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

Tongcheng Travel Holdings  / Equity Bottom-Up

<ul><li>Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.</li><li>Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.</li><li>Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline growth.</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>

Tongcheng delivered upbeat 3Q23 results, with topline +61% YoY (3% above consensus) and bottom line 8% above consensus.Despite soft seasonality in 4Q, we expect 4Q23E resilient momentum to continue (forecasting rev +87% YoY, bottom line at RMB470mn), backed by exam-related accommodation demand and share gain in the Golden Week.Looking into 2024E, we see high visibility for TC to deliver &gt;20% topline growth.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.

トンチェン・トラベル（780香港ドル） – 堅調な旅行需要で明確な成長軌道