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>Although pandemic impact will weigh on revenue growth recovery in 1Q23, Alibaba Group (BABA)’s China retail marketplace GMV growth should recover along with overall consumption recovery aided by economic stimulus policy in 2023, in our view.</li><li>Prudent cost control and strategic move to drive operating efficiency improvement are bearing fruit, and the potential recovery in revenue growth could fuel steady earnings growth in 2023.</li><li>We remain positive on BABA’s long-term development aided by international expansion and cloud business. </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>

Although pandemic impact will weigh on revenue growth recovery in 1Q23, Alibaba Group (BABA)’s China retail marketplace GMV growth should recover along with overall consumption recovery aided by economic stimulus policy in 2023, in our view.Prudent cost control and strategic move to drive operating efficiency improvement are bearing fruit, and the potential recovery in revenue growth could fuel steady earnings growth in 2023.We remain positive on BABA’s long-term development aided by international expansion and cloud business. 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) – Looking beyond short-term pandemic impact

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

<ul><li>Ant Group Co. Ltd.’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan ($1.5 billion), marking a key step forward in the fintech giant’s government-driven, year-long revamp</li><li><span style="font-size: var(--content-font-size);">The approval was granted a month and a half after some of the unit’s shareholders disclosed the plan, underscoring the recent pledge by authorities to promote healthy development</span></li><li><span style="font-size: var(--content-font-size);">Ant Group, backed by billionaire Jack Ma’s e-commerce giant Alibaba Group Holding Ltd., has been conducting a rectification required by the government since a regulatory storm saw its planned blockbuster IPO suspended in November 2020</span></li></ul>

Ant Group Co. Ltd.’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan ($1.5 billion), marking a key step forward in the fintech giant’s government-driven, year-long revampThe approval was granted a month and a half after some of the unit’s shareholders disclosed the plan, underscoring the recent pledge by authorities to promote healthy developmentAnt Group, backed by billionaire Jack Ma’s e-commerce giant Alibaba Group Holding Ltd., has been conducting a rectification required by the government since a regulatory storm saw its planned blockbuster IPO suspended in November 2020

Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The consensus of bottom in China Tech and China A shares continue to gain favour.</li><li>Bank of America is the latest to recommend selling US tech to buy China Tech.  </li><li>The Bullish China stocks call is predicated on reopening Pivot, yet the daily increase in cases and sporadic lockdown put the Pivot callers to double down.</li></ul>

The consensus of bottom in China Tech and China A shares continue to gain favour.Bank of America is the latest to recommend selling US tech to buy China Tech.  The Bullish China stocks call is predicated on reopening Pivot, yet the daily increase in cases and sporadic lockdown put the Pivot callers to double down.

US Vs China Technology, Alibaba, China Unicom, and New World Development

<ul><li>Alibaba Group Holding (Alibaba) announced (17 Nov) its 2QFY23 (March year- end) results: total revenue was RMB207.2bn, up 3% YoY, 0.8% shy of both our estimate and Bloomberg consensus, mainly due to lower than expected China commerce revenue generation due to soft macro.</li><li>However, driven by effective cost control and operating efficiency improvement, non-GAAP net income attributable to ordinary shareholders was RMB34.3bn, up 13% YoY, 5/16% ahead of our forecast/consensus estimates.</li><li>With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23</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>

Alibaba Group Holding (Alibaba) announced (17 Nov) its 2QFY23 (March year- end) results: total revenue was RMB207.2bn, up 3% YoY, 0.8% shy of both our estimate and Bloomberg consensus, mainly due to lower than expected China commerce revenue generation due to soft macro.However, driven by effective cost control and operating efficiency improvement, non-GAAP net income attributable to ordinary shareholders was RMB34.3bn, up 13% YoY, 5/16% ahead of our forecast/consensus estimates.With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23Content 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) – Earnings back on growth track

<div><div><div><div><ul><li>Alibaba’s earnings recovery will be aided by the streamlining of new businesses and operation optimization across business lines.</li><li>Macro headwinds and low consumption sentiment dampened Alibaba’s GMV growth of China commerce marketplace in 1H22, but we do expect gradual recovery in 2023, which could provide additional support for earnings recovery.</li><li>International expansion and cloud business remain on track for long-term development, despite some short- term challenges.</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></div></div></div></div>

Alibaba’s earnings recovery will be aided by the streamlining of new businesses and operation optimization across business lines.Macro headwinds and low consumption sentiment dampened Alibaba’s GMV growth of China commerce marketplace in 1H22, but we do expect gradual recovery in 2023, which could provide additional support for earnings recovery.International expansion and cloud business remain on track for long-term development, despite some short- term challenges.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) – Consolidate strength, growing new horizons

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 (BABA US)

Alibaba (BABA US) – Looking beyond short-term pandemic impact

Although pandemic impact will weigh on revenue growth recovery in 1Q23, Alibaba Group (BABA)’s China retail marketplace GMV growth should recover...

CMB International

Ant Group’s Lending Unit Gets Approval for $1.5 Billion Capital Boost

Ant Group’s online lending subsidiary has been given the go-ahead from regulators to boost its registered capital by 10.5 billion yuan ($1.5...

Caixin Global

US Vs China Technology, Alibaba, China Unicom, and New World Development

The consensus of bottom in China Tech and China A shares continue to gain favour. Bank of America is the latest to recommend selling US tech to buy...

Untying The Gordian Knot

Alibaba (BABA US) – Earnings back on growth track

With strategic move to focus more on both scale and efficiency, we expect steady non-GAAP net profit growth to sustain in the rest of FY23

CMB International

Alibaba (BABA US) – Consolidate strength, growing new horizons

Alibaba’s earnings recovery will be aided by the streamlining of new businesses and operation optimization across business lines.

CMB International

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