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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long-haul travel recovery.</li><li>We forecast TC’s room night +100% (vs. 2019), air ticketing volume +30%, and trains volume at single-digit growth in the Golden Week.</li><li>This trend is largely in line with summer holiday. We keep confident on TC’s 3Q23E growth (rev forecast unchanged at +56% YoY, +55% vs. 2019 level), and expect 4Q23E rev +96% YoY (+51% vs. 2019), backed by strong hotel in the Golden Week and resilient demand from exam-related accommodation. </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.

Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long-haul travel recovery.We forecast TC’s room night +100% (vs. 2019), air ticketing volume +30%, and trains volume at single-digit growth in the Golden Week.This trend is largely in line with summer holiday. We keep confident on TC’s 3Q23E growth (rev forecast unchanged at +56% YoY, +55% vs. 2019 level), and expect 4Q23E rev +96% YoY (+51% vs. 2019), backed by strong hotel in the Golden Week and resilient demand from exam-related accommodation. 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) – Share Gain Continued in Golden Week

Thematic (Sector/Industry)

<ul><li>Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.</li><li>Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.</li><li>We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid 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.

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid 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.

China Entertainment – Embracing rich pipeline and sector mild re-rating

<ul><li>TC delivered upbeat 1Q23 and solid guidance.</li><li>We keep positive on TC’s Vshaped recovery in 2Q23E, and expect it to continuously deliver above-industrial growth in the long run.</li><li>Market concerns on competition and macro challenges have partly priced in recent price softness. </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.

TC delivered upbeat 1Q23 and solid guidance.We keep positive on TC’s Vshaped recovery in 2Q23E, and expect it to continuously deliver above-industrial growth in the long run.Market concerns on competition and macro challenges have partly priced in recent price softness. 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) – 2Q23E V-Shaped Rebound to Continue

<ul><li>We are more bullish on TC’s recovery and above-industrial growth in FY23E, backed by pent-up travel demand.</li><li>Recent price correction creates good entry point to accumulate, in our view, due to: 1) stronger 1Q23E guidance (forecasting rev +44% YoY); 2) Ching Ming and May Labor Day to be short-term catalysts; and 3) manageable impact from Douyin’s competition.</li><li>We raised FY23-25E earnings by 15-16%, to reflect faster recovery pace (on strong local hotel, business travel, etc.).</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 are more bullish on TC’s recovery and above-industrial growth in FY23E, backed by pent-up travel demand.Recent price correction creates good entry point to accumulate, in our view, due to: 1) stronger 1Q23E guidance (forecasting rev +44% YoY); 2) Ching Ming and May Labor Day to be short-term catalysts; and 3) manageable impact from Douyin’s competition.We raised FY23-25E earnings by 15-16%, to reflect faster recovery pace (on strong local hotel, business travel, etc.).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) – Riding on faster recovery pace

<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>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 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

China

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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Tongcheng Travel Holdings (780 HK)

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International

Tongcheng Travel (780 HK) – 2Q23E V-Shaped Rebound to Continue

TC delivered upbeat 1Q23 and solid guidance. We keep positive on TC’s Vshaped recovery in 2Q23E, and expect it to continuously deliver above...

CMB International

Tongcheng Travel (780 HK) – Riding on faster recovery pace

We are more bullish on TC’s recovery and above-industrial growth in FY23E, backed by pent-up travel demand. Recent price correction creates good...

CMB International

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

We turned more positive on TC’s recovery ahead, backed by faster-thanexpected reopening. TC would deliver upbeat 4Q22E, with better-than-feared...

CMB International

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tongcheng Travel (780 HK) – Share Gain Continued in Golden Week

Despite mixed industrial data for domestic tourism in the Golden Week, we expect TC to continuously gain share, with strong hotel growth and long...

CMB International

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International

Tongcheng Travel (780 HK) – 2Q23E V-Shaped Rebound to Continue

TC delivered upbeat 1Q23 and solid guidance. We keep positive on TC’s Vshaped recovery in 2Q23E, and expect it to continuously deliver above...

CMB International

Tongcheng Travel (780 HK) – Riding on faster recovery pace

We are more bullish on TC’s recovery and above-industrial growth in FY23E, backed by pent-up travel demand. Recent price correction creates good...

CMB International

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

We turned more positive on TC’s recovery ahead, backed by faster-thanexpected reopening. TC would deliver upbeat 4Q22E, with better-than-feared...

CMB International