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>Joinn reported 1Q23 revenue of RMB369mn, up 36% YoY, and attributable net income of RMB188mn, up 50% YoY.</li><li>Revenue accounted for 12% of our fullyear estimate, in line with its historical average, while attributable net income represented 18% of our full-year forecast, higher than its historical average.</li><li>First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn in 1Q23. </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.

Joinn reported 1Q23 revenue of RMB369mn, up 36% YoY, and attributable net income of RMB188mn, up 50% YoY.Revenue accounted for 12% of our fullyear estimate, in line with its historical average, while attributable net income represented 18% of our full-year forecast, higher than its historical average.First quarter is usually the low season for Joinn. Net income from laboratory services, the core business of Joinn, increased by 34% YoY to RMB70mn in 1Q23. 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.

Joinn Laboratories (6127 HK) – Maintaining strong growth momentum

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.</li>
<li>The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 112.5% as of Apr 14th.
The average A-H premium changed by -4.9ppt week on week, led by consumer discretionary, health care, financials.
We highlight weekly changes in A-H premium for Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC.


A-H Premium Weekly (Apr 14th): Remegen, CREC, Yankuang Energy, CRRC, GWM, CICC

<ul><li>Joinn reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.</li><li>Revenue was largely in line with our forecast while attributable net income beat our forecast by 19%.</li><li>Excluding fair value gains from biological asset, interest income, foreign exchange gain/loss and other non-recurring items, adjusted attributable net income would increase by 64% YoY to RMB577mn in 2022, representing an improved net margin of 25.4% (vs 23.2% in 2021).</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.

Joinn reported revenue of RMB2,268mn and attributable net income of RMB1,074mn in 2022, up 50% and 93% YoY respectively.Revenue was largely in line with our forecast while attributable net income beat our forecast by 19%.Excluding fair value gains from biological asset, interest income, foreign exchange gain/loss and other non-recurring items, adjusted attributable net income would increase by 64% YoY to RMB577mn in 2022, representing an improved net margin of 25.4% (vs 23.2% in 2021).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.

Joinn Laboratories (6127 HK) – Taping global markets for sustainable long-term growth

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 114.1% as of Mar 24th.</li>
<li>The average A-H premium changed by 0.6ppt week on week, led by information technology, industrials, utilities and offset by communication services, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for Dongfang Electric, CEEC, Great Wall Motor.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 114.1% as of Mar 24th.
The average A-H premium changed by 0.6ppt week on week, led by information technology, industrials, utilities and offset by communication services, consumer discretionary, energy.
We highlight weekly changes in A-H premium for Dongfang Electric, CEEC, Great Wall Motor.


A-H Premium Weekly (Mar 24th): Dongfang Electric, CEEC, Great Wall Motor

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Mar 3rd.</li>
<li>The average A-H premium changed by 0.3ppt week on week, led by communication services, consumer discretionary, financials and offset by real estate, information technology, industrials.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom, CCCC, China Oilfield.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Mar 3rd.
The average A-H premium changed by 0.3ppt week on week, led by communication services, consumer discretionary, financials and offset by real estate, information technology, industrials.
We highlight weekly changes in A-H premium for Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom, CCCC, China Oilfield.


A-H Premium Weekly (Mar 3rd): Xinjiang Goldwind, ZTE, China Southern, CRRC, GWM, China Telecom

China

JOINN Laboratories is a specialized drug development outsourcing company (CRO) that provides non-clinical pharmacology and toxicology research and evaluation services, including drug safety assessment, pharmacodynamic, and pharmacokinetic studies. The company also offers clinical trial services and the production and sale of experimental models. Headquartered in Beijing, China, it was founded in 1995.

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JOINN Laboratories (6127 HK)