External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd / Equity Bottom-Up

China Tourism Group Duty Free Corp Ltd (601888 CH)

<ul><li>Sanya’s lockdown weighed on CTGDF’s 3Q results as we expected, with recurring net profits standing at RMB656mn, down ~45%, as we exclude non-core Beijing airport rental concession and Hainan tax cut impact.</li><li>Despite this, revenue of the quarter rose 8% QoQ to RMB11.7bn, when online sales with Sunrise Shanghai made up most of the offline hiccups.</li><li>The change in sales mix also led to an almost 10pp/11pp QoQ decline in GPM/ OPM to 24.7%/ 12.5%, respectively.</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>

Sanya’s lockdown weighed on CTGDF’s 3Q results as we expected, with recurring net profits standing at RMB656mn, down ~45%, as we exclude non-core Beijing airport rental concession and Hainan tax cut impact.Despite this, revenue of the quarter rose 8% QoQ to RMB11.7bn, when online sales with Sunrise Shanghai made up most of the offline hiccups.The change in sales mix also led to an almost 10pp/11pp QoQ decline in GPM/ OPM to 24.7%/ 12.5%, respectively.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.

CTGDF (601888 CH) – A Weak 3Q on Sanya’s Lockdown

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

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