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>Dmall announced 1H25 results: total revenue grew by 15% YoY to RMB1.08bn, equivalent to 49% of our full-year estimate; adjusted net profit grew by 153% YoY to RMB77mn, representing 57% of our full-year estimate, mainly thanks to the optimized business structure and improved efficiency.</li><li>Dmall continued to upgrade its retail solutions in 1H25, and leverages AI to drive business growth and operational efficiency.</li><li>The company also actively participates in the Web3 opportunities, forming cooperation with HashKey and initiating preparations to apply for a stablecoin license in 1H25. </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.

Dmall announced 1H25 results: total revenue grew by 15% YoY to RMB1.08bn, equivalent to 49% of our full-year estimate; adjusted net profit grew by 153% YoY to RMB77mn, representing 57% of our full-year estimate, mainly thanks to the optimized business structure and improved efficiency.Dmall continued to upgrade its retail solutions in 1H25, and leverages AI to drive business growth and operational efficiency.The company also actively participates in the Web3 opportunities, forming cooperation with HashKey and initiating preparations to apply for a stablecoin license in 1H25. 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.

Dmall Inc (2586 HK) - 1H25 Review: AI Empowers Retail Solutions and Enhances Operational Efficiency

<ul><li>Dmall reported FY24 financial results: total revenue increased by 17% YoY to RMB1.86bn, in line with our estimate; adjusted net profit was RMB29.8mn, up from adjusted net loss of RMB277mn in FY23, and ahead of our estimate (adj. net loss of RMB105mn), mainly thanks to the robust growth of retail core service cloud and the enhanced operating efficiency.</li><li>Looking ahead, Dmall will focus on the AI retail field to capture new growth opportunities.</li><li>The company has launched several AI agent products, revenue of which shall gradually ramp up in the long term, in our view. </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.

Dmall reported FY24 financial results: total revenue increased by 17% YoY to RMB1.86bn, in line with our estimate; adjusted net profit was RMB29.8mn, up from adjusted net loss of RMB277mn in FY23, and ahead of our estimate (adj. net loss of RMB105mn), mainly thanks to the robust growth of retail core service cloud and the enhanced operating efficiency.Looking ahead, Dmall will focus on the AI retail field to capture new growth opportunities.The company has launched several AI agent products, revenue of which shall gradually ramp up in the long term, in our view. 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.

Dmall Inc (2586 HK) - Full-Year Breakeven in FY24

<ul><li>Dmall is the largest retail cloud solution provider in China by GMV with market share of 13.3% in 2023.</li><li>We expect Dmall’s revenue to grow at a 30% CAGR over FY24-26E mainly due to the ramp-up of AIoT solutions and increasing adoption of Dmall OS system, a proprietary SaaS platform with over 1,000 modules covering end-to-end retail operations.</li><li>We think Dmall’s proven track record with Wumei Group will help it expand customer base. </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.

Dmall is the largest retail cloud solution provider in China by GMV with market share of 13.3% in 2023.We expect Dmall’s revenue to grow at a 30% CAGR over FY24-26E mainly due to the ramp-up of AIoT solutions and increasing adoption of Dmall OS system, a proprietary SaaS platform with over 1,000 modules covering end-to-end retail operations.We think Dmall’s proven track record with Wumei Group will help it expand customer base. 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.

Dmall Inc (2586 HK) - End-To-End Retail Digitalization Enabler

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Hang Seng Indexes announces changes to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index and HSCI Index (among others) post market close today. </li>
<li>The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.</li>
<li>Capping will lead to most inflows to <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> while the largest outflows will be from <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index and HSCI Index (among others) post market close today. 
The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.
Capping will lead to most inflows to Meituan (3690 HK) while the largest outflows will be from Alibaba Group Holding (9988 HK) and Xiaomi Corp (1810 HK). 


Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jst-group" target="_blank" data-smartkarma-citation="entities:39885:1" rel="noopener">JST Group (1703609D CH)</a> is looking to raise up to US$270m in its upcoming Hong Kong IPO.</li>
<li>It is China’s largest and most popular e-commerce SaaS ERP provider. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



JST Group (1703609D CH) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”

China

Dmall Inc. operates as a digital retail software platform. The Company provides omni channel electronic commerce development, store management, product management, supply chain management, and other services. Dmall provides its services throughout Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dmall (2586 HK)

Dmall Inc (2586 HK) - 1H25 Review: AI Empowers Retail Solutions and Enhances Operational Efficiency

Dmall announced 1H25 results: total revenue grew by 15% YoY to RMB1.08bn, equivalent to 49% of our full-year estimate; adjusted net profit grew by...

CMB International

Dmall Inc (2586 HK) - Full-Year Breakeven in FY24

The company has launched several AI agent products, revenue of which shall gradually ramp up in the long term, in our view.

CMB International

Dmall Inc (2586 HK) - End-To-End Retail Digitalization Enabler

We expect Dmall’s revenue to grow at a 30% CAGR over FY24-26E mainly due to the ramp-up of AIoT solutions and increasing adoption of Dmall OS system

CMB International

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces post market close today. There will be changes for the HSI, HSCEI, HSTECH, HSIII and HSCI indices. The net round-trip...

Brian Freitas

JST Group Pre-IPO: Premium to Peers but Potentially a Domestic “Shopify”

JST Group (JST) is looking to raise up to US$270m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)