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 believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.</li><li>Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.</li><li>We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. </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 believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. 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.

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • Arcadis | independence backed by employee shareholders amid WSP approaches • Allegro | direct presence in China to tighten seller control and capture tech edge • Dutch housing market | more price cuts signal normalization, not yet falling prices • Dutch wage inflation | FNV pushes for 5.5% plus EUR 80, raising upside risk to labour costs</li></ul>

In this edition: • Arcadis | independence backed by employee shareholders amid WSP approaches • Allegro | direct presence in China to tighten seller control and capture tech edge • Dutch housing market | more price cuts signal normalization, not yet falling prices • Dutch wage inflation | FNV pushes for 5.5% plus EUR 80, raising upside risk to labour costs

What's News in Amsterdam - 15 September (Arcadis | Allegro | Dutch housing market | Wage inflation)

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge</li></ul>

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In H126 J&amp;T Global reported strong top-line growth of almost 40% Y/Y vs H125</li>
<li>Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement</li>
<li>Overall, a nice set of numbers from J&amp;T Global in H1, but stock isn't cheap here</li>
</ul>


In H126 J&amp;T Global reported strong top-line growth of almost 40% Y/Y vs H125
Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement
Overall, a nice set of numbers from J&amp;T Global in H1, but stock isn't cheap here


J&T Global Express H126 Results: Firing on All Cylinders (But Not Cheap)

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>SHEIN's new IPO filing in Hong Kong shows the company recording a Net Loss in Q126</li>
<li>A sharp increase in Q126 fulfilment costs helps to explain the period's weaker profitability</li>
<li>SHEIN's ability to rein in unit fulfilment costs should be a key driver of long-term performance</li>
</ul>


SHEIN's new IPO filing in Hong Kong shows the company recording a Net Loss in Q126
A sharp increase in Q126 fulfilment costs helps to explain the period's weaker profitability
SHEIN's ability to rein in unit fulfilment costs should be a key driver of long-term performance


SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the...

CMB International

What's News in Amsterdam - 15 September (Arcadis | Allegro | Dutch housing market | Wage inflation)

In this edition: • Arcadis | independence backed by employee shareholders amid WSP approaches • Allegro | direct presence in China to tighten...

The IDEA!

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation...

The IDEA!

J&T Global Express H126 Results: Firing on All Cylinders (But Not Cheap)

Strong growth from J&T Global in H126, with overall revenue up 40% and adj EBITDA up an impressive 68%. But shares appear to be trading on 20x FY26...

Tracking Traffic

SHEIN IPO in Hong Kong: Quick P&L Review and Why Managing Unit Fulfilment Costs Matters So Much

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're now re...

Tracking Traffic

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