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.

Thematic (Sector/Industry)

<ul><li>Following a series of easing policy combinations from the government, various cities have continued to implement easing measures.</li><li>We think regulators have showed its willingness to actively manage market expectations, so the speculation around more easing policies will continue, especially against the backdrop of important upcoming meetings like the Standing committee of the NPC and the Central Economic Work Conference.</li><li>We reiterate our view that the sector will exhibit an upward trend in 4Q24 (with some volatility), and suggest investors to buy the dip. </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.

Following a series of easing policy combinations from the government, various cities have continued to implement easing measures.We think regulators have showed its willingness to actively manage market expectations, so the speculation around more easing policies will continue, especially against the backdrop of important upcoming meetings like the Standing committee of the NPC and the Central Economic Work Conference.We reiterate our view that the sector will exhibit an upward trend in 4Q24 (with some volatility), and suggest investors to buy the dip. 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 - Policy Speculation + Favourable Data Release = Stock Uptrend with Volatility

<ul><li>The MOHURD press conference yesterday highlighted the acceleration of existing policy implementation with few new measures, thus falling short of some investors' expectations.</li><li>We think that 1) the routine press conferences held by key government departments indicate regulators' resolve to proactively manage market expectations, anticipation for further easing policies may persist, with upcoming meetings like the NPC Standing Committee in Nov and the Central Economic Work Conference in Dec; and 2) developers are expected to report decent sales data in Oct, Nov, and Dec due to a) the government’s favourable policy stance and relaxed restrictions in tier-1 cities sustaining transaction activity and b) developers tend to increase new project launching and marketing activities toward year-end.</li><li>Thus, we expect a volatile uptrend for the sector's stock performance in 4Q, driven by the interplay of positive policy expectations and decent sales data, continuing at least until the New Year of 2025. </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.

The MOHURD press conference yesterday highlighted the acceleration of existing policy implementation with few new measures, thus falling short of some investors' expectations.We think that 1) the routine press conferences held by key government departments indicate regulators' resolve to proactively manage market expectations, anticipation for further easing policies may persist, with upcoming meetings like the NPC Standing Committee in Nov and the Central Economic Work Conference in Dec; and 2) developers are expected to report decent sales data in Oct, Nov, and Dec due to a) the government’s favourable policy stance and relaxed restrictions in tier-1 cities sustaining transaction activity and b) developers tend to increase new project launching and marketing activities toward year-end.Thus, we expect a volatile uptrend for the sector's stock performance in 4Q, driven by the interplay of positive policy expectations and decent sales data, continuing at least until the New Year of 2025. 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 - MOHURD Meeting Below Expectation; Expect a Volatile Uptrend for the Sector in 4Q

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Hypermarket reshuffles as <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail (DFI SP)</a> exit <a href="https://www.smartkarma.com/entities/yonghui-superstores-co-ltd" target="_blank" data-smartkarma-citation="entities:15910:1" rel="noopener">Yonghui Superstores (601933 CH)</a>; and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group  (9988 HK)</a> potentially exits <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>.</li>
<li>Evidently the influence of a younger hip third-generation tycoon-scion wasn't the panacea for <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> and its ongoing issues in the HK/China property space.</li>
<li>MBK bumps the Tender Offer prices for <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a> by 13.6% to ₩750,000 and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> by 25% to ₩25,000. What with the Choi's do?</li>
</ul>


Hypermarket reshuffles as JD.com (9618 HK) and DFI Retail (DFI SP) exit Yonghui Superstores (601933 CH); and Alibaba Group  (9988 HK) potentially exits Sun Art Retail (6808 HK).
Evidently the influence of a younger hip third-generation tycoon-scion wasn't the panacea for New World Development (17 HK) and its ongoing issues in the HK/China property space.
MBK bumps the Tender Offer prices for Korea Zinc (010130 KS) by 13.6% to ₩750,000 and Young Poong Precision (036560 KS) by 25% to ₩25,000. What with the Choi's do?


Last Week in Event SPACE: DFI/JD.com/Yonghui, Alibaba/Sun Art, New World Development, Austal

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight include: <a href="https://www.smartkarma.com/entities/dongyue-group-ltd" target="_blank" data-smartkarma-citation="entities:20429:1" rel="noopener">Dongyue Group (189 HK)</a>, <a href="https://www.smartkarma.com/entities/c-d-international-investment" target="_blank" data-smartkarma-citation="entities:14820:1" rel="noopener">C&amp;D International Investment (1908 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-aoyuan-group-ltd" target="_blank" data-smartkarma-citation="entities:7613:1" rel="noopener">China Aoyuan Property (3883 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight include: Dongyue Group (189 HK), C&amp;D International Investment (1908 HK), and China Aoyuan Property (3883 HK).


HK CEO & Director Dealings (26th Sep 2024): Dongyue Group, C&D International, China Aoyuan Property

<ul><li>The PBOC unveiled a string of property-related easing policies yesterday (24 Sep).</li><li>We believe such policies may boost trading sentiment in the sector in the short term as the impact on property sales is limited.</li><li>Details are covered in next paragraph. High-frequency data reveals a weakening sales in Sep. </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.

The PBOC unveiled a string of property-related easing policies yesterday (24 Sep).We believe such policies may boost trading sentiment in the sector in the short term as the impact on property sales is limited.Details are covered in next paragraph. High-frequency data reveals a weakening sales in Sep. 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 - Easing Policies May Boost Trading Sentiment in Short Term

Hong Kong

C&D International Investment Group Limited is a green building property development and management company based in Hong Kong.

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C&D International Investment (1908 HK)

Property - Policy Speculation + Favourable Data Release = Stock Uptrend with Volatility

Following a series of easing policy combinations from the government, various cities have continued to implement easing measures.

CMB International

Property - MOHURD Meeting Below Expectation; Expect a Volatile Uptrend for the Sector in 4Q

The MOHURD press conference yesterday highlighted the acceleration of existing policy implementation with few new measures, thus falling short of...

CMB International

Last Week in Event SPACE: DFI/JD.com/Yonghui, Alibaba/Sun Art, New World Development, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

HK CEO & Director Dealings (26th Sep 2024): Dongyue Group, C&D International, China Aoyuan Property

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

Property - Easing Policies May Boost Trading Sentiment in Short Term

The PBOC unveiled a string of property-related easing policies yesterday (24 Sep). We believe such policies may boost trading sentiment in the...

CMB International

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