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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><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>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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.

China Internet Sector – 3Q22 preview: near term bumpy recovery

Equity Bottom-Up

<ul><li>Trip.com Group (TCOM) released (28 Aug) 2Q25 results: total revenue was RMB14.9bn, up 16% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.7bn, 7/9% better than both our estimates and consensus, thanks to better-than-expected operating leverage.</li><li>Overall travel demand remained resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.</li><li>TCOM’s overseas expansion is also on the right track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, 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 (28 Aug) 2Q25 results: total revenue was RMB14.9bn, up 16% YoY, 1% better than both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.7bn, 7/9% better than both our estimates and consensus, thanks to better-than-expected operating leverage.Overall travel demand remained resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.TCOM’s overseas expansion is also on the right track, with balanced investment and revenue growth trajectory, and this should bring long-term value to TCOM, 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) - 2Q Results Beat; Resilient Revenue and Earnings Growth to Sustain

<ul><li>Trip.com Group (TCOM) released (20 May) 1Q25 results: total revenue was RMB13.9bn, up 16% YoY, inline with both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.0bn, 7% better than both our estimates and consensus, mainly thanks to more optimizedthan-expected sales and marketing spend.</li><li>Overall travel demand remains resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.</li><li>TCOM’s overseas expansion is also on the right track. Although the investment may weigh on earnings growth in the near term, the international expansion should bring long-term value to TCOM, 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 (20 May) 1Q25 results: total revenue was RMB13.9bn, up 16% YoY, inline with both our forecast and Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB4.0bn, 7% better than both our estimates and consensus, mainly thanks to more optimizedthan-expected sales and marketing spend.Overall travel demand remains resilient, in our view, and TCOM sustained better-than-industry booking volume growth for both domestic business and outbound business, aided by its strong supply chain capabilities, as well as superior customer services capabilities.TCOM’s overseas expansion is also on the right track. Although the investment may weigh on earnings growth in the near term, the international expansion should bring long-term value to TCOM, 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 Revenue Growth with Investment on Track for Overseas Expansion

<ul><li>Trip.com Group (TCOM) released (25 Feb) 4Q24 results: total revenue was RMB12.8bn, up 23% YoY, 4% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB2.8bn, also 4% better than consensus thanks to more optimized-than-expected operating expenses.</li><li>For 2024, revenue grew 20% YoY to RMB53.4bn, and non-GAAP OP/NP grew 23/38% YoY to RMB16.2bn/18.0bn.</li><li>Accounting for the combined impact from more robust-than-expected revenue growth from Trip.com business, which is still in a loss-making stage, and likely slower-than-previously expected outbound travel business revenue growth in 2025E due to slower-than-expected recovery in international flight capacity, we lift 2025E revenue forecast by 1% but lower non-GAAP NP forecast by 1%. </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 (25 Feb) 4Q24 results: total revenue was RMB12.8bn, up 23% YoY, 4% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB2.8bn, also 4% better than consensus thanks to more optimized-than-expected operating expenses.For 2024, revenue grew 20% YoY to RMB53.4bn, and non-GAAP OP/NP grew 23/38% YoY to RMB16.2bn/18.0bn.Accounting for the combined impact from more robust-than-expected revenue growth from Trip.com business, which is still in a loss-making stage, and likely slower-than-previously expected outbound travel business revenue growth in 2025E due to slower-than-expected recovery in international flight capacity, we lift 2025E revenue forecast by 1% but lower non-GAAP NP forecast by 1%. 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) - Entry Point Could Appear Post Market Correction

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

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In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Samart Aviation Solutions Public Co Ltd / Equity Bottom-Up

Samart Aviation Solutions Public Co Ltd (SAV TB)

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,236/1,230 points and resistance at 1,254/1,260 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within the range of 1,220-1,506 points.</li><li>In the short term, the first signs of a pullback have emerged after the index formed a lower high and lower low pattern for the first time since the technical rebound began on February 17 from the new low of 1,236.80 points.</li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,236/1,230 points and resistance at 1,254/1,260 points.In the medium term, the index remains in a zig-zag down downtrend, searching for a bottom within the range of 1,220-1,506 points.In the short term, the first signs of a pullback have emerged after the index formed a lower high and lower low pattern for the first time since the technical rebound began on February 17 from the new low of 1,236.80 points.

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

Trip.com (TCOM US) - 2Q Results Beat; Resilient Revenue and Earnings Growth to Sustain

Driven by the increase in earnings forecasts and a roll forward of valuation window, we raise our DCF-based TP by 9% to US$76.0 (was US$70.0),...

CMB International

Trip.com (TCOM US) - Resilient Revenue Growth with Investment on Track for Overseas Expansion

Both our 25-27E revenue and earnings forecasts remain largely unchanged, and we keep our DCF-based TP at US$70.0, translating into 20x 25E PE (non...

CMB International

Trip.com (TCOM US) - Entry Point Could Appear Post Market Correction

Trip.com Group (TCOM) released (25 Feb) 4Q24 results: total revenue was RMB12.8bn, up 23% YoY, 4% better than Bloomberg consensus estimates

CMB International

Strategic Daily Picks

Technically, the SET Index is expected to weaken, with the support levels at 1,236/1,230 points and resistance at 1,254/1,260 points. In the...

Krungthai XSpring

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