External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>The apparel sector performed well in general in 2H23 as we see China Lilang and JNBY reporting strong numbers (so will Bosideng, in our view).</li><li>Going into FY24E, we tend to be more picky, but China Lilang should still outperform, thanks to its own initiatives (improvements in operational efficiency as well as upgrades in product and brand quality, etc.).</li><li>More importantly, we think the downside is protected given its 8x FY24E P/E and 10% yield</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>

The apparel sector performed well in general in 2H23 as we see China Lilang and JNBY reporting strong numbers (so will Bosideng, in our view).Going into FY24E, we tend to be more picky, but China Lilang should still outperform, thanks to its own initiatives (improvements in operational efficiency as well as upgrades in product and brand quality, etc.).More importantly, we think the downside is protected given its 8x FY24E P/E and 10% yieldContent 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 Lilang (1234 HK) – Impressive FY24E Guidance with Decent Yield