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>Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg consensus estimates, mainly driven by better-than-expected revenue growth in customer management revenue (CMR) and Cainiao.</li><li>Fueled by operating efficiency improvement across business lines and a beat in relatively highmargin CMR, non-GAAP net income grew 48% YoY to RMB44.9bn, 13/17% ahead of our estimates/consensus.</li><li>The results, in our view, demonstrated BAB’s early-stage success in Taobao and Tmall business transformation to focus on quality user growth and better user retention through product supply and merchants ROI enhancement, which in turn improved number of daily active paying merchants for CMR business. Maintain BUY.</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.

Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg consensus estimates, mainly driven by better-than-expected revenue growth in customer management revenue (CMR) and Cainiao.Fueled by operating efficiency improvement across business lines and a beat in relatively highmargin CMR, non-GAAP net income grew 48% YoY to RMB44.9bn, 13/17% ahead of our estimates/consensus.The results, in our view, demonstrated BAB’s early-stage success in Taobao and Tmall business transformation to focus on quality user growth and better user retention through product supply and merchants ROI enhancement, which in turn improved number of daily active paying merchants for CMR business. Maintain BUY.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.

Alibaba (BABA US) – User First Strategy Delivered Early-Stage Results

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>Joko Widodo /: Interview with Indonesian President Joko Widodo: A unifying ‘outsider’</li>
<li>IPO /: China’s first U.S. IPO under new listing rules moves a step closer</li>
<li>Economy /: Half of China’s provinces fall behind the national economy</li>
</ul>


Joko Widodo /: Interview with Indonesian President Joko Widodo: A unifying ‘outsider’
IPO /: China’s first U.S. IPO under new listing rules moves a step closer
Economy /: Half of China’s provinces fall behind the national economy


CX Daily: Interview With Indonesian President Joko Widodo: A Unifying ‘Outsider’

Macroeconomics

<ul><li>China’s top decision-making body on Monday highlighted the need to boost domestic demand and for policies to prop up the country’s private economy.</li><li>The July Politburo meeting is closely watched for signs of measures Beijing will implement to shore up growth, as the country’s post-pandemic economic recovery has lost momentum over the past few months.</li><li>“At the moment, the economy is facing new difficulties and challenges — mainly insufficient domestic demand, difficulties in the operations of some enterprises, risks and hidden dangers in key areas, and a complex and severe external environment,” stated the readout of the meeting chaired by President Xi Jinping.</li></ul>

China’s top decision-making body on Monday highlighted the need to boost domestic demand and for policies to prop up the country’s private economy.The July Politburo meeting is closely watched for signs of measures Beijing will implement to shore up growth, as the country’s post-pandemic economic recovery has lost momentum over the past few months.“At the moment, the economy is facing new difficulties and challenges — mainly insufficient domestic demand, difficulties in the operations of some enterprises, risks and hidden dangers in key areas, and a complex and severe external environment,” stated the readout of the meeting chaired by President Xi Jinping.

China Politburo Targets Boosting Domestic Demand, Private Sector

<ul><li>Medical insurance /Cover Story: China seeks cure for ailing health system</li><li>Collapse /: School gym roof collapse leaves 11 dead in Northeast China</li><li>VCs /: U.S. lawmakers demand venture capital firms provide details of China tech investments</li></ul>

Medical insurance /Cover Story: China seeks cure for ailing health systemCollapse /: School gym roof collapse leaves 11 dead in Northeast ChinaVCs /: U.S. lawmakers demand venture capital firms provide details of China tech investments

CX Daily: China Seeks Cure for Ailing Health System

Thematic (Sector/Industry)

<ul><li>Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20 level.</li><li>The YoY growth of online physical goods GMV in June 2023 came in at 7.1% and indicates a two-year CAGR of 6.4%, falling from two-year CAGR of 11.8% in May 2023, as part of the 618 shopping festival sales GMV was frontloaded to May, and the overall consumption sentiment takes time to recover.</li><li>Although e-commerce platforms are escalating investment to enhance consumer mindshare gain amid recovering consumption sentiment, the deterioration of industry competitive landscape is likely to be better than feared given that investments are ROI driven, and this may indicate a better than market expected margin profile for e-commerce platforms in the near term, in our view. </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.

Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20 level.The YoY growth of online physical goods GMV in June 2023 came in at 7.1% and indicates a two-year CAGR of 6.4%, falling from two-year CAGR of 11.8% in May 2023, as part of the 618 shopping festival sales GMV was frontloaded to May, and the overall consumption sentiment takes time to recover.Although e-commerce platforms are escalating investment to enhance consumer mindshare gain amid recovering consumption sentiment, the deterioration of industry competitive landscape is likely to be better than feared given that investments are ROI driven, and this may indicate a better than market expected margin profile for e-commerce platforms in the near term, 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.

China Internet – June online retail sales recap

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

Alibaba (BABA US) – User First Strategy Delivered Early-Stage Results

Alibaba announced (10 Aug) its 1QFY24 (March year-end) results: total revenue was RMB234.2bn, up 13.9% YoY, 4/5% ahead of our forecast/Bloomberg...

CMB International

CX Daily: Interview With Indonesian President Joko Widodo: A Unifying ‘Outsider’

Joko Widodo /: Interview with Indonesian President Joko Widodo: A unifying ‘outsider’ IPO /: China’s first U.S. IPO under new listing rules moves...

Caixin Global

China Politburo Targets Boosting Domestic Demand, Private Sector

China’s top decision-making body on Monday highlighted the need to boost domestic demand and for policies to prop up the country’s private...

Caixin Global

CX Daily: China Seeks Cure for Ailing Health System

Medical insurance /Cover Story: China seeks cure for ailing health system Collapse /: School gym roof collapse leaves 11 dead in Northeast...

Caixin Global

China Internet – June online retail sales recap

Based on NBS data, 1H23 online retail sales GMV/ online physical goods GMV reached RMB7.2/6.1tn, up 13.1/10.8% YoY, and were both 39% above 1H20...

CMB International

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