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>IQ delivered upbeat 1Q23 results, with rev +15% YoY (5% above consensus) and adj. NP at RMB940mn (82% above consensus).</li><li>The breakthrough of The Knockout boosted subs up to 128.9mn in 1Q23, with net adds of 17mn.</li><li>2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to support subs momentum in summer holiday and 2H23E (e.g. Story of Kunning Palace, The Demon Hunter's Romance). </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.

IQ delivered upbeat 1Q23 results, with rev +15% YoY (5% above consensus) and adj. NP at RMB940mn (82% above consensus).The breakthrough of The Knockout boosted subs up to 128.9mn in 1Q23, with net adds of 17mn.2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to support subs momentum in summer holiday and 2H23E (e.g. Story of Kunning Palace, The Demon Hunter's Romance). 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.

IQIYI (IQ US) – Looking into 2Q23E Rich Pipeline

<ul><li>IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).</li><li>We believe such strong momentum would continue in 1Q23E (forecasting rev to accelerate to +10% YoY), backed by eye-catching performance of The Knockout (狂飙).</li><li>IQ is one of our top picks in online entertainment segment, on its strong pipeline in FY23-24, healthy rev growth, clear margin improvement and the relaxation of LFV content regulation.</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.

IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).We believe such strong momentum would continue in 1Q23E (forecasting rev to accelerate to +10% YoY), backed by eye-catching performance of The Knockout (狂飙).IQ is one of our top picks in online entertainment segment, on its strong pipeline in FY23-24, healthy rev growth, clear margin improvement and the relaxation of LFV content regulation.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.

iQIYI (IQ US) – Stronger momentum ahead

<ul><li>Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and valuable IP.</li><li>4Q22E would be a solid quarter, with rising subs and gradual ads recovery (supported by hit dramas New Life Begins &lt;卿卿日常&gt; and several wellanticipated titles).</li><li>We expect positive profit to continue ahead, with disciplined ROI-driven investment.</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.

Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and valuable IP.4Q22E would be a solid quarter, with rising subs and gradual ads recovery (supported by hit dramas New Life Begins &lt;卿卿日常&gt; and several wellanticipated titles).We expect positive profit to continue ahead, with disciplined ROI-driven investment.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.

iQIYI (IQ US) – Mild recovery with better margin ahead

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

Equity Capital Markets

According to various media reports, <a href="https://www.smartkarma.com/entities/24409" target="_blank">Xiaomi Corp (1810 HK)</a> has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing range. We believe that there is 50% downside from the current levels, over the next twelve months, unless Xiaomi can come up with a miracle cure for "something". It has already ridden the incestuous wave of China internet investments including fair value gains on <a href="https://www.smartkarma.com/entities/26755" target="_blank">iQIYI Inc (IQ US)</a> and on its investments in Ant Technologies of <a href="https://www.smartkarma.com/entities/787" target="_blank">Alibaba Group Holding Ltd (BABA US)</a> fame.One caveat to our outlook remains the uncertainty surrounding the fate of <a href="https://www.smartkarma.com/entities/6922" target="_blank">Zte Corp H (763 HK)</a> because the longer ZTE stays on the sidelines, the longer is the runway of success for Xiaomi.

According to various media reports, Xiaomi Corp (1810 HK) has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing range. We believe that there is 50% downside from the current levels, over the next twelve months, unless Xiaomi can come up with a miracle cure for "something". It has already ridden the incestuous wave of China internet investments including fair value gains on iQIYI Inc (IQ US) and on its investments in Ant Technologies of Alibaba Group Holding Ltd (BABA US) fame.One caveat to our outlook remains the uncertainty surrounding the fate of Zte Corp H (763 HK) because the longer ZTE stays on the sidelines, the longer is the runway of success for Xiaomi.

Xiaomi Inc. – IPO Priced at the Bottom of Range – 50% Downside Forthcoming

We have previously discussed our view of Xiaomi Corporation’s valuation on a sum of the parts basis using appropriate global benchmarks in <a href="https://www.smartkarma.com/insights/xiaomi-corporation-u-s-100b-80b-50b-stop-dreaming-we-believe-even-20-billion-is-too-much" target="_blank" data-smartkarma-citation="insights:20739">Xiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too Much</a>. We also highlighted the private market equity value of the Company based on various disclosures in <a href="https://www.smartkarma.com/insights/xiaomi-corporation-value-is-in-the-eye-of-the-beholder-100-billion-or-20-billion-a-wide-gulf" target="_blank" data-smartkarma-citation="insights:20821">Xiaomi Corporation – Value Is in the Eye of the Beholder - $100 Billion or $20 Billion - A Wide Gulf</a>. This report highlights the internal valuation used by Xiaomi to compensate executives and accordingly forms the strong third leg of our estimate.Given that the CDR offering is off the table, it is our view that absent Chinese retail investor demand, Xiaomi will accept a much lower equity valuation than speculated currently in the media.

We have previously discussed our view of Xiaomi Corporation’s valuation on a sum of the parts basis using appropriate global benchmarks in Xiaomi Corporation - U.S.$100B, $80B, $50B – Stop Dreaming. We Believe Even $20 Billion Is Too Much. We also highlighted the private market equity value of the Company based on various disclosures in Xiaomi Corporation – Value Is in the Eye of the Beholder - $100 Billion or $20 Billion - A Wide Gulf. This report highlights the internal valuation used by Xiaomi to compensate executives and accordingly forms the strong third leg of our estimate.Given that the CDR offering is off the table, it is our view that absent Chinese retail investor demand, Xiaomi will accept a much lower equity valuation than speculated currently in the media.

Xiaomi Corporation: Updated Prospectus Supports Our $28 Billion or $2.66/Share Equity Value Estimate

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

IQIYI (IQ US) – Looking into 2Q23E Rich Pipeline

2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to...

CMB International

iQIYI (IQ US) – Stronger momentum ahead

IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).

CMB International

iQIYI (IQ US) – Mild recovery with better margin ahead

Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and...

CMB International

Xiaomi Inc. – IPO Priced at the Bottom of Range – 50% Downside Forthcoming

According to various media reports, Xiaomi Corp (1810 HK) has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing...

ANTYA Investments

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IQIYI (IQ US) – Looking into 2Q23E Rich Pipeline

2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to...

CMB International

iQIYI (IQ US) – Stronger momentum ahead

IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).

CMB International

iQIYI (IQ US) – Mild recovery with better margin ahead

Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and...

CMB International

Xiaomi Inc. – IPO Priced at the Bottom of Range – 50% Downside Forthcoming

According to various media reports, Xiaomi Corp (1810 HK) has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing...

ANTYA Investments

Xiaomi Corporation: Updated Prospectus Supports Our $28 Billion or $2.66/Share Equity Value Estimate

We have previously discussed our view of Xiaomi Corporation’s valuation on a sum of the parts basis using appropriate global benchmarks in Xiaomi...

ANTYA Investments