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>We are impressed by the quick recovery of retail sales growth during CNY, even with high base last year.</li><li>Moreover, we do find FY23E guidance encouraging, hence we maintain BUY and revise up our TP to HK$11.52, based on a 21x FY23E P/E (which is 1 s.d. higher than the 5 years average of 15x, up from 19x given the turnaround) and its valuation is not too demanding at 17x FY23E P/E.</li><li>After the improvement in Dec 2022, a HSD drop vs mid-teen decline in Nov 2022, retail sales growth had further accelerated to 20%+ during the first 10 days of 2023 CNY season (vs same season last year), and the retail discounts also improved to just 25% to 30% off (about 1-2ppt better than last year).</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 are impressed by the quick recovery of retail sales growth during CNY, even with high base last year.Moreover, we do find FY23E guidance encouraging, hence we maintain BUY and revise up our TP to HK$11.52, based on a 21x FY23E P/E (which is 1 s.d. higher than the 5 years average of 15x, up from 19x given the turnaround) and its valuation is not too demanding at 17x FY23E P/E.After the improvement in Dec 2022, a HSD drop vs mid-teen decline in Nov 2022, retail sales growth had further accelerated to 20%+ during the first 10 days of 2023 CNY season (vs same season last year), and the retail discounts also improved to just 25% to 30% off (about 1-2ppt better than last year).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.

Xtep (1368 HK) – Speedy recovery in CNY and robust guidance

Xtep International

Xtep (1368 HK) – Speedy recovery in CNY and robust guidance