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 reported in-line 3Q23 results on 14 Nov: total revenue declined by 11% YoY and 10% QoQ to RMB6.6bn mainly on soft social entertainment business, versus consensus/our estimate of RMB6.4/6.3bn; non-IFRS net income was up 2% YoY to RMB1.41bn, in line with consensus/our estimate of RMB1.42/1.37bn.</li><li>Core music subscription revenue growth further accelerated to +42% YoY in 3Q23 (vs. 1Q23/2Q23 +30/37% YoY &amp; consensus +37% YoY), driven by solid growth of both paying users and ARPPU.</li><li>Looking ahead, we forecast total revenue to decline by 10% YoY to RMB6.7bn in 4Q23E, due to the persisting impact of social entertainment business adjustment. </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 reported in-line 3Q23 results on 14 Nov: total revenue declined by 11% YoY and 10% QoQ to RMB6.6bn mainly on soft social entertainment business, versus consensus/our estimate of RMB6.4/6.3bn; non-IFRS net income was up 2% YoY to RMB1.41bn, in line with consensus/our estimate of RMB1.42/1.37bn.Core music subscription revenue growth further accelerated to +42% YoY in 3Q23 (vs. 1Q23/2Q23 +30/37% YoY &amp; consensus +37% YoY), driven by solid growth of both paying users and ARPPU.Looking ahead, we forecast total revenue to decline by 10% YoY to RMB6.7bn in 4Q23E, due to the persisting impact of social entertainment business adjustment. 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) – Inline 3Q23 results; strong music subscription revenue growth

Tencent Music

TME (TME US) – Inline 3Q23 results; strong music subscription revenue growth