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

Inner Mongolia Yili Industrial Group (A) / Equity Bottom-Up

Inner Mongolia Yili Industrial Group (A) (600887 CH)

<ul><li>We forecast Yili’s 4Q revenue/net profit to reach RMB30.7bn/1.1bn.</li><li>Excluding Ausnutria, of which we forecast a LSD sales decline, we expect recurring revenue to grow MSD% YoY.</li><li>This will be predominately composed of: 1) HSD growth in basic white milk, for which premiumization momentum drives Satine to grow by double digits; 2) LSD growth in milk powder, for which adult formula to grow by double digits. On the flip side, headwinds prevail in a few segments that balance out the strength. </li></ul>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.

We forecast Yili’s 4Q revenue/net profit to reach RMB30.7bn/1.1bn.Excluding Ausnutria, of which we forecast a LSD sales decline, we expect recurring revenue to grow MSD% YoY.This will be predominately composed of: 1) HSD growth in basic white milk, for which premiumization momentum drives Satine to grow by double digits; 2) LSD growth in milk powder, for which adult formula to grow by double digits. On the flip side, headwinds prevail in a few segments that balance out the strength. 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.

Yili (600887 CH) - 4Q Preview: Rev/Np Reach RMB30.7bn/1.1bn