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

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul><li>The border re-opening between China and Hong Kong/ Macau has represented a clear catalyst to CTF, and we think the strong 4QFY23 is probably just one of the milestones of this upcycle.</li><li>According to Hong Kong Tourism Board, there were 4.4mn visitors to HK in the first three months this year, of which 3.3mn were from Mainland China.</li><li>While the data has been pre-emptive to CTF’s sales trajectory, we see further upside to CTF’s SSSG in the next few quarters.</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>

The border re-opening between China and Hong Kong/ Macau has represented a clear catalyst to CTF, and we think the strong 4QFY23 is probably just one of the milestones of this upcycle.According to Hong Kong Tourism Board, there were 4.4mn visitors to HK in the first three months this year, of which 3.3mn were from Mainland China.While the data has been pre-emptive to CTF’s sales trajectory, we see further upside to CTF’s SSSG in the next few quarters.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.

Chow Tai Fook (1929 HK) – Rosy Near-Term Outlook with Border Re-Opening

Hong Kong

Chow Tai Fook Jewellery Group Limited is a leading luxury jeweler that manufactures and sells a wide range of jewelry products, including gem-set, platinum, k-gold, and gold jewelry, as well as distributing watches. The company operates a vertically integrated business model, from diamond sourcing and manufacturing to retail and after-sales services, through both physical stores and online platforms. It was founded in 1929 and is headquartered in Hong Kong.

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