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.

Credit

<ul>
<li>Leasing companies in China can be broadly classified into 2 categories: commercial leasing companies and financial leasing companies.</li>
<li>Financing leasing companies enjoy lower funding costs than that of commercial leasing companies given their more diversified funding channels and more stringent regulatory requirements.</li>
<li>Hence, the RV analysis should also be separated between commercial leasing companies and financial leasing companies, factoring in their fundamental differences. </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.


Leasing companies in China can be broadly classified into 2 categories: commercial leasing companies and financial leasing companies.
Financing leasing companies enjoy lower funding costs than that of commercial leasing companies given their more diversified funding channels and more stringent regulatory requirements.
Hence, the RV analysis should also be separated between commercial leasing companies and financial leasing companies, factoring in their fundamental differences. 

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.

Initiate Coverage on Chinese Leasing Sector

Partner, River Valley Asset Management

River Valley Asset Management

Partner

Singapore-based boutique asset management firm

River Valley Asset Management is a Singapore-based boutique asset management firm. Our team at RVAM strongly believes in being a trusted steward of our clients' wealth across generations.

Each of our fund managers has years of rich portfolio management experience over multiple market cycles at world-class investment houses. We bring our clients the combined strength of our investment team to manage their financial portfolios and to provide bespoke guidance on all aspects of their financial health.

We offer multi-asset class expert investment advice to accredited investors who are family offices, high net worth individuals and institutional investors to preserve and grow our clients' wealth.

The fund management team of the company includes Homiyar Vasania, Anand Ramachandran and Jamshed Desai.

Equity Bottom-Up

Sometimes the most interesting ideas and investment opportunities emerge from activities and occurrences which are part of our daily lifestyle. Whether it be for work or recreation, many of us are spending more and more time stepping onto an airplane. Despite the rising trend of air travel, airline companies have not been great investments. Low entry barriers resulting in rising competition, limited differentiation and significant fixed costs has resulted in airlines struggling to generate adequate returns. But, every trend has its winners, so within the eco-system of air travel we hunted for businesses which have higher entry barriers, steady demand, limited competition and attractive returns and were surprised by the robustness of our find,  <a href="https://www.smartkarma.com/entities/22689" target="_blank" data-smartkarma-citation="entities:22689:1">BOC Aviation (2588 HK)</a>. BOC Aviation (BOCA) is a Singapore based company, listed in Hong Kong, with a consistent track record of delivering revenue and earnings growth. It is run by a conservative management and benefits from exposure to a secular trend (growth in Low Cost Carrier travel in Asia). A growth company, trading cheaply, paying out an attractive dividend with strong multi-year visibility – a stock with signs of being a consistent compounder, an air travel play with wings and we think it is set to fly.

Sometimes the most interesting ideas and investment opportunities emerge from activities and occurrences which are part of our daily lifestyle. Whether it be for work or recreation, many of us are spending more and more time stepping onto an airplane. Despite the rising trend of air travel, airline companies have not been great investments. Low entry barriers resulting in rising competition, limited differentiation and significant fixed costs has resulted in airlines struggling to generate adequate returns. But, every trend has its winners, so within the eco-system of air travel we hunted for businesses which have higher entry barriers, steady demand, limited competition and attractive returns and were surprised by the robustness of our find,  BOC Aviation (2588 HK). BOC Aviation (BOCA) is a Singapore based company, listed in Hong Kong, with a consistent track record of delivering revenue and earnings growth. It is run by a conservative management and benefits from exposure to a secular trend (growth in Low Cost Carrier travel in Asia). A growth company, trading cheaply, paying out an attractive dividend with strong multi-year visibility – a stock with signs of being a consistent compounder, an air travel play with wings and we think it is set to fly.

BOCA : Multi-Year Compounder with Wings & It Is Set to Fly

Hong Kong

BOC Aviation provides direct operating leasing of aircrafts to airlines. The Company offers a range services including structured finance, aircraft remarketing, direct operating leases, and technical services.

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Initiate Coverage on Chinese Leasing Sector

Leasing companies in China can be broadly classified into 2 categories: commercial leasing companies and financial leasing companies.

CMB International

BOCA : Multi-Year Compounder with Wings & It Is Set to Fly

Sometimes the most interesting ideas and investment opportunities emerge from activities and occurrences which are part of our daily lifestyle....

River Valley Asset Management