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>NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of RMB7.91bn.</li><li>Adjusted net profit was up by 68% YoY to RMB2.86bn, in line with consensus estimate.</li><li>Excluding the impact of deferred income tax credit, adjusted operating profit grew by 32% YoY to RMB1.73bn. </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.

NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of RMB7.91bn.Adjusted net profit was up by 68% YoY to RMB2.86bn, in line with consensus estimate.Excluding the impact of deferred income tax credit, adjusted operating profit grew by 32% YoY to RMB1.73bn. 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.

NetEase Cloud Music (9899 HK) - 2H25 Revenue Miss on Soft Non-Subscription Business

<ul><li>NetEase reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected games revenue growth and the prolonged revenue recognition period.</li><li>Operating income grew by 6% YoY to RMB8.3bn, 6% below consensus estimate.</li><li>That said, we remain constructive on FY26E revenue growth outlook, given that 1) contract liabilities were up by 34% YoY in 4Q25; 2) several highly anticipated games are lined up for launch in FY26, including Sea of Remnants. </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.

NetEase reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected games revenue growth and the prolonged revenue recognition period.Operating income grew by 6% YoY to RMB8.3bn, 6% below consensus estimate.That said, we remain constructive on FY26E revenue growth outlook, given that 1) contract liabilities were up by 34% YoY in 4Q25; 2) several highly anticipated games are lined up for launch in FY26, including Sea of Remnants. 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.

NetEase (NTES US) - 4Q25 Results: Strong Contract Liabilities Growth Despite Revenue Miss

<ul><li>NetEase announced 3Q25 results: total revenue grew by 8% YoY to RMB28.4bn, 3% below Bloomberg consensus estimate; operating income increased by 12% YoY to RMB8.0bn, below consensus estimate of RMB9.2bn, primarily attributable to the higher-than-expected marketing expenses.</li><li>Nonetheless, we remain upbeat on the games revenue growth outlook in 4Q25E and FY26E, supported by NetEase’s quality game pipeline, solid performance of legacy titles and healthy growth of contract liabilities (+25% YoY in 3Q25).</li><li>In view of increased marketing spending, we slightly lower our FY25-27E nonGAAP net income forecast by 0-1%. </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.

NetEase announced 3Q25 results: total revenue grew by 8% YoY to RMB28.4bn, 3% below Bloomberg consensus estimate; operating income increased by 12% YoY to RMB8.0bn, below consensus estimate of RMB9.2bn, primarily attributable to the higher-than-expected marketing expenses.Nonetheless, we remain upbeat on the games revenue growth outlook in 4Q25E and FY26E, supported by NetEase’s quality game pipeline, solid performance of legacy titles and healthy growth of contract liabilities (+25% YoY in 3Q25).In view of increased marketing spending, we slightly lower our FY25-27E nonGAAP net income forecast by 0-1%. 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.

NetEase (NTES US) - Solid Games Business Outlook on Quality Pipeline and Evergreen Games

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.</li><li>The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 24, 2025 (Eng.)

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

NetEase Cloud Music (9899 HK) - 2H25 Revenue Miss on Soft Non-Subscription Business

NetEase Cloud Music announced FY25 financial results: total revenue declined by 2% YoY to RMB7.76bn, slightly below Bloomberg consensus estimate of...

CMB International

NetEase (NTES US) - 4Q25 Results: Strong Contract Liabilities Growth Despite Revenue Miss

NetEase reported 4Q25 results: total revenue increased by 3% YoY to RMB27.5bn, 4% below Bloomberg consensus estimate due to slower-thanexpected...

CMB International

NetEase (NTES US) - Solid Games Business Outlook on Quality Pipeline and Evergreen Games

We roll forward our valuation window to FY26E, and fine-tune our SOTP-derived target price to US$164.0 (previous: US$160.0). Maintain BUY.

CMB International

KTX Tactical DR Picks - October 24, 2025 (Eng.)

The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

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