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

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth for 4QFY24.</li><li>Although escalated investment in international business, cloud, and Taobao and Tmall (T&amp;T) Group, as well as strategically important new businesses is likely to put some short-term pressure on margin expansion, we remain positive on Alibaba’s long-term growth potential.</li><li>Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and dividend payout, which in our view should provide support for near-term valuation. </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.

We expect Alibaba to deliver in-line-with-consensus revenue growth for 4QFY24.Although escalated investment in international business, cloud, and Taobao and Tmall (T&amp;T) Group, as well as strategically important new businesses is likely to put some short-term pressure on margin expansion, we remain positive on Alibaba’s long-term growth potential.Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and dividend payout, which in our view should provide support for near-term valuation. 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) - Driving Long-Term Growth While Enhancing Shareholder Return

Thematic (Sector/Industry)

<ul><li>Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.</li><li>The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.</li><li>Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. </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, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. 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.

Internet - 2M24 online retail sales recap

<ul><li>Alibaba reported 3QFY24 (March year-end) results: total revenue was RMB260.3bn, up 5% YoY, and non-GAAP net income for the quarter was RMB48.2bn, down 4% YoY, both largely inline with Bloomberg consensus.</li><li>Management remains committed to investment to drive top-line growth and market share gains for core businesses, as well as to continued loss reduction and exit of non-core business when market conditions improve.</li><li>Although business transition will likely take time, with an upsizing of the share repurchase program to US$35.3bn and guidance of at least 3% in annual reduction of total shares outstanding through Mar 2027, management’s determination in enhancing shareholder return remains firm. </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 3QFY24 (March year-end) results: total revenue was RMB260.3bn, up 5% YoY, and non-GAAP net income for the quarter was RMB48.2bn, down 4% YoY, both largely inline with Bloomberg consensus.Management remains committed to investment to drive top-line growth and market share gains for core businesses, as well as to continued loss reduction and exit of non-core business when market conditions improve.Although business transition will likely take time, with an upsizing of the share repurchase program to US$35.3bn and guidance of at least 3% in annual reduction of total shares outstanding through Mar 2027, management’s determination in enhancing shareholder return remains firm. 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) - Enhancing Shareholder Return While Remaining Ambitious

<ul><li>Based on NBS data, 2023 online retail sales GMV/online physical goods GMV reached RMB15.4/13.0tn, up 11.0/8.4% YoY.</li><li>The YoY growth of online physical goods GMV/total retail sales in Dec 2023 came in at 9.4%/7.4%, which implies a two-year CAGR of 6.8%/2.7% (slightly improved from 4.3%/1.8% in Nov 2023).</li><li>Looking ahead to 2024, we expect a mild consumption recovery trend. </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, 2023 online retail sales GMV/online physical goods GMV reached RMB15.4/13.0tn, up 11.0/8.4% YoY.The YoY growth of online physical goods GMV/total retail sales in Dec 2023 came in at 9.4%/7.4%, which implies a two-year CAGR of 6.8%/2.7% (slightly improved from 4.3%/1.8% in Nov 2023).Looking ahead to 2024, we expect a mild consumption recovery trend. 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 – 2023 online retail sales recap and 2024 outlook

<ul><li>Based on NBS data, 11M23 online retail sales GMV/ online physical goods GMV reached RMB14.0/11.8tn, up 11.0/8.3% YoY.</li><li>The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year CAGR of 4.3%/1.8% (slowed from 10.0%/3.5% in Oct 2023).</li><li>In our view, this heralds that overall consumption sentiment still takes time to recover. </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, 11M23 online retail sales GMV/ online physical goods GMV reached RMB14.0/11.8tn, up 11.0/8.3% YoY.The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year CAGR of 4.3%/1.8% (slowed from 10.0%/3.5% in Oct 2023).In our view, this heralds that overall consumption sentiment still takes time to recover. 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 Group Holding (BABA US)

Alibaba (BABA US) - Driving Long-Term Growth While Enhancing Shareholder Return

Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and...

CMB International

Internet - 2M24 online retail sales recap

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR...

CMB International

Alibaba (BABA US) - Enhancing Shareholder Return While Remaining Ambitious

Alibaba reported 3QFY24 (March year-end) results: total revenue was RMB260.3bn, up 5% YoY, and non-GAAP net income for the quarter was RMB48.2bn,...

CMB International

China Internet – 2023 online retail sales recap and 2024 outlook

The YoY growth of online physical goods GMV/total retail sales in Dec 2023 came in at 9.4%/7.4%, which implies a two-year CAGR of 6.8%/2.7%...

CMB International

China Internet – November online retail sales recap

The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year...

CMB International

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