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>CMGE delivered above-industrial rev growth (+25% YoY) and profitability in 1H23.</li><li>Looking ahead, we expect 2H23E to see rev acceleration and stronger earnings, for: 1) rising contribution from newly launched games in 1H23; 2) several key titles to be launched in 4Q23E; 3) R&amp;D to decline with lower outsourcing cost and manageable S&amp;M.</li><li>We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in summer. </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>

CMGE delivered above-industrial rev growth (+25% YoY) and profitability in 1H23.Looking ahead, we expect 2H23E to see rev acceleration and stronger earnings, for: 1) rising contribution from newly launched games in 1H23; 2) several key titles to be launched in 4Q23E; 3) R&amp;D to decline with lower outsourcing cost and manageable S&amp;M.We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in summer. 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) – Looking into improving profitability in 2H23E