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 (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and Bloomberg consensus, mainly due to better than expected direct sales and international commerce revenue generation.</li><li>Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 12% YoY to RMB49.9bn, 13/12% ahead of our estimate/consensus.</li><li>Regarding investment strategy for China retail business in 2023, management highlighted three key focusing points: 1) enhance user stickiness and time spend; 2) enhance value for money proposition; and 3) enhance neighbourhood digital retail business deployment. </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 (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and Bloomberg consensus, mainly due to better than expected direct sales and international commerce revenue generation.Driven by sustained operating efficiency improvement across business lines, non-GAAP net income grew 12% YoY to RMB49.9bn, 13/12% ahead of our estimate/consensus.Regarding investment strategy for China retail business in 2023, management highlighted three key focusing points: 1) enhance user stickiness and time spend; 2) enhance value for money proposition; and 3) enhance neighbourhood digital retail business deployment. 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) – Operating efficiency improvement on track

Thematic (Sector/Industry)

<ul><li>NBS released (17 January) Dec and full year 2022 online retail sales data.</li><li>YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.</li><li>But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). </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.

NBS released (17 January) Dec and full year 2022 online retail sales data.YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery in logistics and fulfilment capability in late Dec and frontloaded sales generated from the Spring Festival shopping festival due to the early Spring Festival in 2023.But solid recovery in YoY growth trajectory likely takes time, in our view, echoed by the 4.7% YoY online retail sales growth during the first five days of the shopping festival (30 Dec 2022-3 Jan 2023; per Ministry of Commerce). 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 – December online retail sales recap

<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>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.

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

<ul><li>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</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.

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.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 – Quality growth and further digitization penetration provide growth support

<ul><li>NBS released (15 December) November online retail sales data.</li><li>YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.</li><li>The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.</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.

NBS released (15 December) November online retail sales data.YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.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 – November 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 (BABA US)

Alibaba (BABA US) – Operating efficiency improvement on track

Alibaba announced (23 Feb) its 3QFY23 (March year-end) results: total revenue was RMB247.8bn, up 2% YoY, 1% ahead of both our forecast and...

CMB International

China Internet – December online retail sales recap

YoY growth of online physical goods GMV reaccelerated to 4.4% YoY in Dec 2022 (1.2% YoY in Nov), which in our view could be attributed to recovery...

CMB International

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

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

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