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>Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others.</li><li>Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in revenue.</li><li>For 2025, total revenue/non-GAAP OP grew 17/11% YoY. While TCOM is facing some sentiment-driven headwinds, we believe its competitive advantages relative to domestic peers — including robust supply chain capabilities, high service quality, comprehensive product offerings, and global coverage — remain intact and supportive of its long-term growth trajectory. unchanged at US$83.0, translating into 20x 2026E PE (non-GAAP). Maintain BUY.</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>

Trip.com Group (TCOM) released (26 Feb) 4Q25 results: total revenue was RMB15.4bn, up 20.8% YoY, 4% better than Bloomberg consensus estimates driven by an all-round beat across segments especially in corporate travel, package tour, and Others.Non-GAAP operating income (OP) was RMB3.2bn, 2% better than consensus, thanks to the beat in revenue.For 2025, total revenue/non-GAAP OP grew 17/11% YoY. While TCOM is facing some sentiment-driven headwinds, we believe its competitive advantages relative to domestic peers — including robust supply chain capabilities, high service quality, comprehensive product offerings, and global coverage — remain intact and supportive of its long-term growth trajectory. unchanged at US$83.0, translating into 20x 2026E PE (non-GAAP). Maintain BUY.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.

Trip.com (TCOM US) - Results Beat; Travel Demand Remains Resilient