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

Jinmao Property Services / Equity Bottom-Up

<ul><li>The company's FY24 revenue and net profit rose 10% to RMB 3.0bn and RMB 372mn, respectively, missing CMBI's forecasts by 4.2% and 7% due to nonowner VAS drag.</li><li>Despite maintaining a 40% dividend payout ratio, investor expectations were unmet, causing a nearly 10% stock price drop on results release day.</li><li>We observed that parentco China Jinmao, is gradually stepping out of difficulties and its frequent land acquisitions make it rank the 2nd in the industry in terms of land-to-sales ratio during 2024+2M25 (Figure 4), which will provide strong support for GFA growth of Jinmao Services against the backdrop of fierce competition among 3rd party expansion. </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 company's FY24 revenue and net profit rose 10% to RMB 3.0bn and RMB 372mn, respectively, missing CMBI's forecasts by 4.2% and 7% due to nonowner VAS drag.Despite maintaining a 40% dividend payout ratio, investor expectations were unmet, causing a nearly 10% stock price drop on results release day.We observed that parentco China Jinmao, is gradually stepping out of difficulties and its frequent land acquisitions make it rank the 2nd in the industry in terms of land-to-sales ratio during 2024+2M25 (Figure 4), which will provide strong support for GFA growth of Jinmao Services against the backdrop of fierce competition among 3rd party expansion. 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.

Jinmao Property Services (816 HK) - Earnings Hurt by Industry Cycle

<ul><li>The company’s earnings were inline with Bloomberg consensus, with NP +18.9% YoY in 1H24 thanks to effective cost control.</li><li>We think the 2024E target NP growth of &gt;20% is not hard given consolidation of an acquired company, continued cost control and a low base in 2H.</li><li>We find that the company’s independence has largely improved, and parentco’s risk has largely eased. </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 company’s earnings were inline with Bloomberg consensus, with NP +18.9% YoY in 1H24 thanks to effective cost control.We think the 2024E target NP growth of &gt;20% is not hard given consolidation of an acquired company, continued cost control and a low base in 2H.We find that the company’s independence has largely improved, and parentco’s risk has largely eased. 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.

Jinmao Property Services (816 HK) - Improved Independence with a Recovered Central SOE as Parentco

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> is in a trading halt “pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information.”</li>
<li>It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.</li>
<li>I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.</li>
</ul>



Jinke Smart Services (9666 HK) is in a trading halt “pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information.”
It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.
I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.


Jinke Smart Services (9666 HK): Boyu to Launch a Privatisation Offer?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

Huafa Property Services Group / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a> vote on <a href="https://www.smartkarma.com/entities/huafa-industrial-co-ltd-zhuhai" target="_blank" data-smartkarma-citation="entities:2329:1" rel="noopener">Huafa Industrial Co., Ltd. Zhuhai (600325 CH)</a>’ HK$0.29 offer is on 28 August. However, shares trade wide ahead of the vote.</li>
<li>Several readers have enquired about the unusually high spread ahead of the vote of a seemingly clean deal. The conversations raised several concerns. </li>
<li>The concerns are unwarranted, and this remains a clean deal. At the last close and for the 30 September payment, the gross/annualised spread was 5.5%/68.9%. </li>
</ul>


The Huafa Property Services Group (982 HK) vote on Huafa Industrial Co., Ltd. Zhuhai (600325 CH)’ HK$0.29 offer is on 28 August. However, shares trade wide ahead of the vote.
Several readers have enquired about the unusually high spread ahead of the vote of a seemingly clean deal. The conversations raised several concerns. 
The concerns are unwarranted, and this remains a clean deal. At the last close and for the 30 September payment, the gross/annualised spread was 5.5%/68.9%. 


Huafa Property Services (982 HK): What’s Going on as Shares Trades Very Wide Ahead of the Vote?

China

Jinmao Property Services Co., Limited provides property management and city operation services. The Company offers property management services, value-added services to non-property owners, and community value-added services. Jinmao Property Services conducts businesses in China.

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Jinmao Property Services (816 HK)