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)

Xiaomi(1810.HK): Huawei’s Restrictions (Another) Signal of More to Come

[Xiaomi (1810 HK) Company Update]: JD Funds Distributors, but No Clear Benefit for Xiaomi

[Xiaomi Inc. (1810 HK) Target Price Change]: Picking Both Earnings and Scale, but Obtaining Neither

Equity Bottom-Up

<ul><li>We spoke to Xiaomi’s mgmt. in our Corporate Day on 29 Nov, and investors are interested in 1) smartphone industry destocking progress, 2) business update in overseas markets, 3) AIoT strategy and product roadmap, 4) overseas internet business and 5) R&amp;D investment in EV and new initiatives.</li><li>Overall, we expect Xiaomi’s global share gain in smartphone to resume in 2023E despite soft market outlook.</li><li>Trading at 16.7x FY23E P/E, the stock offers an attractive risk-reward. </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>

We spoke to Xiaomi’s mgmt. in our Corporate Day on 29 Nov, and investors are interested in 1) smartphone industry destocking progress, 2) business update in overseas markets, 3) AIoT strategy and product roadmap, 4) overseas internet business and 5) R&amp;D investment in EV and new initiatives.Overall, we expect Xiaomi’s global share gain in smartphone to resume in 2023E despite soft market outlook.Trading at 16.7x FY23E P/E, the stock offers an attractive risk-reward. 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.

Xiaomi (1810 HK) – Corp Day Takeaways: smartphone destocking to continue into 4Q22E

Xiaomi Corp

Xiaomi (1810 HK) – Corp Day Takeaways: smartphone destocking to continue into 4Q22E