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.

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Glodon Company Limited A / Equity Bottom-Up

<ul><li>Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.</li><li>Net profit was RMB129.2mn in 2Q23, down 55% YoY, mainly due to the soft housing construction market and Glodon’s adjustment to its organizational structure.</li><li>Total revenue/net profit was +10.7/-37.5% YoY in 1H23. In view of the long-lasting property sector headwind, the company revised down the full-year revenue/net profit growth guidance, and now expects total revenue/net profit to deliver teens percentage/positive YoY growth in FY23 (previous: +30/30% YoY). </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.

Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.Net profit was RMB129.2mn in 2Q23, down 55% YoY, mainly due to the soft housing construction market and Glodon’s adjustment to its organizational structure.Total revenue/net profit was +10.7/-37.5% YoY in 1H23. In view of the long-lasting property sector headwind, the company revised down the full-year revenue/net profit growth guidance, and now expects total revenue/net profit to deliver teens percentage/positive YoY growth in FY23 (previous: +30/30% YoY). 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.

Glodon (002410 CH) – 1H23 Miss Amid Property Sector Headwind

<ul><li>Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY.</li><li>Core segment Construction Costing has completed SaaS migration with conversion/ renewal rate of 90%/ 80% respectively.</li><li>Leveraging on this cash cow business, Glodon will focus on the ramp-up of Construction Management platform and proprietary Digital Design products in FY23-25E.</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.

Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY.Core segment Construction Costing has completed SaaS migration with conversion/ renewal rate of 90%/ 80% respectively.Leveraging on this cash cow business, Glodon will focus on the ramp-up of Construction Management platform and proprietary Digital Design products in FY23-25E.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.

Glodon (002410 CH) – Clear roadmap to digitalize the construction value chain

<ul><li>Glodon delivered a strong set of FY22 with revenue of RMB6.59bn (+17% YoY) and net profit of RMB963mn (+46% YoY).</li><li>We are encouraged to see that construction costing SaaS newly signed contract amount has attained the RMB4bn target.</li><li>We are positive to see improving margins from operating leverage although project-based construction management business FY22 revenue missed as COVID resurgence in FY4Q22 has caused temporary delays in delivery. </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.

Glodon delivered a strong set of FY22 with revenue of RMB6.59bn (+17% YoY) and net profit of RMB963mn (+46% YoY).We are encouraged to see that construction costing SaaS newly signed contract amount has attained the RMB4bn target.We are positive to see improving margins from operating leverage although project-based construction management business FY22 revenue missed as COVID resurgence in FY4Q22 has caused temporary delays in delivery. 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.

Glodon (002410 CH) – Clear operating leverage from SaaS

Thematic (Sector/Industry)

<ul><li>China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.</li><li>However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. </li><li>China cloud spending in 2023E could remain conservative with structural changes</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 IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. China cloud spending in 2023E could remain conservative with structural changesContent 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 Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

<ul><li>Glodon delivered weaker than expected FY3Q22 results with revenue of RMB1.69bn (+19% YoY) and net profit of RMB241mn (+27% YoY). GPM was down 5.7 ppts to 80% due to higher labor cost related to the implementation of construction management projects. </li><li>Construction costing SaaS demand remained solid with revenue growth of +25% YoY to RMB837mn. </li><li>Newly signed contract (+31% YoY)/ Contracted liabilities (+30% YoY) suggested a strong outlook ahead.</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.

Glodon delivered weaker than expected FY3Q22 results with revenue of RMB1.69bn (+19% YoY) and net profit of RMB241mn (+27% YoY). GPM was down 5.7 ppts to 80% due to higher labor cost related to the implementation of construction management projects. Construction costing SaaS demand remained solid with revenue growth of +25% YoY to RMB837mn. Newly signed contract (+31% YoY)/ Contracted liabilities (+30% YoY) suggested a strong outlook ahead.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.

Glodon (002410 CH) – Solid 3Q22 Despite Short-Term GPM Decline

China

Glodon Company Limited develops application softwares for basic construction industry. The Company's products include construction engineering cost management software and project cost management software. The Company also provides related training and consulting services.

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Glodon Company Limited A (002410 CH)

Glodon (002410 CH) – 1H23 Miss Amid Property Sector Headwind

Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.

CMB International

Glodon (002410 CH) – Clear roadmap to digitalize the construction value chain

Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY. Core segment Construction...

CMB International

Glodon (002410 CH) – Clear operating leverage from SaaS

Glodon announced preliminary FY22 results on 20 Feb. Revenue was RMB6,587mn (+17% YoY), 4% below our and consensus forecast

CMB International

China Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data. However, this may have slowed to 10-20% YoY in 3Q22, reflected by China...

CMB International

Glodon (002410 CH) – Solid 3Q22 Despite Short-Term GPM Decline

Construction costing SaaS demand remained solid with revenue growth of +25% YoY to RMB837mn. Newly signed contract (+31% YoY)/ Contracted...

CMB International

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