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>After recent price correction on weak market sentiment, we view it as a good entry point to accumulate CMGE, for: 1) solid performance of new tiles launched in 2Q23E; 2) more highly-anticipated titles to come, including Sword and Fairy: Wen Qing (新仙剑之挥剑问情, 9 Jun), Hoop city 3v3 (licensed/Aug 2023), Soul Land: Shrek College (斗罗大陆, Oct 2023), Sword and Fair World (仙剑世界, Dec 2023); and 3) strong growth of 1H23E results.</li><li>We believe CMGE is relatively defensive to macro uncertainty, and would benefit from AIGC initiatives on both UGC content and efficiency.</li><li>We keep our financials unchanged, with DCF-based TP at HK$3.52 (implying 14x/11x FY23/24E P/E).</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>

After recent price correction on weak market sentiment, we view it as a good entry point to accumulate CMGE, for: 1) solid performance of new tiles launched in 2Q23E; 2) more highly-anticipated titles to come, including Sword and Fairy: Wen Qing (新仙剑之挥剑问情, 9 Jun), Hoop city 3v3 (licensed/Aug 2023), Soul Land: Shrek College (斗罗大陆, Oct 2023), Sword and Fair World (仙剑世界, Dec 2023); and 3) strong growth of 1H23E results.We believe CMGE is relatively defensive to macro uncertainty, and would benefit from AIGC initiatives on both UGC content and efficiency.We keep our financials unchanged, with DCF-based TP at HK$3.52 (implying 14x/11x FY23/24E P/E).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.

CMGE Technology (302 HK) – Bearing Fruit from More Titles in 2H23E