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

361 Degrees International / Equity Bottom-Up

<ul><li>1H25 results were a small miss, in our view, and despite the confirmation of FY25E guidance, we have turned more concerned about its store opening plan, offline sales growth and inventory days.</li><li>However, because of its relatively low valuation vs peers, plus its better-than-peers’ retail sales growth in 1H25, we maintain BUY and raise TP to HK$ 7.09, based on 11x FY25E P/E.</li><li>On one hand, we believe the FY25E guidance is achievable, but on the other hand, we do see a few risks or concerns as well.</li></ul>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.

1H25 results were a small miss, in our view, and despite the confirmation of FY25E guidance, we have turned more concerned about its store opening plan, offline sales growth and inventory days.However, because of its relatively low valuation vs peers, plus its better-than-peers’ retail sales growth in 1H25, we maintain BUY and raise TP to HK$ 7.09, based on 11x FY25E P/E.On one hand, we believe the FY25E guidance is achievable, but on the other hand, we do see a few risks or concerns as well.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.

361 Degrees (1361 HK) - Guidance Unchanged but We Are Concerned

<ul><li>The FY24 result was a small beat, and we are not concerned about the short term volatility in inventories and cashflow.</li><li>We remain positive because the industry trend is improving, even thou management’s FY25E guidance is conservative.</li><li>Moreover, the Super Premium store may be a wild card and we should continue to track this closely. Maintain BUY and raise TP to HK$ 5.97 (mostly roll over).</li></ul>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.

The FY24 result was a small beat, and we are not concerned about the short term volatility in inventories and cashflow.We remain positive because the industry trend is improving, even thou management’s FY25E guidance is conservative.Moreover, the Super Premium store may be a wild card and we should continue to track this closely. Maintain BUY and raise TP to HK$ 5.97 (mostly roll over).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.

361 Degrees (1361 HK) - Cautiously Optimistic After a Decent 2025 CNY

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The NZ mobile market has had a good few years, with service revenue growing mid-single-digit led by ARPU growth towards the top end globally, but growth has been slowing.</li><li>While all telcos have increased prices on some plans this year, we don’t see this adding to growth given: (1) price increases have not been across the board; some plans decreased, and a new lower-priced tier of plans introduced; (2) global mobile prices have not illustrated structural growth; and (3) 2degrees and MVNO will likely continue to gain share.</li><li>We view One NZ as better positioned and have upgraded Infratil (IFT) to OUTPERFORM in our concurrently published report Infratil: Dialing up Growth—Up to OUTPERFORM, and downgrade Spark NZ (SPK) to UNDERPERFORM in our report Spark NZ: Low Signal—Down to UNDERPERFORM.</li></ul>

The NZ mobile market has had a good few years, with service revenue growing mid-single-digit led by ARPU growth towards the top end globally, but growth has been slowing.While all telcos have increased prices on some plans this year, we don’t see this adding to growth given: (1) price increases have not been across the board; some plans decreased, and a new lower-priced tier of plans introduced; (2) global mobile prices have not illustrated structural growth; and (3) 2degrees and MVNO will likely continue to gain share.We view One NZ as better positioned and have upgraded Infratil (IFT) to OUTPERFORM in our concurrently published report Infratil: Dialing up Growth—Up to OUTPERFORM, and downgrade Spark NZ (SPK) to UNDERPERFORM in our report Spark NZ: Low Signal—Down to UNDERPERFORM.

Telecommunications Sector Roaming The Mobile Market

<ul><li>We downgrade Spark NZ (SPK) to UNDERPERFORM from NEUTRAL.</li><li>SPK's incremental connection share is ~-3% points below its current share, its ARPUs are already ahead of One NZ's, its recent price changes have been mixed and it under-indexes in the growing MVNO market.</li><li>While SPK may benefit from a cyclical recovery in some IT services, the endgame for this segment is unclear.</li></ul>

We downgrade Spark NZ (SPK) to UNDERPERFORM from NEUTRAL.SPK's incremental connection share is ~-3% points below its current share, its ARPUs are already ahead of One NZ's, its recent price changes have been mixed and it under-indexes in the growing MVNO market.While SPK may benefit from a cyclical recovery in some IT services, the endgame for this segment is unclear.

Spark NZ Low Signal—Down To UNDERPERFORM

<ul><li>Infratil (IFT) hosted a confident investor day with presentations from its three largest portfolio companies: CDC Data Centres, One NZ, and Longroad; as well as its most promising future growth platform, Gurin Energy.</li><li>The key updates were reiterations of medium-term targets from each of its three large investments.</li><li>CDC is now tracking to the bottom end of its FY26 guidance range, with timing delays the reason, but it retained confidence in its FY27 target, which now implies ~+70% year-on-year EBITDAF growth; we forecast ~+60% growth.</li></ul>

Infratil (IFT) hosted a confident investor day with presentations from its three largest portfolio companies: CDC Data Centres, One NZ, and Longroad; as well as its most promising future growth platform, Gurin Energy.The key updates were reiterations of medium-term targets from each of its three large investments.CDC is now tracking to the bottom end of its FY26 guidance range, with timing delays the reason, but it retained confidence in its FY27 target, which now implies ~+70% year-on-year EBITDAF growth; we forecast ~+60% growth.

Infratil Investor Day 2025—Reiterating Targets

China

361 Degrees International Ltd. designs, develops, manufactures, markets and distributes sportswear products, including athletic footwear, apparel and accessories.

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361 Degrees International (1361 HK)

361 Degrees (1361 HK) - Guidance Unchanged but We Are Concerned

1H25 results were a small miss, in our view, and despite the confirmation of FY25E guidance, we have turned more concerned about its store opening...

CMB International

361 Degrees (1361 HK) - Cautiously Optimistic After a Decent 2025 CNY

The FY24 result was a small beat, and we are not concerned about the short term volatility in inventories and cashflow. We remain positive because...

CMB International

Telecommunications Sector Roaming The Mobile Market

The NZ mobile market has had a good few years, with service revenue growing mid-single-digit led by ARPU growth towards the top end globally, but...

Forsyth Barr

Spark NZ Low Signal—Down To UNDERPERFORM

We downgrade Spark NZ (SPK) to UNDERPERFORM from NEUTRAL. SPK's incremental connection share is ~-3% points below its current share...

Forsyth Barr

Infratil Investor Day 2025—Reiterating Targets

Infratil (IFT) hosted a confident investor day with presentations from its three largest portfolio companies: CDC Data Centres, One NZ, and...

Forsyth Barr

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