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

Binjiang Service Group / Equity Bottom-Up

<ul><li>Binjiang Services reported solid 1H24 results with revenue/NP grew 39%/15% YoY.</li><li>GP margin (GPM) narrowed 1.2ppts since furnishing services with lower margin accounted for higher proportion in revenue.</li><li>Tax rate hiked 6ppts due to provision for withholding tax. </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.

Binjiang Services reported solid 1H24 results with revenue/NP grew 39%/15% YoY.GP margin (GPM) narrowed 1.2ppts since furnishing services with lower margin accounted for higher proportion in revenue.Tax rate hiked 6ppts due to provision for withholding tax. 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.

Binjiang Service (3316 HK) - Solid 1H24 with Balanced Sources of Growth, Maintain BUY

Thematic (Sector/Industry)

<ul><li>China’s destocking scheme showed encouraging progress, with Guangzhou announcing to purchase developers’ unsold inventory at cost prices, which could serve as an example for other cities. We think the scheme currently may only benefit SOEs/semi-SOEs as LGFVs may need to divest their financing function at first.</li><li>A number of regions actively implemented mortgage rate related policies after 17 May, and we think there is still room for further adjustment in Beijing, Shanghai and Shenzhen.</li><li>Noticeable recovery on property sales was shown with the daily transaction volume post-517 policy for new/second hand home increasing by 23%/21% compared to pre-517 policy. </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.

China’s destocking scheme showed encouraging progress, with Guangzhou announcing to purchase developers’ unsold inventory at cost prices, which could serve as an example for other cities. We think the scheme currently may only benefit SOEs/semi-SOEs as LGFVs may need to divest their financing function at first.A number of regions actively implemented mortgage rate related policies after 17 May, and we think there is still room for further adjustment in Beijing, Shanghai and Shenzhen.Noticeable recovery on property sales was shown with the daily transaction volume post-517 policy for new/second hand home increasing by 23%/21% compared to pre-517 policy. 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.

Property - Encouraging Signs on Both Policy Implementation and Property Sales, Reiterate Buy

<ul><li>Several cities are applying new pricing mechanisms for homes for sale by using usable GFA rather than total GFA as the pricing base, but the total home price remains unchanged, which results in a higher ASP.</li><li>This would not boost sales in short term but the improved transparency should benefit the industry in the long term, in our view.</li><li>Policy on refinancing of mortgages is under discussion, and we think it may lift purchasing sentiment only if mortgage rates are lowered to a level that makes cap rate appear attractive. </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.

Several cities are applying new pricing mechanisms for homes for sale by using usable GFA rather than total GFA as the pricing base, but the total home price remains unchanged, which results in a higher ASP.This would not boost sales in short term but the improved transparency should benefit the industry in the long term, in our view.Policy on refinancing of mortgages is under discussion, and we think it may lift purchasing sentiment only if mortgage rates are lowered to a level that makes cap rate appear attractive. 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.

Property - Weekly Highlight: Sales Decline May Widen in Sep

<ul><li>NBS data in 7M24 weakened as the market expected. REI decline widened to - 10.2% from -10.1% in 6M24.</li><li>In terms of monthly data in July, the decline in REI widened by 0.7ppt to -10.8% from -10.1% in June while both GFA under construction and land purchase costs performed better (affected c.90% of total REI) with their declines only widened 0.1ppt and narrowed 4.7ppt respectively.</li><li>We estimate the worse REI data may be caused by material price declines that resulted in lower construction cost per sqm under construction (Figure 2). </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.

NBS data in 7M24 weakened as the market expected. REI decline widened to - 10.2% from -10.1% in 6M24.In terms of monthly data in July, the decline in REI widened by 0.7ppt to -10.8% from -10.1% in June while both GFA under construction and land purchase costs performed better (affected c.90% of total REI) with their declines only widened 0.1ppt and narrowed 4.7ppt respectively.We estimate the worse REI data may be caused by material price declines that resulted in lower construction cost per sqm under construction (Figure 2). 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.

Property - NBS 7M24: REI Decline Widened but Its Components All Performed Better, Why?

<ul><li>Guangzhou's latest policy eases home purchasing restrictions for foreigners, aiming to invigorate the market.</li><li>Post price cap removal, higher-tier cities are experiencing fervent bidding, while lower-tier cities have lagged behind, underscoring the market bidding mechanism’s role in fostering supply-demand equilibrium.</li><li>High-frequency data reveals that new home sales volume has dipped from June’s peak, yet the secondary market holds firm. Daily avg. transactions for new home sales in 30 major cities have seen a 21% decline, vs. an 11% increase for secondary sales in 17 cities. </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.

Guangzhou's latest policy eases home purchasing restrictions for foreigners, aiming to invigorate the market.Post price cap removal, higher-tier cities are experiencing fervent bidding, while lower-tier cities have lagged behind, underscoring the market bidding mechanism’s role in fostering supply-demand equilibrium.High-frequency data reveals that new home sales volume has dipped from June’s peak, yet the secondary market holds firm. Daily avg. transactions for new home sales in 30 major cities have seen a 21% decline, vs. an 11% increase for secondary sales in 17 cities. 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.

Property - Weekly Highlight: Downside Pressure in Jul-Aug

China

Binjiang Service Group Co. Ltd. operates as a reputable property management service provider. The Company offers property management services including security, cleaning, gardening, repair, maintenance, and ancillary services to at residential and non-residential properties. Binjiang Service Group serves customers in China.

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Binjiang Service Group (3316 HK)

Binjiang Service (3316 HK) - Solid 1H24 with Balanced Sources of Growth, Maintain BUY

GP margin (GPM) narrowed 1.2ppts since furnishing services with lower margin accounted for higher proportion in revenue. Tax rate hiked 6ppts due...

CMB International

Property - Encouraging Signs on Both Policy Implementation and Property Sales, Reiterate Buy

For stocks, we prefer PM companies like CR MixC, Poly Services, Binjiang Services and Onewo, property agents BEKE, and PJM company Greentown Mgmt.

CMB International

Property - Weekly Highlight: Sales Decline May Widen in Sep

Policy on refinancing of mortgages is under discussion, and we think it may lift purchasing sentiment only if mortgage rates are lowered to a level...

CMB International

Property - NBS 7M24: REI Decline Widened but Its Components All Performed Better, Why?

In terms of monthly data in July, the decline in REI widened by 0.7ppt to -10.8% from -10.1% in June while both GFA under construction and land...

CMB International

Property - Weekly Highlight: Downside Pressure in Jul-Aug

For stocks, we recommend asset-light companies benefiting from the existing market such as CR MixC, Poly Services, Binjiang Services, Onewo, BEKE...

CMB International

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