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>The consumption trend in Apr 2025 improved MoM across most sub-sectors compared to Mar 2025.</li><li>Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather conditions, 3) longer holidays compared to last year, and 4) fairly robust inbound tourism growth.</li><li>By subsector, apparel and tourism-hotel outperformed our expectations, sportswear and home appliances met expectations, while catering lagged behind. </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.

The consumption trend in Apr 2025 improved MoM across most sub-sectors compared to Mar 2025.Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather conditions, 3) longer holidays compared to last year, and 4) fairly robust inbound tourism growth.By subsector, apparel and tourism-hotel outperformed our expectations, sportswear and home appliances met expectations, while catering lagged behind. 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.

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

Equity Bottom-Up

<ul><li>The results preview of both Joyoung and JS Global in FY24E were under pressure.</li><li>However, since situation for Joyoung is stabling and it is still gaining market share, while SharkNinja APAC’s outlook is rather decent after some early success, plus the active buyback by its major shareholder, we trim our net profit to reflect profit warning but maintain BUY given the long-term positive.</li><li>We are conservative about Joyoung’s outlook in FY25E. On one hand, we have turned slightly positive on small appliance industry sales trend in FY25E, because of: 1) improved numbers in 4Q24 (online sales growth of kitchen appliances and kitchenware in 4Q24E was at 5%, improved from 3% in 3Q24 and 4% in 2Q24, based on Moojing’s numbers), possibly aided by mildly improved consumer sentiment, after the launch of “old for new” home appliances subsidies</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.

The results preview of both Joyoung and JS Global in FY24E were under pressure.However, since situation for Joyoung is stabling and it is still gaining market share, while SharkNinja APAC’s outlook is rather decent after some early success, plus the active buyback by its major shareholder, we trim our net profit to reflect profit warning but maintain BUY given the long-term positive.We are conservative about Joyoung’s outlook in FY25E. On one hand, we have turned slightly positive on small appliance industry sales trend in FY25E, because of: 1) improved numbers in 4Q24 (online sales growth of kitchen appliances and kitchenware in 4Q24E was at 5%, improved from 3% in 3Q24 and 4% in 2Q24, based on Moojing’s numbers), possibly aided by mildly improved consumer sentiment, after the launch of “old for new” home appliances subsidiesContent 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.

Js Global Lifestyle (1691 HK) - Massive Buyback with Decent Mid-Term Outlook

<ul><li>Despite the spin-off of Shark Ninja (ex-APAC), JS global could still be attractive to the investors, because of: 1) potential turnaround of Joyoung, 2) rapid growth from Shark Ninja APAC and 3) rather distressed valuation (even after considering the small cap, holding and A/H discounts).</li><li>We still give it a BUY rating with TP of HK$ 1.84, based on 8x FY24E P/E, 40% discount to industry average of 13.3x.</li><li>The current valuation is at 5.4x (or 3.2x ex-cash) FY24E P/E.</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 the spin-off of Shark Ninja (ex-APAC), JS global could still be attractive to the investors, because of: 1) potential turnaround of Joyoung, 2) rapid growth from Shark Ninja APAC and 3) rather distressed valuation (even after considering the small cap, holding and A/H discounts).We still give it a BUY rating with TP of HK$ 1.84, based on 8x FY24E P/E, 40% discount to industry average of 13.3x.The current valuation is at 5.4x (or 3.2x ex-cash) FY24E P/E.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.

JS Global Lifestyle (1691 HK) – Distressed valuation and potential turnaround

<ul><li>1Q23 was a slight beat, mostly due to rocketed sales growth in the EU.</li><li>Even with no FY23E guidance provided, we do think rapid growth in the EU will stay, sales growth in the US shall improve, together with the tailwinds in margins (e.g. cheaper input costs and freight rate, better discounts).</li><li>We still have a BUY rating with TP of HK$ 9.92, based on 11x FY23E P/E, vs 5 years average of 14x.</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.

1Q23 was a slight beat, mostly due to rocketed sales growth in the EU.Even with no FY23E guidance provided, we do think rapid growth in the EU will stay, sales growth in the US shall improve, together with the tailwinds in margins (e.g. cheaper input costs and freight rate, better discounts).We still have a BUY rating with TP of HK$ 9.92, based on 11x FY23E P/E, vs 5 years average of 14x.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.

JS Global Lifestyle (1691 HK) – 1Q23 results beat and gradual recovery is likely

<ul><li>Both sales growth and margin were under massive pressure in 4Q22, due to pandemic and industry-wide de-stocking.</li><li>Even though management provides no guidance for FY23E, we do agree that there are more tailwinds (e.g. cheaper input costs and freight rate, better discounts) than headwinds (macroeconomic risks and potential tariffs).</li><li>And the long-term growth story is still valid.</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.

Both sales growth and margin were under massive pressure in 4Q22, due to pandemic and industry-wide de-stocking.Even though management provides no guidance for FY23E, we do agree that there are more tailwinds (e.g. cheaper input costs and freight rate, better discounts) than headwinds (macroeconomic risks and potential tariffs).And the long-term growth story is still valid.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.

JS Global Lifestyle (1691 HK) – No FY23E guidance but the risk-reward is there

Hong Kong

JS Global Lifestyle Company Limited designs, manufactures, and sells small household appliances globally, including cleaning, food preparation, and cooking products under brands like Joyoung, Shark, and Ninja. The company was founded in 1994 and is headquartered in Hong Kong.

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JS Global Lifestyle (1691 HK)

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather...

CMB International