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.

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

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Wanda sells hotel business to Tencent-backed firm for $347M, indicating a strategic shift in their business operations.</li><li>Keppel raises $1.5B for data centre, education funds, and urban renewal, showing a focus on diverse investments.</li><li>Cushman &amp; Wakefield appoints Matthew Bouw as APAC CEO for EMEA, highlighting leadership changes in the real estate industry.</li></ul>

Wanda sells hotel business to Tencent-backed firm for $347M, indicating a strategic shift in their business operations.Keppel raises $1.5B for data centre, education funds, and urban renewal, showing a focus on diverse investments.Cushman &amp; Wakefield appoints Matthew Bouw as APAC CEO for EMEA, highlighting leadership changes in the real estate industry.

Asia Real Estate Tracker (22-Apr-2025): Wanda sells hotel business for $347M.

<ul><li>Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.</li><li>Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.</li><li>Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline 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.

Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline 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.

Tongcheng Travel (780 HK) – Clear Growth Path on Resilient Travel Demand

<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

<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

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)

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

Asia Real Estate Tracker (22-Apr-2025): Wanda sells hotel business for $347M.

Wanda sells hotel business, Keppel raises $1.5B for various funds, and Cushman & Wakefield names new CEO for the APAC region.

Asia Real Estate Tracker