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>Disney delivered solid 2QFY24 results, with inline revenue (+1.2% YoY) and upbeat profit (+30% YoY, beating consensus by 8%).</li><li>The upbeat margin was mainly attributable to DTC’s breakeven (ahead of guidance).</li><li>Mgmt also raised its FY24E EPS growth target to 25% YoY (vs. prior at least 20% 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.

Disney delivered solid 2QFY24 results, with inline revenue (+1.2% YoY) and upbeat profit (+30% YoY, beating consensus by 8%).The upbeat margin was mainly attributable to DTC’s breakeven (ahead of guidance).Mgmt also raised its FY24E EPS growth target to 25% YoY (vs. prior at least 20% 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.

Walt Disney Co (DIS US) - Looking Beyond 3Q OI Volatility

<ul><li>Leveraging its notable IP and diversified portfolio, we expect Disney to benefit from streaming &amp; sports industry tailwinds and cost control initiatives.</li><li>After unveiling decent 1QFY24 results, Disney has shown significant narrowing of loss on streaming, improving group efficiency, and strategic expansion on promising Sports.</li><li>Streaming and Park may continue to outperform, in our view. Mgmt guided EPS of US$4.6 (+22% YoY) and free cash flow (FCF) of US$8bn in FY24E, with streaming to achieve profitability by 4QFY24E. </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.

Leveraging its notable IP and diversified portfolio, we expect Disney to benefit from streaming &amp; sports industry tailwinds and cost control initiatives.After unveiling decent 1QFY24 results, Disney has shown significant narrowing of loss on streaming, improving group efficiency, and strategic expansion on promising Sports.Streaming and Park may continue to outperform, in our view. Mgmt guided EPS of US$4.6 (+22% YoY) and free cash flow (FCF) of US$8bn in FY24E, with streaming to achieve profitability by 4QFY24E. 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.

Walt Disney Co (DIS US) - Streaming and ESPN+ on the Rise

United States

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

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The Walt Disney Co (DIS US)

Walt Disney Co (DIS US) - Looking Beyond 3Q OI Volatility

Disney delivered solid 2QFY24 results, with inline revenue (+1.2% YoY) and upbeat profit (+30% YoY, beating consensus by 8%).

CMB International

Walt Disney Co (DIS US) - Streaming and ESPN+ on the Rise

Leveraging its notable IP and diversified portfolio, we expect Disney to benefit from streaming & sports industry tailwinds and cost control...

CMB International

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