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>Beike reported (31 Aug) 2Q23 financial results: total revenue was up 41.4% YoY to RMB19.5bn in 2Q23, inline with our forecast and Bloomberg consensus estimates.</li><li>Non-GAAP net income was RMB2.4bn, 34/43% better than our forecast/consensus estimate, which translates into a 12.1% NPM (our estimate: 9.1%), thanks to continuous operating efficiency improvement.</li><li>Given the fluctuation in macro recovery, and that the stimulus policy takes time to transit into housing sales recovery, management guided 3Q23 revenue to be between RMB15.5bn and RMB16.0bn, implying a decline of 9.1-11.9% YoY and 18-20% QoQ. </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 (31 Aug) 2Q23 financial results: total revenue was up 41.4% YoY to RMB19.5bn in 2Q23, inline with our forecast and Bloomberg consensus estimates.Non-GAAP net income was RMB2.4bn, 34/43% better than our forecast/consensus estimate, which translates into a 12.1% NPM (our estimate: 9.1%), thanks to continuous operating efficiency improvement.Given the fluctuation in macro recovery, and that the stimulus policy takes time to transit into housing sales recovery, management guided 3Q23 revenue to be between RMB15.5bn and RMB16.0bn, implying a decline of 9.1-11.9% YoY and 18-20% QoQ. 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) – Short-Term Headwind, but Bottoming Out Is in Sight

Thematic (Sector/Industry)

<ul><li>NBS Jul data was as weak as expected with sluggish property investment (-12% YoY) driven by weakening new starts.</li><li>Better completion due to Jul is the results assessment month for delivery securing funds.</li><li>Property sales saw another dismal month in Jul （-19% YoY）despite a much lower base. </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.

NBS Jul data was as weak as expected with sluggish property investment (-12% YoY) driven by weakening new starts.Better completion due to Jul is the results assessment month for delivery securing funds.Property sales saw another dismal month in Jul （-19% YoY）despite a much lower base. 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 Property Sector – NBS 7M23 Data: Awaiting for More Policy Implementation

China/Asia TMT

Shawn Yang

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>BABA/VIPS/JD/PDD/3690.HK: Catering was the top growing consumption category in July (-/-/-/+)</li>
<li>1810.HK/2454.TT: Xiaomi launches new products at annual Lei Jun conference (+)</li>
<li>Property sector update: New home sales in July remain weak, and expect the landing of supportive policies（/）</li>
</ul>


BABA/VIPS/JD/PDD/3690.HK: Catering was the top growing consumption category in July (-/-/-/+)
1810.HK/2454.TT: Xiaomi launches new products at annual Lei Jun conference (+)
Property sector update: New home sales in July remain weak, and expect the landing of supportive policies（/）


China TMT Update-BABA/VIPS/JD/PDD/3690.HK/1810.HK/2454.TT/BEKE-Catering Was the Top Growing Category

<ul>
<li>XPEV/NVIDIA: Xpeng ADAS head to join Nvidia ( - /+)</li>
<li>Real Estate Industry Update: Zhengzhou announced 15 supportive policies on real estate industry, including suspending the home selling restrictions, and others. Minor positive: KE Holdings (BEKE US, BUY, TP US$22）</li>
<li>ATAT: Popularity of summer vacation continued in July, and the supply shortage resulted in the surge of hotel ADR（+）</li>
</ul>


XPEV/NVIDIA: Xpeng ADAS head to join Nvidia ( - /+)
Real Estate Industry Update: Zhengzhou announced 15 supportive policies on real estate industry, including suspending the home selling restrictions, and others. Minor positive: KE Holdings (BEKE US, BUY, TP US$22）
ATAT: Popularity of summer vacation continued in July, and the supply shortage resulted in the surge of hotel ADR（+）


China TMT Update-XPEV/NVIDIA/BEKE/ATAT-Xpeng ADAS Head to Join Nvidia/Surge of Hotel ADR

<ul>
<li>Real Estate Industry Update: Housing bureaus in China’s first tier cities pledge to draft supportive policy on home purchase（+）</li>
<li>2150HK: Nayuki teahouse average store revenue remains flattish YoY in July 2023（/）</li>
<li>LI/NIO/XPEV: Li Auto, NIO and Xpeng update August vehicle delivery results (+/+//)</li>
</ul>


Real Estate Industry Update: Housing bureaus in China’s first tier cities pledge to draft supportive policy on home purchase（+）
2150HK: Nayuki teahouse average store revenue remains flattish YoY in July 2023（/）
LI/NIO/XPEV: Li Auto, NIO and Xpeng update August vehicle delivery results (+/+//)


China TMT Update-BEKE/2150.HK/LI/NIO/XPEV-Supportive Policy on Home Purchase;August Vehicle Delivery

China

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KE Holdings (BEKE US)