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>4Q results were a beat to us and consensus, with the quarter’s net revenue expanding by cFX +18.1%.</li><li>The strength was mainly driven by 82% growth in Miu Miu (vs CMBIe 50%+).</li><li>All regions marked robust growth, especially Japan (cFX +38%) and APAC (cFX +32%), when the US continued to record sequential improvement as we had expected. </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.

4Q results were a beat to us and consensus, with the quarter’s net revenue expanding by cFX +18.1%.The strength was mainly driven by 82% growth in Miu Miu (vs CMBIe 50%+).All regions marked robust growth, especially Japan (cFX +38%) and APAC (cFX +32%), when the US continued to record sequential improvement as we had expected. 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.

Prada SpA (1913 HK) - 4Q23 CFX Revenue +18%; Miu Miu Overshot

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

<ul>
<li>The HK$34/share offer price is final, which exceeds all-time high closing price of HK$33.60/share since IPO in 2010. EUR6 billion is equivalent to a PE of 52.17x, higher than peers.</li>
<li>Deploying China's sinking market is “a good story full of imagination”. However, it may fail to bring expected profits considering increasing competition/potential price war, leading to uncertain future performance growth.</li>
<li>For minority shareholders, this privatization provides an attractive opportunity to monetise their investments at a premium over market price. We don't think the current "technical bull market" to be lasting. </li>
</ul>


The HK$34/share offer price is final, which exceeds all-time high closing price of HK$33.60/share since IPO in 2010. EUR6 billion is equivalent to a PE of 52.17x, higher than peers.
Deploying China's sinking market is “a good story full of imagination”. However, it may fail to bring expected profits considering increasing competition/potential price war, leading to uncertain future performance growth.
For minority shareholders, this privatization provides an attractive opportunity to monetise their investments at a premium over market price. We don't think the current "technical bull market" to be lasting. 


L'Occitane (973.HK) Privatization - The Offer Price Is Good Enough

<ul><li>We envisage that Prada will deliver another solid quarter with 12% cFX Group sales growth to EUR1.3bn, thanks to comparable growth in the retail segment, which, in our view, will regain its momentum by lapping on a sequentially easier comp of the quarter.</li><li>By region, Asia again is a major driver with cFX 20%+ growth supported by China’s recovering outbound tourism.</li><li>The same should also benefit Japan, which simultaneously enjoys tailwind from a favourable currency and sets to deliver cFX 35% sales growth. </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 envisage that Prada will deliver another solid quarter with 12% cFX Group sales growth to EUR1.3bn, thanks to comparable growth in the retail segment, which, in our view, will regain its momentum by lapping on a sequentially easier comp of the quarter.By region, Asia again is a major driver with cFX 20%+ growth supported by China’s recovering outbound tourism.The same should also benefit Japan, which simultaneously enjoys tailwind from a favourable currency and sets to deliver cFX 35% sales growth. 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.

Prada SpA (1913 HK) – 4Q Preview: CFX/Reported Sales +12.1%/6.4%

<ul><li>Prada delivered an exceptional 1H performance with 17.4% reported sales growth.</li><li>Upon its forthcoming 3Q data release, we project revenue growth will start to normalise towards mid-single-digit, and this should not come in as a total surprise to the market, in our view, considering the well-communicated management guidance given at the beginning of the year.</li><li>By region, we caveat that sales in Europe will likely face the toughest comp among all, when the return of tourist traffic to Western Europe drove the region’s sales growth to 30%+ in 3Q22. Asia would likely face similar headwind owing to Shanghai’s reopening in the same quarter last year. </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.

Prada delivered an exceptional 1H performance with 17.4% reported sales growth.Upon its forthcoming 3Q data release, we project revenue growth will start to normalise towards mid-single-digit, and this should not come in as a total surprise to the market, in our view, considering the well-communicated management guidance given at the beginning of the year.By region, we caveat that sales in Europe will likely face the toughest comp among all, when the return of tourist traffic to Western Europe drove the region’s sales growth to 30%+ in 3Q22. Asia would likely face similar headwind owing to Shanghai’s reopening in the same quarter last year. 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.

Prada SpA (1913 HK) – 3Q Preview: Embracing a Normalised Quarter

<ul><li>1H Group sales growth of 20.5% cFX slightly disappointed, considering 22.2% YoY growth in 1Q, when retail sales growth descended QoQ from 21.1% in 1Q to 14.7% in 2Q.</li><li>Growth in Miu Miu remained eye-catching, with net sales in 2Q further accelerating at 57.3% YoY from 41.9% YoY in 1Q, thanks to the brand’s higher exposure in China and Asia. By region, Japan was the best performing region and grew 49.2% YoY, benefitting from a refreshed retail network and elevating inbound tourist flow.</li><li>Growth in APAC was 25.3% YoY and that of Europe was 24.2% YoY. </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.

1H Group sales growth of 20.5% cFX slightly disappointed, considering 22.2% YoY growth in 1Q, when retail sales growth descended QoQ from 21.1% in 1Q to 14.7% in 2Q.Growth in Miu Miu remained eye-catching, with net sales in 2Q further accelerating at 57.3% YoY from 41.9% YoY in 1Q, thanks to the brand’s higher exposure in China and Asia. By region, Japan was the best performing region and grew 49.2% YoY, benefitting from a refreshed retail network and elevating inbound tourist flow.Growth in APAC was 25.3% YoY and that of Europe was 24.2% YoY. 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.

Prada SpA (1913 HK) – A Decent 1H, Though Not a Straight Beat

Italy

Prada S.p.A. is an Italian fashion company that designs, manufactures, promotes and sells high-end leather goods, ready-to-wear and footwear through various brands.

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Prada S.P.A. (1913 HK)

Prada SpA (1913 HK) - 4Q23 CFX Revenue +18%; Miu Miu Overshot

All regions marked robust growth, especially Japan (cFX +38%) and APAC (cFX +32%), when the US continued to record sequential improvement as we had...

CMB International

L'Occitane (973.HK) Privatization - The Offer Price Is Good Enough

The Offeror has received valid expressions of interest from Minority Shareholders holding, in aggregate, not less than 10% of Disinterested Shares....

Xinyao (Criss) Wang

Prada SpA (1913 HK) – 4Q Preview: CFX/Reported Sales +12.1%/6.4%

We envisage that Prada will deliver another solid quarter with 12% cFX Group sales growth to EUR1.3bn, thanks to comparable growth in the retail...

CMB International

Prada SpA (1913 HK) – 3Q Preview: Embracing a Normalised Quarter

Upon its forthcoming 3Q data release, we project revenue growth will start to normalise towards mid-single-digit, and this should not come in as a...

CMB International

Prada SpA (1913 HK) – A Decent 1H, Though Not a Straight Beat

1H Group sales growth of 20.5% cFX slightly disappointed, considering 22.2% YoY growth in 1Q, when retail sales growth descended QoQ from 21.1% in...

CMB International

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