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>TME announced 2Q23 financial results on 15 Aug. Total revenue grew by 5.5% YoY and 4.0% QoQ to RMB7.3bn in 2Q23, in line with CMBI/consensus estimate of RMB7.2/7.3bn.</li><li>Non-IFRS net income was up 48.6% YoY to RMB1.5bn in 2Q23, also in line with CMBI/consensus estimate.</li><li>Its online music revenue growth was ahead of consensus expectations by 8% due to solid music subscription growth and ad business recovery; but its social entertainment revenue was 12% below consensus due to TME’s risk control measures implemented in 2Q23. </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>

TME announced 2Q23 financial results on 15 Aug. Total revenue grew by 5.5% YoY and 4.0% QoQ to RMB7.3bn in 2Q23, in line with CMBI/consensus estimate of RMB7.2/7.3bn.Non-IFRS net income was up 48.6% YoY to RMB1.5bn in 2Q23, also in line with CMBI/consensus estimate.Its online music revenue growth was ahead of consensus expectations by 8% due to solid music subscription growth and ad business recovery; but its social entertainment revenue was 12% below consensus due to TME’s risk control measures implemented in 2Q23. 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.

TME (TME US) – Improving profitability despite pressure on social entertainment business

Tencent Music

TME (TME US) – Improving profitability despite pressure on social entertainment business