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>1H23 net profit and retail sales growth were all inline.</li><li>Despite macro weakness since May 2023, we are still confident and believe management could achieve the targets (growth are back-loaded in 2H23E due to low base).</li><li>Thanks to the turnaround and limited downside (9% dividend yield), we still rate it BUY.</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.

1H23 net profit and retail sales growth were all inline.Despite macro weakness since May 2023, we are still confident and believe management could achieve the targets (growth are back-loaded in 2H23E due to low base).Thanks to the turnaround and limited downside (9% dividend yield), we still rate it BUY.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 Lilang (1234 HK) – 1H23 Inline and FY23E Guidance Maintained

<ul><li>We are still positive considering the turnaround (decent YTD performance and FY23E target) and its limited downside (9% dividend yield).</li><li>FY22 results was dragged by pandemic in 4Q22.</li><li>China Lilang’s sales dropped by 9% YoY to RMB 3.1bn and net profit declined by 4% YoY to RMB 448mn, 21% and 27% below CMBI est.</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 are still positive considering the turnaround (decent YTD performance and FY23E target) and its limited downside (9% dividend yield).FY22 results was dragged by pandemic in 4Q22.China Lilang’s sales dropped by 9% YoY to RMB 3.1bn and net profit declined by 4% YoY to RMB 448mn, 21% and 27% below CMBI est.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 Lilang (1234 HK) – Turning around with attractive yield

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


China

China Lilang Ltd. manufactures men's clothing and accessories.  The company produces suits, jackets, shirts, trousers, sweaters, and accessories.

China Lilang (1234 HK)