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

<ul><li>FY23 result was a strong beat. In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and 21%/ 26% respectively, and that was also far better than the previous guidance of LSD sales growth and low-teens net profit decline.</li><li>Such result was, in fact, implying an extremely strong rebound in 2H23 (Jan-Jun 2023), following a rather suppressed business environment in 1H23.</li><li>For 2H23, sales and net profit surged by 31% and 116%, better than BBG/ CMBI est. by 10%/ 13% and 80%/ 103%</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.

FY23 result was a strong beat. In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and 21%/ 26% respectively, and that was also far better than the previous guidance of LSD sales growth and low-teens net profit decline.Such result was, in fact, implying an extremely strong rebound in 2H23 (Jan-Jun 2023), following a rather suppressed business environment in 1H23.For 2H23, sales and net profit surged by 31% and 116%, better than BBG/ CMBI est. by 10%/ 13% and 80%/ 103%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.

JNBY Design (3306 HK) – An All-Rounded Beat and an Optimistic Outlook

HK/China Equity Long-Short

Osbert Tang, CFA

Bosideng International Holdings / Equity Bottom-Up

<ul>
<li>Amid the challenging market, <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a>'s 15% growth in 1H FY23 profit is decent. Excluding impairments, operating profit would have grown by 31.3%.</li>
<li>It expects FY23 gross margin to expand and further store optimisation to enhance operating margin. The introduction of highly successful ultralight down jackets is an added driver.</li>
<li>With 32% increase in online branded apparel sales, the channel will be Bosideng's key growth impetus. For "double-11", sales have outperformed peers significantly, showcasing its product strengths.</li>
</ul>


Amid the challenging market, Bosideng International Holdings (3998 HK)'s 15% growth in 1H FY23 profit is decent. Excluding impairments, operating profit would have grown by 31.3%.
It expects FY23 gross margin to expand and further store optimisation to enhance operating margin. The introduction of highly successful ultralight down jackets is an added driver.
With 32% increase in online branded apparel sales, the channel will be Bosideng's key growth impetus. For "double-11", sales have outperformed peers significantly, showcasing its product strengths.


Bosideng (3998 HK): Decent Result Distorted by Impairment Losses

Thematic (Sector/Industry)

<ul><li>The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.</li><li>Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.</li><li>However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. </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 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. 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.

Consumer Discretionary - Cautiously Optimistic After a Mixed Golden Week

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul><li>First a new holding, Nameson Holdings (HKG:1982). A vertically integrated knitwear and fabrics manufacturer with most of its production base in Vietnam and some of it still in China.</li><li>They expanded to Myanmar, which did not work out so well, so they had to take significant write-downs and restructuring costs recently of 243 million HK$.</li><li>This somewhat obscures their true earnings power.</li></ul>

First a new holding, Nameson Holdings (HKG:1982). A vertically integrated knitwear and fabrics manufacturer with most of its production base in Vietnam and some of it still in China.They expanded to Myanmar, which did not work out so well, so they had to take significant write-downs and restructuring costs recently of 243 million HK$.This somewhat obscures their true earnings power.

<ul>
<li>Even China's consumption market is tough, <a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng Intl Holdings (3998 HK)</a> has still achieved a 25.1% profit growth. Revenue maintained a healthy trend while gross margin was stable.</li>
<li>Sales trend stayed solid in 2H FY24, and it ranked first in major online channels in various categories of apparel sales during the "double-11" shopping festival.</li>
<li>Store efficiency improved as revenue saw double-digit growth despite a 9.7% YoY fewer retail network. It is encouraging to see its 3-year target is to outperform the last 5 years.</li>
</ul>


Even China's consumption market is tough, Bosideng Intl Holdings (3998 HK) has still achieved a 25.1% profit growth. Revenue maintained a healthy trend while gross margin was stable.
Sales trend stayed solid in 2H FY24, and it ranked first in major online channels in various categories of apparel sales during the "double-11" shopping festival.
Store efficiency improved as revenue saw double-digit growth despite a 9.7% YoY fewer retail network. It is encouraging to see its 3-year target is to outperform the last 5 years.


Bosideng (3998 HK): Never Fail to Deliver

China

JNBY Design Limited designs, promotes, and sells textile products. The Company offers apparels, footwear, and other accessories for women and children. JNBY Design markets its products globally.

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JNBY Design Ltd (3306 HK)

JNBY Design (3306 HK) – An All-Rounded Beat and an Optimistic Outlook

In FY23 (ending Jun 2023), JNBY’s sales and net profit increased by 9% and 11% YoY to RMB 4.5bn and RMB 621mn, beating BBG/ CMBI est. by 5%/ 6% and...

CMB International

Bosideng (3998 HK): Decent Result Distorted by Impairment Losses

Bosideng actually has a decent 1H FY23 result and gross margin should expand for full-year FY23. Its efforts on store optimisation, new product...

Osbert Tang, CFA

Consumer Discretionary - Cautiously Optimistic After a Mixed Golden Week

The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we...

CMB International

Some Updates #2

First a new holding, Nameson Holdings (HKG:1982). A vertically integrated knitwear and fabrics manufacturer with most of its production base in...

Turtles all the way down

Bosideng (3998 HK): Never Fail to Deliver

Bosideng achieved 25.1% profit growth despite tough consumption market. Healthy revenue growth, stable margins, and improved store efficiency are...

Osbert Tang, CFA

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