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>TME announced 1Q26 results on 12 May: total revenue was up by 7% YoY to RMB7.90bn and non-IFRS net income grew by 7% YoY to RMB2.27bn, both in line with Bloomberg consensus estimates.</li><li>For 2Q26E, we expect total revenue to increase by 3% YoY, with growth further decelerating.</li><li>Management noted that the competition headwind persists, especially given the emerging copyright issues due to AI. </li></ul><p><em>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.</em></p>

TME announced 1Q26 results on 12 May: total revenue was up by 7% YoY to RMB7.90bn and non-IFRS net income grew by 7% YoY to RMB2.27bn, both in line with Bloomberg consensus estimates.For 2Q26E, we expect total revenue to increase by 3% YoY, with growth further decelerating.Management noted that the competition headwind persists, especially given the emerging copyright issues due to AI. 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.

TME (TME US) - Inline 1Q26 Results; Competition Headwind Persists

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Real singer fans is still supporting TME, especially in offline performance.</li>
<li>The operating margin improved due to channel fee cut and headcount freeze.</li>
<li>The P/E band suggests an upside of 38% for the year end 2026.</li>
</ul>


Real singer fans is still supporting TME, especially in offline performance.
The operating margin improved due to channel fee cut and headcount freeze.
The P/E band suggests an upside of 38% for the year end 2026.


Tencent Music (TME): 1Q26 Growth Slows, But March Plunge Is Overdone, 38% Upside

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. </li>
<li>Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.</li>
<li>We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.</li>
</ul>


Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. 
Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.
We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.


Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

<ul>
<li>The deliveries still grew strongly by 24% YoY in November 2025.</li>
<li>We believe Geely will take BYD’s place as the largest Chinese producer.</li>
<li>We also believe the stock has an upside of 49% for the next twelve months.</li>
</ul>


The deliveries still grew strongly by 24% YoY in November 2025.
We believe Geely will take BYD’s place as the largest Chinese producer.
We also believe the stock has an upside of 49% for the next twelve months.


2026 High Conviction: Geely (175 HK) To Be the Largest

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tencent Music Entertainment Group reported solid financial results for the full year and fourth quarter of 2025, reflecting growth across its core music subscription business and expanding non-subscription offerings.</li><li>Total revenues for 2025 reached RMB 32.9 billion, representing a 16% year-over-year increase, with online music services contributing RMB 26.7 billion, up 23% annually.</li><li>Music subscription revenues rose 16% to RMB 17.7 billion, supported by a multi-tier membership system comprising standard, SVIP, and an ad-supported membership launched in late 2025.</li></ul>

Tencent Music Entertainment Group reported solid financial results for the full year and fourth quarter of 2025, reflecting growth across its core music subscription business and expanding non-subscription offerings.Total revenues for 2025 reached RMB 32.9 billion, representing a 16% year-over-year increase, with online music services contributing RMB 26.7 billion, up 23% annually.Music subscription revenues rose 16% to RMB 17.7 billion, supported by a multi-tier membership system comprising standard, SVIP, and an ad-supported membership launched in late 2025.

Tencent Music Entertainment Group's RMB 32.9 Billion Revenue Base Faces AI Driven Competition

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

TME (TME US) - Inline 1Q26 Results; Competition Headwind Persists

TME announced 1Q26 results on 12 May: total revenue was up by 7% YoY to RMB7.90bn and non-IFRS net income grew by 7% YoY to RMB2.27bn, both in line...

CMB International

Tencent Music (TME): 1Q26 Growth Slows, But March Plunge Is Overdone, 38% Upside

Real-singer fans still support TME, especially offline performance. The operating margin improved due to channel fee cut and headcount freeze.

Ming Lu

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

2026 High Conviction: Geely (175 HK) To Be the Largest

The deliveries grew strongly by 24% YoY in Nov. 2025. We believe Geely will take BYD’s place as the largest Chinese producer. We believe the stock...

Ming Lu

Tencent Music Entertainment Group's RMB 32.9 Billion Revenue Base Faces AI Driven Competition

Tencent Music Entertainment Group reported solid financial results for the full year and fourth quarter of 2025, reflecting growth across its core...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TME (TME US) - Inline 1Q26 Results; Competition Headwind Persists

TME announced 1Q26 results on 12 May: total revenue was up by 7% YoY to RMB7.90bn and non-IFRS net income grew by 7% YoY to RMB2.27bn, both in line...

CMB International

Tencent Music (TME): 1Q26 Growth Slows, But March Plunge Is Overdone, 38% Upside

Real-singer fans still support TME, especially offline performance. The operating margin improved due to channel fee cut and headcount freeze.

Ming Lu

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

​Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

2026 High Conviction: Geely (175 HK) To Be the Largest

The deliveries grew strongly by 24% YoY in Nov. 2025. We believe Geely will take BYD’s place as the largest Chinese producer. We believe the stock...

Ming Lu

Tencent Music Entertainment Group's RMB 32.9 Billion Revenue Base Faces AI Driven Competition

Tencent Music Entertainment Group reported solid financial results for the full year and fourth quarter of 2025, reflecting growth across its core...

Baptista Research

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...