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.

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </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>

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. 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 - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.</li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.


Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

Goodwill Entertainment Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.</li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.</li>
</ul>



Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.


Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

Econ Healthcare (Asia) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/econ-healthcare-asia-ltd" target="_blank" data-smartkarma-citation="entities:33015:1" rel="noopener">Econ Healthcare Asia Ltd (ECON SP)</a> received a privatization offer from TPG Capital on 14th Feb 25. </li>
<li>Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. </li>
<li>While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.</li>
</ul>



Econ Healthcare Asia Ltd (ECON SP) received a privatization offer from TPG Capital on 14th Feb 25. 
Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. 
While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.


Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Ali Health would apply more flexibility to the business structure, and we expect this change would positively impact the company's GPM.</li><li>In 2023, we also expect Ali Health to be more aggressive in cooperation with pharmaceuticals to boost its chronic disease management business.</li><li>While we expect the company's adj. profit to continue to improve, we have lowered our TP to HK$5.65 on the lowered valuation of the industry. </li></ul>

Ali Health would apply more flexibility to the business structure, and we expect this change would positively impact the company's GPM.In 2023, we also expect Ali Health to be more aggressive in cooperation with pharmaceuticals to boost its chronic disease management business.While we expect the company's adj. profit to continue to improve, we have lowered our TP to HK$5.65 on the lowered valuation of the industry. 

Ali Health - Business Structure Adjustments Would Improve the Revenue Structure

Hong Kong

Alibaba Health is the flagship healthcare platform of Alibaba Group, providing digital health services and resources. It operates pharmaceutical direct sales, an e-commerce platform for medications and health products, and offers healthcare and digital services including telemedicine consultations. The company is headquartered in Beijing, China, and was founded in 1998.

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Alibaba Health (241 HK)

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.

Evolve Capital Advisory Pte Ltd

Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.

Evolve Capital Advisory Pte Ltd

Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Econ Healthcare Asia Ltd received a privatization offer from TPG Capital on 14th Feb 25. While the deal is hardly fantastic , we would still...

Evolve Capital Advisory Pte Ltd

Ali Health - Business Structure Adjustments Would Improve the Revenue Structure

Ali Health would apply more flexibility to the business structure, and we expect this change would positively impact the company's GPM.

Quam Securities

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