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>We turned more positive on TC’s recovery ahead, backed by faster-thanexpected reopening.</li><li>TC would deliver upbeat 4Q22E, with better-than-feared topline and positive earnings (vs. prior -RMB51mn).</li><li>With upcoming CNY Festival, travel data recovered to 70-80% of 2019 level. </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>

We turned more positive on TC’s recovery ahead, backed by faster-thanexpected reopening.TC would deliver upbeat 4Q22E, with better-than-feared topline and positive earnings (vs. prior -RMB51mn).With upcoming CNY Festival, travel data recovered to 70-80% of 2019 level. 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.

Tongcheng Travel (780 HK) – Better recovery ahead with China reopening

<ul><li>Tongcheng delivered better-than-feared 3Q22 results, with in-line rev and upbeat margin.</li><li>We are more prudent on its 4Q22E momentum, given stricter control on Oct Golden Week  and epidemic break.</li><li>We forecast 4Q22E rev -24% YoY vs. prior -10% YoY),  <span style="font-size: var(--content-font-size);">in which hotel/transportation -13%/-34% YoY.</span></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>

Tongcheng delivered better-than-feared 3Q22 results, with in-line rev and upbeat margin.We are more prudent on its 4Q22E momentum, given stricter control on Oct Golden Week  and epidemic break.We forecast 4Q22E rev -24% YoY vs. prior -10% YoY),  in which hotel/transportation -13%/-34% 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.

Tongcheng Travel (780 HK) – Factoring in 4Q22E epidemic resurgence

<div><div><div><div><ul><li>Despite epidemic resurgence, we expect Tongcheng to deliver faster-than-peers growth on stronger monetization, resilient hotel and high exposure in low-tier cities.</li><li>3Q22E momentum was slightly disrupted (forecasting rev/ adj. net profit +5%/-37% YoY, at low end of guidance), but almost priced in.</li><li>Hotel would keep resilient (+25% YoY), while transportation suffered more (-12% YoY), in our view. </li></ul></div></div></div></div><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>

Despite epidemic resurgence, we expect Tongcheng to deliver faster-than-peers growth on stronger monetization, resilient hotel and high exposure in low-tier cities.3Q22E momentum was slightly disrupted (forecasting rev/ adj. net profit +5%/-37% YoY, at low end of guidance), but almost priced in.Hotel would keep resilient (+25% YoY), while transportation suffered more (-12% YoY), in our view. 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.

Tongcheng-Elong (780 HK) – Recovery in sight

<div><div><div><div><ul><li>Tongcheng delivered upbeat 2Q22 results, with rev/ adj. net profit -38%/-73% YoY, 5%/49% above consensus.</li><li>Mgmt. guided 2Q22E rev to grow at 5%-10% YoY (midpoint 15% above consensus), with adj. net profit at RMB300-350mn (midpoint 7% above consensus).</li><li>The better-than-expected guidance was mainly on strong hotel recovery since mid-June.</li></ul></div></div></div></div><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>

Tongcheng delivered upbeat 2Q22 results, with rev/ adj. net profit -38%/-73% YoY, 5%/49% above consensus.Mgmt. guided 2Q22E rev to grow at 5%-10% YoY (midpoint 15% above consensus), with adj. net profit at RMB300-350mn (midpoint 7% above consensus).The better-than-expected guidance was mainly on strong hotel recovery since mid-June.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.

Tongcheng-Elong (780 HK) – Recovery on good track

Hong Kong

Tongcheng Travel Holdings Limited is an investment holding company providing travel-related services in the People's Republic of China. It offers accommodation reservation, transportation ticketing, online advertising, hotel management, tourist attraction tickets, and packaged tours through its online platforms, mobile apps, and websites. The company was founded in 1999 and is headquartered in Suzhou, the People's Republic of China.

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Tongcheng Travel (780 HK)