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 (27 Aug) 2Q24 results: net revenue was RMB12.8bn, up 13.6% YoY, in line with Bloomberg consensus estimates; nonGAAP operating income (OP) was RMB4.2bn, 6% better than consensus forecast at RMB4.0bn, thanks to better-than-expected cost control on R&amp;D.</li><li>Excluding the RMB1.1bn impact from equity in income of affiliates, non-GAAP net income of RMB3.9bn was 9% better than consensus.</li><li>Although facing macro headwinds, as well as a tougher comps in 3Q24 owing to the transportation ticketing business related VAS business adjustment’s impact on revenue generation, the likely resilient travel demand generated from high-end customer base during the summer peak season should support resilient revenue growth and decent profitability, in our view. </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 (27 Aug) 2Q24 results: net revenue was RMB12.8bn, up 13.6% YoY, in line with Bloomberg consensus estimates; nonGAAP operating income (OP) was RMB4.2bn, 6% better than consensus forecast at RMB4.0bn, thanks to better-than-expected cost control on R&amp;D.Excluding the RMB1.1bn impact from equity in income of affiliates, non-GAAP net income of RMB3.9bn was 9% better than consensus.Although facing macro headwinds, as well as a tougher comps in 3Q24 owing to the transportation ticketing business related VAS business adjustment’s impact on revenue generation, the likely resilient travel demand generated from high-end customer base during the summer peak season should support resilient revenue growth and decent profitability, in our view. 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) - Resilient Travel Demand Amid Peak Summer Season to Ease Market Concern