M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Hutchmed (13 HK) A fruitful 2024 on the way Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated Target Price HK$34.31 revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in (Previous TP HK$36.67) FY22), close to the upper limit of its US$450-550mn guidance. The in-market product Up/Downside 41.8% sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of Cu ...

M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Salesforce (CRM US) 4Q results in-line; eye on AI development Target Price US$350.00 Salesforce reported 4QFY24 financial results: total revenue was up 10.8% YoY (Previous TP US$329.30) to US$9.29bn, in line with consensus estimate of US$9.22bn. FY24 total revenue Up/Downside 16.8% was up 11.2% YoY to US$34.9bn. Non-GAAP operating income grew by 19.3% Current Price US$299.77 YoY to US$2.92bn in 4QFY24, also in line with conse ...

29 Feb 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Improving profitability with solid guidance iQIYI (IQ) delivered better-than-feared 4Q23 results with inline topline and upbeat margin. Looking into 1Q24E, we expect both revenue and earnings to see sequential growth, with solid ARM trend. We keep confident on IQ's previous FY24E OP target (at RMB5bn), with disciplined content cost and ARM expansion. Given already-low expectation and clear profitab ...

M N 1 Mar 2024 CMB International Global Markets | Equity Research | Company Update Budweiser APAC (1876 HK) 4Q23 a slight miss; S. Korea undershoot Target Price HK$14.5 Stripping off mainly the US$66mn tax provision, Bud APAC 4Q results came in (Previous TP HK$16.9) c.3%/6% below us/consensus. Operations in South Korea (esp. home channel) Up/Downside 14.2% looked increasingly challenging upon the return of Japanese brands, with Current Price HK$12.7 volume consecutively edging down by MSD% since 3Q23 (1H23: ...

CMB International Global Markets | Equity Research | Company Update NetEase reported 4Q23 financial results on 29 Feb: total revenue grew by 7% YoY to RMB27.1bn, below our/consensus estimate of RMB28.8/28.2bn. NonGAAP net income was up by 53% YoY to RMB7.4bn, but 7% shy of consensus estimate, mainly due to the higher-than-expected marketing expenses (+24% YoY). Full-year total revenue/non-GAAP net income grew by 7%/43% YoY in FY23 respectively. Game revenue growth was slower than our expectation due to soft ...

h 股 c r a 票 e s e R 研 y [Table_Title] Kevin Guo 郭勇 tiu Company Report: Zhaojin Mining (01818 HK) 究 q (852) 2509 5317 E 公司报告： 招金矿业 (01818 HK) yong.guo@gtjas.com.hk 29 February 2024 [Table_Summary] Gold Price To Rise Again, Maintain "Buy" tr 公 o p  W due re tov is loe d eo rw En th Se eT sP mof Z tih oa no ji bn M i mni an ig t( at ih ne t“ hC eo m inp va en sty m”) t no H raK t$ in1 g2 .0 a6 e [RTaabtlien_gR:a nk] Buy 司 R e w P ti a , u t n e t t y Maintained 报 n "Buy". Our TP represents 36.0x 2023 PER and ...

h 股 c r a 票 e s e R 研 y [Table_Title] Teddy Lin 林荣叶 tiu Company Report: Autohome-S (02518 HK) 究 q (852) 2509 5409 E 公司报告： 汽车之家-S (02518 HK) rongye.lin@gtjas.com.hk 29 February 2024 E[Tmablpe_oSwumemrianryg] the New Retail Ecosystem in the Auto Industry, Navigating the Path to New Energy Sustainability tr 公 o p e 司 R  W HKe 6m 7a .0in 8t a ri en r" eB su eny" ni gn v 1e 4s .5tm e 2n 02t 4r Pat /i En .g ua tn od mre ev 'sis 2e 2o 3u r vta er ng ue et rop sr eic 3e 5t %o 报 y n a $ , p ti x A ho 0 re . [RTaabt ...

M N 28 Feb 2024 CMB International Global Markets | Equity Research | Company Update ZTE (763 HK) MWC 2024: Industry moves towards developing 6G Target Price HK$27.4 As the Mobile World Congress (MWC) unfolded in Barcelona on Monday, AI/5G+6G innovations emerged as a dominant theme, with leading suppliers in (Previous TP HK$27.4) the telecom industry showcasing their latest technologies. ZTE's A-share Up/Downside 56.2% (000063 CH) and H-share (763 HK) prices surged by 10.0% and 10.6%, Current Price HK$17.54 ...

M N 27 Feb 2024 CMB International Global Markets | Equity Research | Company Update BeiGene (BGNE US) Expect a productive 2024 for early pipeline assets  Strong sales momentum of zanubrutinib eased market concerns. In 4Q23, Target Price US$268.20 BeiGene recorded total product sales of US$631mn (+6% QoQ or +86% YoY). (Previous TP US$295.67) Zanubrutinib (zanu) maintained strong sales momentum, with revenue increasing Up/Downside 67.4% 15% QoQ or 135% YoY to US$413mn, mainly driven by market share gains in ...

M N 28 Feb 2024 CMB International Global Markets | Equity Research | Company Update Shengyi Tech (600183 CH) FY23 preliminary results review; expect gradual recovery in 2024 Target Price RMB19.69 Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close. Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- (Previous TP RMB20.39) 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, Up/Downside 15.1% respectively. For 4Q23, revenue decreased 2.3 ...