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>Chow Tai Fook (CTF) reported 1HFY25 (6 months ended Sep 2024) results with revenue down 20.4% YoY, in line with Bloomberg consensus estimates.</li><li>NP dropped 44.4% YoY, 20% below consensus mainly due to weak consumer sentiment and fair value loss of gold loan due to gold price hikes.</li><li>CTF announced a share buyback plan of HK$ 2bn on top of HK$ 0.2 per share dividend. </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.

Chow Tai Fook (CTF) reported 1HFY25 (6 months ended Sep 2024) results with revenue down 20.4% YoY, in line with Bloomberg consensus estimates.NP dropped 44.4% YoY, 20% below consensus mainly due to weak consumer sentiment and fair value loss of gold loan due to gold price hikes.CTF announced a share buyback plan of HK$ 2bn on top of HK$ 0.2 per share dividend. 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) - 1H Earnings Missed, 2H Still Under Pressure

<ul><li>Chow Tai Fook (CTF) reported 1QFY25 (calendar year 2Q24) operational data with a 20% YoY decline in total retail sales value (RSV).</li><li>RSV in Mainland China/ HK &amp; Macau fell 18/28.8% YoY, with same-store sales growth (SSSG) down 26.4/30.8% YoY.</li><li>The sluggish results were due to weak consumer spending and gold price volatility that intensified consumers' wait-and-see attitude. </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.

Chow Tai Fook (CTF) reported 1QFY25 (calendar year 2Q24) operational data with a 20% YoY decline in total retail sales value (RSV).RSV in Mainland China/ HK &amp; Macau fell 18/28.8% YoY, with same-store sales growth (SSSG) down 26.4/30.8% YoY.The sluggish results were due to weak consumer spending and gold price volatility that intensified consumers' wait-and-see attitude. 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) - Sales Under ST Pressure, Fixed-Price Products to Contribute More

<ul><li>After market close yesterday, CTF announced its 1QFY24 operating data.</li><li>Benefiting from a recovered tourist flow, both China and HK/ Macau saw solid SSSG growth as expected, along with the continuous ASP ramp-up.</li><li>During the conference call, management reiterated its full-year/ 3-year target of a MSD SSSG with moderate new store expansion. </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.

After market close yesterday, CTF announced its 1QFY24 operating data.Benefiting from a recovered tourist flow, both China and HK/ Macau saw solid SSSG growth as expected, along with the continuous ASP ramp-up.During the conference call, management reiterated its full-year/ 3-year target of a MSD SSSG with moderate new store expansion. 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) – Another Solid Quarter

Thematic (Sector/Industry)

<ul><li>We untangle the “household excess saving” enigma.</li><li>Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.</li><li>In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. </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 untangle the “household excess saving” enigma.Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. 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 Consumer – From Reopening to Recovery

<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>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.

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 retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

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