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

<ul><li>We attended (3 Jun) Ke Holdings’ (Beike) 2024 Investor Day, and key takeaways are: 1) Empowered by its strong technological capabilities and supported by the well-established infrastructure network, Beike is heading towards a one-stop residential services platform for better living with ~RMB26.7tn TAM in 2031E (RMB17.7tn TAM for housing transactions and RMB9tn TAM for new business);</li><li>2) Beike’s “customer-first” mindset has been embedded in each of the business pillars, which we think should support its longterm business development;</li><li>3) for new business development, Beike will leverage the integrated platform to address pain points in the home renovation industry, develop network effects among properties, customers and services providers to create economies of scale for its home rental business, and enhance its C2M model in collaboration with partners to create products that are well suited for the market for Beihaojia business. </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.

We attended (3 Jun) Ke Holdings’ (Beike) 2024 Investor Day, and key takeaways are: 1) Empowered by its strong technological capabilities and supported by the well-established infrastructure network, Beike is heading towards a one-stop residential services platform for better living with ~RMB26.7tn TAM in 2031E (RMB17.7tn TAM for housing transactions and RMB9tn TAM for new business);2) Beike’s “customer-first” mindset has been embedded in each of the business pillars, which we think should support its longterm business development;3) for new business development, Beike will leverage the integrated platform to address pain points in the home renovation industry, develop network effects among properties, customers and services providers to create economies of scale for its home rental business, and enhance its C2M model in collaboration with partners to create products that are well suited for the market for Beihaojia business. 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.

Ke Holdings (BEKE US) - Takeaways from 2024 Investor Day

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>KE Holdings (BEKE) reported C1Q24 revenue/non-GAAP NI in-line/35% above consensus and guided a modest revenue growth of 10% YoY in C2Q24</li>
<li>We maintain our view that C1Q24 would be the trough as subsequent improvement, albeit at slower magnitude, should happen from C2Q24</li>
<li>We maintain the stock as BUY rating but lower TP to US$21 to reflect a postponed recovery schedule.</li>
</ul>


KE Holdings (BEKE) reported C1Q24 revenue/non-GAAP NI in-line/35% above consensus and guided a modest revenue growth of 10% YoY in C2Q24
We maintain our view that C1Q24 would be the trough as subsequent improvement, albeit at slower magnitude, should happen from C2Q24
We maintain the stock as BUY rating but lower TP to US$21 to reflect a postponed recovery schedule.


[KE Holdings (BEKE US, BUY, TP US$21) TP Change]: New Stimulus Might Be Needed to Spur the Market

<ul><li>Beike reported (23 May) 1Q24 results: revenue declined 19% YoY to RMB16.4bn, owing to industrywide headwinds, but was 3/1% ahead of our forecast/ Bloomberg consensus estimates, aided by stronger-than-expected revenue growth in new businesses.</li><li>Non-GAAP net income was RMB1.4bn, better than both our estimate and consensus at RMB1.0bn, thanks to more optimized-than-expected operating expense spend.</li><li>Aided by the launch of supporting policies, we expect GTV growth of both Beike’s existing home and new business to bottom out in 2Q24E. </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.

Beike reported (23 May) 1Q24 results: revenue declined 19% YoY to RMB16.4bn, owing to industrywide headwinds, but was 3/1% ahead of our forecast/ Bloomberg consensus estimates, aided by stronger-than-expected revenue growth in new businesses.Non-GAAP net income was RMB1.4bn, better than both our estimate and consensus at RMB1.0bn, thanks to more optimized-than-expected operating expense spend.Aided by the launch of supporting policies, we expect GTV growth of both Beike’s existing home and new business to bottom out in 2Q24E. 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.

Ke Holdings (BEKE US) - Eyeing on the Pace of Fundamental Recovery Post Sentiment Rebound

<ul>
<li>KE Holdings’ (BEKE) reported C4Q23 revenue 6.2%/7.5% above our est./cons.. Its non-GAAP net income miss our est. by 8.3%, due to bad debt write-off and year-end bonus</li>
<li>Although recovery in new home market remains muddy, we view Beike’s commitment to deliver 5% yield through dividend and stock buyback as investor friendly. </li>
<li>We reiterate BUY rating and maintain TP at US$24/ADS . </li>
</ul>


KE Holdings’ (BEKE) reported C4Q23 revenue 6.2%/7.5% above our est./cons.. Its non-GAAP net income miss our est. by 8.3%, due to bad debt write-off and year-end bonus
Although recovery in new home market remains muddy, we view Beike’s commitment to deliver 5% yield through dividend and stock buyback as investor friendly. 
We reiterate BUY rating and maintain TP at US$24/ADS . 


[KE Holdings (BEKE US, BUY, TP US$24) Review]: Investor Friendly & Best-In-Class…Reiterate BUY

<ul><li>Beike reported (15 Mar) 4Q23 results: revenue grew 20.6% YoY on a low base to RMB20.2bn, 7% better than Bloomberg consensus estimates, mainly on better-than-expected GTV generation from existing home transactions (EHT), and stronger-than-expected revenue growth in home renovation business.</li><li>NonGAAP net income was RMB1.7bn, 9.5% better than consensus, thanks to betterthan-expected gross profit generation aided by better-than-expected cost optimization.</li><li>For 2023, total revenue grew 28% YoY to RMB77.8bn, and nonGAAP net income was RMB9.8bn, translating into a 12.6% NPM (2022: 4.7%). </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.

Beike reported (15 Mar) 4Q23 results: revenue grew 20.6% YoY on a low base to RMB20.2bn, 7% better than Bloomberg consensus estimates, mainly on better-than-expected GTV generation from existing home transactions (EHT), and stronger-than-expected revenue growth in home renovation business.NonGAAP net income was RMB1.7bn, 9.5% better than consensus, thanks to betterthan-expected gross profit generation aided by better-than-expected cost optimization.For 2023, total revenue grew 28% YoY to RMB77.8bn, and nonGAAP net income was RMB9.8bn, translating into a 12.6% NPM (2022: 4.7%). 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.

Ke Holdings (BEKE US) - Positive Sign Showed Amid Bumpy Recovery

China

China Merchants Shekou Industrial Zone Holdings Co., Ltd. operates as a park integrated developer. The Company conducts land and real estate development and management, community development, and other services. China Merchants Shekou Industrial Zone Holdings provides services in China.

China Merchants Shekou Industr (001979 CH)

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. operates in land development, property management, and infrastructure facilities construction within the Lujiazui Finance and Trade Zone.  The Company also undertakes building and renovation projects.

Shanghai Lujiazui Finance & Trade Zone (600663 CH)

Seazen Holdings Co., Ltd. operates as a real estate development company. The Company develops residential buildings, office buildings, commercial buildings, infrastructure facilities, and more. Seazen Holdings also provides market research, information consulting, and other services.

Yuexiu Property Company Ltd., through its subsidiaries, develops, manages and invests in properties. The Company also invests in a Real Estate Investment Trusts.

Country Garden Services Holdings Company Limited provides real estate development services. The Company develops residential apartments, multi-functional complex buildings, government and public facilities, industrial parks, highway service stations, and schools. Country Garden Services Holdings serves clients in China.

Poly Property Services Co., Ltd. provides property services. The Company offers property management, property projects pre-consultation, post-delivery evaluation and analysis, professional equipment and facilities maintenance, housekeeping, and other services. Poly Property Services provides services in China.

Shoucheng Holdings Limited operates as an investment management company. The Company provides car parking asset operation and management and urban renewal oriented fund management services. Shoucheng Holdings mainly conducts businesses in Hong Kong.

Red Star Macalline Group Corporation Ltd. operates home decoration and furniture stores. The Company engages in leasing floor areas, providing consultation and management services, sales of merchandise, strategy consultation, home design consultation, and construction service. Red Star Macalline Group Corporation conducts businesses in China.

Midea Real Estate Holding Limited operates as a holding company. The Company, through its subsidiaries, provides property management, property sales, property development, and other services.

Fastighets AB Balder owns and manages commercial and residential properties in Sweden.  The Company maintains and rents apartments, offices, shops, banks, hotels and warehouses.  Balder manages the properties through regional offices.

Swire Pacific Limited operates as a holding company. The Company, through its subsidiaries, focuses on real estate, aviation, beverage, industrial, marine services, trading, and industrial businesses. Swire Pacific operates worldwide.

Wharf Real Estate Investment Company Limited provides real estate investment services. The Company develops, invests, and operates residential and commercial properties. Wharf Real Estate Investment operates business in Hong Kong.

Central Pattana Public Company Limited and its subsidiaries develop properties including shopping centers, condominiums, and office, for sale and rental.  The Company's projects include Central Plaza Lardprao, Central Plaza Ram-indra,  Central Plaza Pinklao, Central Festival Center Pattaya, and Central Plaza Ratchada.

Deutsche Wohnen SE operates as a holding company. The Company, through its subsidiaries, focuses on developing and managing residential and commercial properties. Deutsche Wohnen owns and manages residential and nursing facilities for elderly people. Deutsche Wohnen offers property and lease agreement management, ambulant nursing, and assisted living services in Germany.

Vinhomes Joint Stock Company offers real estate services. The Company provides sale and leasing of residential complexes and apartments, as well as professional and personalized services, community building activities, and other facilities. Vinhomes serves customers in Vietnam.

Sun Hung Kai Properties Limited develops and invests in properties. The Company operates and manages hotels, properties, car parking, and transportation infrastructures. Sun Hung Kai Properties serves customers in Hong Kong.

The Howard Hughes Corporation develops real estate. The Company manages master planned communities, shopping malls, and mixed-use developments throughout the United States.

CBRE Group, Inc. provides real estate services. The Company offers property management, valuation, real estate investment, and advisory services. CBRE Group operates offices, data centers, multi-family, hotels, gaming, and retail sectors. CBRE Group serves customers globally.

Aroundtown SA operates as a real estate company. The Company manages and invests in commercial and residential real estate assets from strong fundamentals and growth prospects. Aroundtown serves customers in Europe.

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)