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)

<ul><li>Even though we are trimming our FY22E net profit forecasts, we believe the sector has already bottomed out in 1Q23E, supported by: 1) decent YTD retail sales growth, 2) turn around in inventory level and retail discounts.</li><li>While we expect a more conservative FY23E guidance by the brands, we do see decent upside surprises from GP margin improvements, helped by better retail discounts and cheaper input costs, etc.</li><li>Therefore, for brands with a higher DTC mix, we believe brands like Anta (2020 HK) and Topsports (6110 HK) are going to outperform.</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.

Even though we are trimming our FY22E net profit forecasts, we believe the sector has already bottomed out in 1Q23E, supported by: 1) decent YTD retail sales growth, 2) turn around in inventory level and retail discounts.While we expect a more conservative FY23E guidance by the brands, we do see decent upside surprises from GP margin improvements, helped by better retail discounts and cheaper input costs, etc.Therefore, for brands with a higher DTC mix, we believe brands like Anta (2020 HK) and Topsports (6110 HK) are going to outperform.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 Sportswear Sector – We expect prudent guidance but decent margins

<ul><li>Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.</li><li>Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.</li><li>In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.</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.

Resilient online sales growth during double 11, where Tik Tok, PDD and JD platforms continued to outperform.Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market expectation, similar to online sales growth in Sep 2022 and had picked up vs Oct 2022.In terms of platforms, YoY growth for Alibaba (Tmall + Tao Bao)/ JD/ PDD/ TikTok increased by ~flattish/ ~teens/ 27%/ 38%.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 Sportswear Sector – Sequential improvements during double 11

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

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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.

Equity Bottom-Up

<ul><li>Datamine's March 2026 quarter Telcowatch data showed continued market share losses for Spark NZ (SPK) in its core mobile market.</li><li>We expect SPK's total mobile connections to decline ~-2% in FY26 and, taken together, these signals increase our confidence that EBITDAI will marginally fall in FY27 versus FY26.</li><li>We leave our below consensus earnings forecasts unchanged (~-2% below consensus EBITDAI in FY27/FY28) but retain NEUTRAL on valuation grounds, with SPK trading on a ~10% gross yield.</li></ul>

Datamine's March 2026 quarter Telcowatch data showed continued market share losses for Spark NZ (SPK) in its core mobile market.We expect SPK's total mobile connections to decline ~-2% in FY26 and, taken together, these signals increase our confidence that EBITDAI will marginally fall in FY27 versus FY26.We leave our below consensus earnings forecasts unchanged (~-2% below consensus EBITDAI in FY27/FY28) but retain NEUTRAL on valuation grounds, with SPK trading on a ~10% gross yield.

<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

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

China

361 Degrees International is a leading Chinese sportswear enterprise that manufactures and trades in a wide range of sporting goods, including footwear, apparel, and accessories for adults and children. The company focuses on professional sports functionality and offers products under its 361° core and 361° Kids brand names. It was founded in 2003 and is headquartered in Xiamen, People's Republic of China.

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361 Degrees International (1361 HK)

China Sportswear Sector – We expect prudent guidance but decent margins

While we expect a more conservative FY23E guidance by the brands, we do see decent upside surprises from GP margin improvements, helped by better...

CMB International

China Sportswear Sector – Sequential improvements during double 11

Based on our channel check and CMBI est., the online GMV growth during 2022’s double 11 was at ~14% YoY, inline with CMBI est. and beat market...

CMB International

Spark NZ Mobile Signal Fading

Datamine's March 2026 quarter Telcowatch data showed continued market share losses for Spark NZ (SPK) in its core mobile market. We expect SPK's...

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

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

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