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 results preview of both Joyoung and JS Global in FY24E were under pressure.</li><li>However, since situation for Joyoung is stabling and it is still gaining market share, while SharkNinja APAC’s outlook is rather decent after some early success, plus the active buyback by its major shareholder, we trim our net profit to reflect profit warning but maintain BUY given the long-term positive.</li><li>We are conservative about Joyoung’s outlook in FY25E. On one hand, we have turned slightly positive on small appliance industry sales trend in FY25E, because of: 1) improved numbers in 4Q24 (online sales growth of kitchen appliances and kitchenware in 4Q24E was at 5%, improved from 3% in 3Q24 and 4% in 2Q24, based on Moojing’s numbers), possibly aided by mildly improved consumer sentiment, after the launch of “old for new” home appliances subsidies</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 results preview of both Joyoung and JS Global in FY24E were under pressure.However, since situation for Joyoung is stabling and it is still gaining market share, while SharkNinja APAC’s outlook is rather decent after some early success, plus the active buyback by its major shareholder, we trim our net profit to reflect profit warning but maintain BUY given the long-term positive.We are conservative about Joyoung’s outlook in FY25E. On one hand, we have turned slightly positive on small appliance industry sales trend in FY25E, because of: 1) improved numbers in 4Q24 (online sales growth of kitchen appliances and kitchenware in 4Q24E was at 5%, improved from 3% in 3Q24 and 4% in 2Q24, based on Moojing’s numbers), possibly aided by mildly improved consumer sentiment, after the launch of “old for new” home appliances subsidiesContent 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.

Js Global Lifestyle (1691 HK) - Massive Buyback with Decent Mid-Term Outlook

JS Global Lifestyle

Js Global Lifestyle (1691 HK) - Massive Buyback with Decent Mid-Term Outlook