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 Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.</li><li>For 1QFY26 (March year-end), we are anticipating a continued acceleration in cloud revenue growth QoQ, a sustained YoY increase in monetization rate of Taobao &amp; Tmall Group (TTG), and ongoing YoY loss reduction of Alibaba International Digital Commerce (AIDC).</li><li>However, we expect the heightened investment in instant commerce to weigh on near-term profitability. </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 Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.For 1QFY26 (March year-end), we are anticipating a continued acceleration in cloud revenue growth QoQ, a sustained YoY increase in monetization rate of Taobao &amp; Tmall Group (TTG), and ongoing YoY loss reduction of Alibaba International Digital Commerce (AIDC).However, we expect the heightened investment in instant commerce to weigh on near-term profitability. 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) - Escalated Investment in Instant Commerce Could Weigh on ST Profitability

<ul><li>Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.</li><li>Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.</li><li>Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. </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 Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. 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) - Offering of Exchangeable Bonds to Support International Business Development

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while opening a position in BABA80 instead.</li><li>The average price of the underlying securities in the portfolio rose by 0.49%, driven by the strong performance of Chinese stocks, despite the relatively weak performance of US stocks.</li></ul>

The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while opening a position in BABA80 instead.The average price of the underlying securities in the portfolio rose by 0.49%, driven by the strong performance of Chinese stocks, despite the relatively weak performance of US stocks.

KTX Tactical DR Picks - May 21, 2025 (Eng.)

<ul><li>Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.</li><li>Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.</li><li>We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. </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 reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. 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) - Core Earnings a Nice Beat

<ul><li>KTX Tactical DR Picks recommends investing in BABA80, MSFT80, NINTENDO19, UOB19 (based on the underlying stock closing prices last Friday), and THAIBEV19.</li><li>It is recommended that investors exit the investment in PINGAN80 with a 5% gain.</li><li>The average underlying stock prices in the portfolio rose by 0.13%, remaining relatively flat in line with the global market last Friday, which was in a wait-and-see mode ahead of the US-China tariff negotiations over the weekend.</li></ul>

KTX Tactical DR Picks recommends investing in BABA80, MSFT80, NINTENDO19, UOB19 (based on the underlying stock closing prices last Friday), and THAIBEV19.It is recommended that investors exit the investment in PINGAN80 with a 5% gain.The average underlying stock prices in the portfolio rose by 0.13%, remaining relatively flat in line with the global market last Friday, which was in a wait-and-see mode ahead of the US-China tariff negotiations over the weekend.

KTX Tactical DR Picks - May 13, 2025 (Eng.)

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) - Escalated Investment in Instant Commerce Could Weigh on ST Profitability

Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.

CMB International

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development

Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on...

CMB International

KTX Tactical DR Picks - May 21, 2025 (Eng.)

The KTX Tactical DR Picks recommends reducing investment positions in FERRARI80 and ESTEE80, with returns of 1.6% and -0.3% respectively, while...

Krungthai XSpring

Alibaba (BABA US) - Core Earnings a Nice Beat

Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus

CMB International

KTX Tactical DR Picks - May 13, 2025 (Eng.)

KTX Tactical DR Picks recommends investing in BABA80, MSFT80, NINTENDO19, UOB19 (based on the underlying stock closing prices last Friday), and...

Krungthai XSpring

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