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>EC Healthcare (ECH) reported FY1H23 revenue of HK$1,893mn, up by 31% YoY, in which revenue from aesthetic medical and beauty and wellness (collectively, consumer medical) segment declined by 2% YoY, caused by store closures in April and a gradual recovery thereafter in HK as well as regulatory headwinds and COVID disruptions in Mainland.</li><li>However, sales volume (generated from contracted sales) showed continuous recovery by quarter, up by 21%/11% QoQ in FY1Q23/FY2Q23, following a 19% QoQ decline in FY4Q22 due to COVID lockdowns in HK.</li><li>As HK-Mainland border reopening will be officially resumed on 8 Jan 2023, we expect ECH will directly benefit.</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.

EC Healthcare (ECH) reported FY1H23 revenue of HK$1,893mn, up by 31% YoY, in which revenue from aesthetic medical and beauty and wellness (collectively, consumer medical) segment declined by 2% YoY, caused by store closures in April and a gradual recovery thereafter in HK as well as regulatory headwinds and COVID disruptions in Mainland.However, sales volume (generated from contracted sales) showed continuous recovery by quarter, up by 21%/11% QoQ in FY1Q23/FY2Q23, following a 19% QoQ decline in FY4Q22 due to COVID lockdowns in HK.As HK-Mainland border reopening will be officially resumed on 8 Jan 2023, we expect ECH will directly benefit.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.

EC Healthcare (2138 HK) – HK-Mainland Border Reopening to Revive Cross-Border Medical Consumption

<ul><li>EC Healthcare (ECH) reported FY1H23 revenue of HK$1,893mn, up by 31% YoY, and attributable net profit of HK$80mn, down by 50% YoY, accounting for 50%/ 19% of our full-year estimates, respectively.</li><li>Sales volume (generated from contracted sales) showed continuous recovery by quarter, up by 21%/11% QoQ in FY1Q23/FY2Q23, following a 19% QoQ decline in FY4Q22 due to COVID lock down in HK.</li><li>Medical service segment delivered a strong rebound, with revenue up by 48% YoY to HK$1,175mn in FY1H23, while revenue from aesthetic medical and beauty and wellness segment underwent a 2% YoY decline to HK$607mn, caused by store closures in April and a gradual recovery thereafter in HK as well as regulatory headwinds and COVID disruptions in the Mainland.</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.

EC Healthcare (ECH) reported FY1H23 revenue of HK$1,893mn, up by 31% YoY, and attributable net profit of HK$80mn, down by 50% YoY, accounting for 50%/ 19% of our full-year estimates, respectively.Sales volume (generated from contracted sales) showed continuous recovery by quarter, up by 21%/11% QoQ in FY1Q23/FY2Q23, following a 19% QoQ decline in FY4Q22 due to COVID lock down in HK.Medical service segment delivered a strong rebound, with revenue up by 48% YoY to HK$1,175mn in FY1H23, while revenue from aesthetic medical and beauty and wellness segment underwent a 2% YoY decline to HK$607mn, caused by store closures in April and a gradual recovery thereafter in HK as well as regulatory headwinds and COVID disruptions in the Mainland.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.

EC Healthcare (2138 HK) – Strong Post-COVID Business Rebound

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.

Event-Driven

<ul>
<li>After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 19 stocks. </li>
<li>We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.</li>
<li>We observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. </li>
</ul>


After one month from the March batch of Hong Kong Connect inclusion, we provide an analysis on the stock inclusion for 19 stocks. 
We analysed the inclusion by performance post announcement, performance post inclusion, inflows and analyst coverage.
We observed outperformance post the HSCI announcement but not the actual inclusion despite the fact that southbound inflows has a significant impact on the trading volume. 


HK Connect: March '22 Inclusion Post-Event Analysis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

Orient Overseas International / Event-Driven

<ul>
<li>There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.</li>
<li>Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.</li>
<li>Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.</li>
</ul>


There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.
Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.
Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.


HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect

Hong Kong

EC Healthcare operates as a non-hospital medical service provider. The Company principally engages in the provision of medical, aesthetic medical, beauty and wellness services, and sale of skincare, healthcare and beauty products. EC Healthcare conducts businesses in Hong Kong, Macau, and Mainland China.

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EC Healthcare (2138 HK)