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>GCT delivered a solid start in 1Q24, with strong topline and guidance.</li><li>1Q24 net margin was temporarily diluted by new fulfilment centers expenses and FX fluctuation, but will gradually pick up in 2H24E (with improving warehouse utilization and annual freight contracts), in our view.</li><li>We are positive on 2Q24E topline growth (guiding +73%~83% YoY), boosted by rising demand for outdoor furniture. </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.

GCT delivered a solid start in 1Q24, with strong topline and guidance.1Q24 net margin was temporarily diluted by new fulfilment centers expenses and FX fluctuation, but will gradually pick up in 2H24E (with improving warehouse utilization and annual freight contracts), in our view.We are positive on 2Q24E topline growth (guiding +73%~83% YoY), boosted by rising demand for outdoor furniture. 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.

GigaCloud (GCT US) - Embracing Continued Outperformance

<ul><li>After short-term stock price volatility on insider filings, we suggest investors to refocus on GigaCloud (GCT)’s strong organic growth and fundamentals improvement.</li><li>We expect GCT to deliver another eye-catching 1Q24E, with topline accelerating to +96% YoY (5% above high-end of guidance) and bottom line at US$30mn (+89% YoY, 44% above consensus).</li><li>We are more confident in its margin outlook, backed by freight fee normalization, annual contracts and Noble House (NH)’s narrowing loss.</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 short-term stock price volatility on insider filings, we suggest investors to refocus on GigaCloud (GCT)’s strong organic growth and fundamentals improvement.We expect GCT to deliver another eye-catching 1Q24E, with topline accelerating to +96% YoY (5% above high-end of guidance) and bottom line at US$30mn (+89% YoY, 44% above consensus).We are more confident in its margin outlook, backed by freight fee normalization, annual contracts and Noble House (NH)’s narrowing loss.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.

GigaCloud (GCT US) - Improving Fundamentals with BaaS Initiatives

<ul><li>GigaCloud (GCT) 4Q23 results beat already-high expectation, with revenue /earnings +95%/185% YoY (beating 9%/43%).</li><li>Coupled with robust 1Q24E guidance, we see high visibility for its strong performance in next few quarters, backed by continuous share gain and SKU&amp; Sellers expansion.</li><li>Leveraging its “3P+1P+logistics” edge, GCT is well-positioned to capture upcoming opportunities (e.g. global supply chain penetration, industry booming demand). </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.

GigaCloud (GCT) 4Q23 results beat already-high expectation, with revenue /earnings +95%/185% YoY (beating 9%/43%).Coupled with robust 1Q24E guidance, we see high visibility for its strong performance in next few quarters, backed by continuous share gain and SKU&amp; Sellers expansion.Leveraging its “3P+1P+logistics” edge, GCT is well-positioned to capture upcoming opportunities (e.g. global supply chain penetration, industry booming demand). 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.

GigaCloud (GCT US) - Riding on Stepping-Up of Expansion

<ul><li>We are more bullish on GigaCloud (GCT)’s organic growth and Noble House (NH)’s margin improvement.</li><li>We reiterate GCT as one of our top picks, for its high barrier, attractive valuation and clear earnings growth (36%/26% rev/earnings CAGR in FY23-25E).</li><li>More catalysts may come: 1) upcoming stronger-than-expected 4Q23E; 2) potential Noble House’s breakeven earlier than anticipated; and 3) synergies from M&amp;A. Given industry tailwinds and GCT’s strong performance in seller &amp; buyer expansion, we lift 4Q23E rev/adj. NP forecast by 4%/35% (at US$228mn/US$26mn). </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 more bullish on GigaCloud (GCT)’s organic growth and Noble House (NH)’s margin improvement.We reiterate GCT as one of our top picks, for its high barrier, attractive valuation and clear earnings growth (36%/26% rev/earnings CAGR in FY23-25E).More catalysts may come: 1) upcoming stronger-than-expected 4Q23E; 2) potential Noble House’s breakeven earlier than anticipated; and 3) synergies from M&amp;A. Given industry tailwinds and GCT’s strong performance in seller &amp; buyer expansion, we lift 4Q23E rev/adj. NP forecast by 4%/35% (at US$228mn/US$26mn). 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.

GigaCloud (GCT US) – More Surprises to Come

<ul><li>GigaCloud (GCT) delivered eye-catching 3Q23 results, with topline +39% (9% above consensus) and bottom line +36x YoY (55% above consensus).</li><li>We expect stronger momentum to continue in 4Q23E (forecasting revenue +75% YoY), backed by organic biz acceleration on Black Friday promotion and Noble House’s consolidation.</li><li>We expect Noble House (NH) to scale up GCT’s 1P biz with rich SKUs and valuable buyers, and it will achieve breakeven within three to four quarters leveraging GCT’s strong inventory management capability. </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.

GigaCloud (GCT) delivered eye-catching 3Q23 results, with topline +39% (9% above consensus) and bottom line +36x YoY (55% above consensus).We expect stronger momentum to continue in 4Q23E (forecasting revenue +75% YoY), backed by organic biz acceleration on Black Friday promotion and Noble House’s consolidation.We expect Noble House (NH) to scale up GCT’s 1P biz with rich SKUs and valuable buyers, and it will achieve breakeven within three to four quarters leveraging GCT’s strong inventory management capability. 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.

GigaCloud (GCT US) – Eye on Stronger 4Q23E and M&A Synergies

United States

GigaCloud Technology operates a global end-to-end B2B e-commerce marketplace for large parcel merchandise, including furniture, home appliances, and fitness equipment. Its GigaCloud Marketplace integrates product discovery, payments, and logistics tools to facilitate cross-border transactions and delivery services. The company is headquartered in El Monte, California, and was founded in 2006.

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GigaCloud Technology (GCT US)

GigaCloud (GCT US) - Embracing Continued Outperformance

1Q24 net margin was temporarily diluted by new fulfilment centers expenses and FX fluctuation, but will gradually pick up in 2H24E

CMB International

GigaCloud (GCT US) - Improving Fundamentals with BaaS Initiatives

After short-term stock price volatility on insider filings, we suggest investors to refocus on GigaCloud (GCT)’s strong organic growth and...

CMB International

GigaCloud (GCT US) - Riding on Stepping-Up of Expansion

GigaCloud (GCT) 4Q23 results beat already-high expectation, with revenue /earnings +95%/185% YoY (beating 9%/43%). Coupled with robust 1Q24E...

CMB International

GigaCloud (GCT US) – More Surprises to Come

We reiterate GCT as one of our top picks, for its high barrier, attractive valuation and clear earnings growth (36%/26% rev/earnings CAGR in FY23...

CMB International

GigaCloud (GCT US) – Eye on Stronger 4Q23E and M&A Synergies

GigaCloud (GCT) delivered eye-catching 3Q23 results, with topline +39% (9% above consensus) and bottom line +36x YoY (55% above consensus).

CMB International

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