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)

Asian Equities: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

Equity Bottom-Up

<ul><li>Tencent reported 1Q25 financial results: total revenue was up by 13% YoY to RMB180.0bn, 3% ahead of Bloomberg consensus estimate, thanks to strong growth of games/marketing revenue (+24/20% YoY).</li><li>Non-IFRS net income grew by 22% YoY to RMB61.3bn, 3% ahead of consensus estimate, primarily due to solid top-line performance and better-than-expected GPM expansion (+3.2ppts YoY).</li><li>In view of the sustainable GPM expansion trend on favourable revenue mix shift and improved cost efficiency, we raise FY25-27E non-IFRS earnings forecast by 3-7%, and lift our SOTP-derived target price to HK$660.0 (previous: HK$625.0). </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>

Tencent reported 1Q25 financial results: total revenue was up by 13% YoY to RMB180.0bn, 3% ahead of Bloomberg consensus estimate, thanks to strong growth of games/marketing revenue (+24/20% YoY).Non-IFRS net income grew by 22% YoY to RMB61.3bn, 3% ahead of consensus estimate, primarily due to solid top-line performance and better-than-expected GPM expansion (+3.2ppts YoY).In view of the sustainable GPM expansion trend on favourable revenue mix shift and improved cost efficiency, we raise FY25-27E non-IFRS earnings forecast by 3-7%, and lift our SOTP-derived target price to HK$660.0 (previous: HK$625.0). 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.

テンセント（700 HK） - 2025年第1四半期決算が予想を上回る；AIが事業成長を加速