External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><ul><li>After market close of 28 Oct, Longfor announced major management change.</li><li>Its founder Ms.Wu Yajun resigned from Chairlady position and the current CEO Mr. Chen Xuping is promoted to take over Chairman.</li><li>At the same time, Vice Chairman Mr. Shao will also become non- executive director from previous executive director.</li></ul></div><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>

After market close of 28 Oct, Longfor announced major management change.Its founder Ms.Wu Yajun resigned from Chairlady position and the current CEO Mr. Chen Xuping is promoted to take over Chairman.At the same time, Vice Chairman Mr. Shao will also become non- executive director from previous executive director.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.

Longfor (960 HK) – Wu’s retirement: short-term pain for long-term gain

Thematic (Sector/Industry)

<ul>
<li>We think CIFI event became the triggering point for PBOC and MOF to urgently roll out stimulus measures (cut mortgage rates and refund individual income tax for qualified home buyers).</li>
<li>Together with better-than-expected Sep sales, we expect a sector rebound in the near term led by short cover.</li>
<li>However, the three driving forces (policy, sales and financing) still indicate a bumpy recovery mainly because 1) policy support is only 60% of that in 2015. 2) Oct sales may weaken again as forecasted by our leading indicator and 3) 4Q property loans may still decline by 25% YoY and most of them may go to SOEs rather than POEs.</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>


We think CIFI event became the triggering point for PBOC and MOF to urgently roll out stimulus measures (cut mortgage rates and refund individual income tax for qualified home buyers).
Together with better-than-expected Sep sales, we expect a sector rebound in the near term led by short cover.
However, the three driving forces (policy, sales and financing) still indicate a bumpy recovery mainly because 1) policy support is only 60% of that in 2015. 2) Oct sales may weaken again as forecasted by our leading indicator and 3) 4Q property loans may still decline by 25% YoY and most of them may go to SOEs rather than POEs.

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.

China Property Sector – “Skrik” of “Hanzawa Naoki”

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

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Longfor Properties (960 HK)

Longfor (960 HK) – Wu’s retirement: short-term pain for long-term gain

Its founder Ms.Wu Yajun resigned from Chairlady position and the current CEO Mr. Chen Xuping is promoted to take over Chairman.

CMB International

China Property Sector – “Skrik” of “Hanzawa Naoki”

We think CIFI event became the triggering point for PBOC and MOF to urgently roll out stimulus measures (cut mortgage rates and refund individual...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)