2/3.1bn, thanks to a better-than-expected GPM aided by better-thanexpected scale effect, and better-than-expected marketing spend driven by a stringent ROI target.Although the strong release of pent-up demand in travel industry has been largely priced in, we suggest investors look beyond pent-up demand to TCOM’s globalization potential. 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.

Trip.com (TCOM US) - Looking Beyond Release of Pent-Up Demand to Globalization