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

GreenTown Management Holdings / Equity Bottom-Up

<ul><li>Greentown Mgmt’s stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the resignation of former CEO Mr. Li Jun.</li><li>More importantly, the pullback was due to revenue/net profit deceleration (8%/6% YoY vs. guidance of 20%/30%), constrained by declining client payment capacity and heightened competition.</li><li>A 19% YoY drop in new contract value reflects 1) reduced land supply, 2) slow sales recovery which dampened clients’ confidence in development, and 3) insufficient funds to start projects. </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.

Greentown Mgmt’s stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the resignation of former CEO Mr. Li Jun.More importantly, the pullback was due to revenue/net profit deceleration (8%/6% YoY vs. guidance of 20%/30%), constrained by declining client payment capacity and heightened competition.A 19% YoY drop in new contract value reflects 1) reduced land supply, 2) slow sales recovery which dampened clients’ confidence in development, and 3) insufficient funds to start projects. 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.

Greentown Management (9979 HK) - Weakening Demand + Intensifying Competition, What Is Next?

<ul><li>Greentown Management delivered +31% YoY growth in net profit in FY23 and offered a special dividend for the second time that maintained the pay-out ratio at 100%, representing 8% div. yield.</li><li>We think company’s capability of timely business restructuring supported its consistent delivery of strong performance among sluggish property market, which deserves a valuation premium.</li><li>Maintain BUY with TP at HK$ 9.37, reflecting 13x 2024E PE.</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.

Greentown Management delivered +31% YoY growth in net profit in FY23 and offered a special dividend for the second time that maintained the pay-out ratio at 100%, representing 8% div. yield.We think company’s capability of timely business restructuring supported its consistent delivery of strong performance among sluggish property market, which deserves a valuation premium.Maintain BUY with TP at HK$ 9.37, reflecting 13x 2024E PE.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.

Greentown Management (9979 HK) - FY23 Results In-Line: >30% NP and 100% Pay-Out

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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 25th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Tencent, Xiaomi, Geely Automobile, SMIC, Cosco Shipping.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, Xiaomi, Geely Automobile, SMIC, Cosco Shipping.


Hong Kong Connect Flows (Oct 25th): Alibaba, Tencent, Xiaomi, Geely Automobile, SMIC, Cosco Shipping

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 18th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx, Kuaishou Technology, CICC, Citic Securities.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx, Kuaishou Technology, CICC, Citic Securities.


Hong Kong Connect Flows (Oct 18th): Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx

China

GTMH is a project management company in China with presence in 84 cities across 25 provinces, municipalities, and autonomous regions. It was the largest project management company in China in terms of accumulated contracted GFA between 2016 to 2018.


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GreenTown Management Holdings (9979 HK)

Greentown Management (9979 HK) - Weakening Demand + Intensifying Competition, What Is Next?

Greentown Mgmt’s stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the...

CMB International

Greentown Management (9979 HK) - FY23 Results In-Line: >30% NP and 100% Pay-Out

Greentown Management delivered +31% YoY growth in net profit in FY23 and offered a special dividend for the second time that maintained the pay-out...

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

Hong Kong Connect Flows (Oct 25th): Alibaba, Tencent, Xiaomi, Geely Automobile, SMIC, Cosco Shipping

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Xiaomi, Geely Automobile, SMIC, Cosco...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Oct 18th): Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, SMIC, China Mobile, ICBC, Meituan, HKEx,...

Ke Yan, CFA, FRM

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