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.

Thematic (Sector/Industry)

<ul><li>Feb sales came out at a strong beat both in terms of strength at 30% YoY (cons -5%), but also the timing of turning positive (cons in April).</li><li>We think the momentum would be more sustainable than market expectation as 1) our leading indicator GAIN jumped to the highest since 2021 indicating ST sales would continue to be strong.</li><li>2) Our channel check suggests home buyers are much more than pent-up demand. </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.

Feb sales came out at a strong beat both in terms of strength at 30% YoY (cons -5%), but also the timing of turning positive (cons in April).We think the momentum would be more sustainable than market expectation as 1) our leading indicator GAIN jumped to the highest since 2021 indicating ST sales would continue to be strong.2) Our channel check suggests home buyers are much more than pent-up demand. 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 – Feb sales a strong beat; Raise 2023 forecast

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The Chinese property market is undergoing a revival story initiated by the government.</li>
<li>
<a href="https://www.smartkarma.com/entities/xinyi-glass-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11940:1" rel="noopener">Xinyi Glass Holdings (868 HK)</a> main product is a key component for real estate developers.</li>
<li>Xinyi Glass has a much cleaner balance sheet compared to the property developers. </li>
</ul>


The Chinese property market is undergoing a revival story initiated by the government.

Xinyi Glass Holdings (868 HK) main product is a key component for real estate developers.
Xinyi Glass has a much cleaner balance sheet compared to the property developers. 


Xinyi Glass (868): Efficient Way to Ride Chinese Property Market Revival

<ul><li>Given still weak property sales and volatile stock market, we suggest investors to play the spread of housing completion over new start.</li><li>In the short term, we think the ensuring completion fund will support the housing completion as a total fund size of RMB140bn has been distributed to the needed projects that could lead to 100mn sqm completion area (13% of 2021 total completion).</li><li>On the contrary, new start could remain weak due to lackluster property sales and piling inventory.</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.

Given still weak property sales and volatile stock market, we suggest investors to play the spread of housing completion over new start.In the short term, we think the ensuring completion fund will support the housing completion as a total fund size of RMB140bn has been distributed to the needed projects that could lead to 100mn sqm completion area (13% of 2021 total completion).On the contrary, new start could remain weak due to lackluster property sales and piling inventory.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 – Long completion, short new start

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. </li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. </li>
<li>These insights also flag those companies where shares have been pledged, both recently and ongoing.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. 
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. 
These insights also flag those companies where shares have been pledged, both recently and ongoing.


Hong Kong CEO & Director Dealings - 17th August 2022

Hong Kong CEO & Director Dealings - 10th August 2022

China

Sailun Group Co.,Ltd. manufactures and sells rubber tire products. The Company produces commercial car tires, truck tires, special tires, and other products. Sailun Group also produces mechanical equipment, molds, chemicals, and other products.

Zhejiang Century Huatong Group Co., Ltd. develops, manufactures and sells automotive plastic parts and molds.

Ningbo Joyson Electronic Corp manufactures automotive accessories. The Company produces drive control systems, climate control systems, sensor systems, air intake systems, electronic control systems, automated production lines, vehicle air management systems, windscreen washer systems, rearview mirror systems, and other related products. Ningbo Joyson offers its products to around the world.

Zhejiang Wanfeng Auto Wheel Co., Ltd. researches, manufactures, and markets aluminum alloy auto wheels.

Changzhou Xingyu Automotive Lighting Systems Company Limited develops, produces and sells automotive lightings. The Company produces headlamps, rear combination lamps, fog lights, warning triangle and other automotive lamps.

Bethel Automotive Safety Systems Co., Ltd manufactures and distributes automotive braking systems. The Company produces front disc brake modules, rear drum brake modules, integrated parking brakes, drum-in-hat parking brakes, master cylinders, and vacuum boosters. Bethel Automotive Safety Systems exports products to the United States, Britain, Spain, and other countries.

Shandong Linglong Tyre Co., Ltd. operates in the manufacturing industry. The Company designs, produces, and sells a variety of tires for commercial and construction vehicles. Linglong Tyre markets worldwide.

Zhejiang Yinlun Machinery Co.,Ltd. develops, manufactures and markets steel plate oil cooler, concentric oil cooler, shell and tube oil cooler. The company's products are used in automobile engine systems and automatic transmission systems.

Zhejiang Yinlun Machinery Co,Ltd. (002126 CH)

China Shipbuilding Industry Group Power Co., Ltd. designs, produces, and markets power systems including electricity, gas, steam, chemical, diesel, civil-nuclear, and stirling engines.

China Shipbuilding Industry Group Power (600482 CH)

Huayu Automotive Systems Company Limited manufactures and sells auto parts. The Company's main products include interior and exterior auto parts, functional assembly autoparts and thermo processed auto parts etc.

NGK SPARK PLUG Co., Ltd. manufactures and markets spark plugs for automobiles, motorcycles, agricultural machinery, ships, and aircrafts.  The Company also makes ceramic products for semiconductor and telecommunication equipment. NGK Spark Plug markets its products under the NGK and NTK brand names and has subsidiaries in the US, Canada, France, Germany, and South Korea.

Cheng Shin Rubber Industry Co., Ltd. manufactures tires.  The Company produces bicycle, radial, bias, motorcycle, agricultural, and industrial tires.  Cheng Shin markets its tires and tubes in Taiwan as well as exports to North America and Europe.

Cheng Shin Rubber Ind Co., Ltd. (2105 TT)

Modine Manufacturing Company manufactures heat-transfer and heat-storage technology products.  The Company develops, manufactures, and markets heat exchangers and systems for use in various original equipment manufacturer applications and for sale to the automotive aftermarket and to a wide array of building markets.

PT Multistrada Arah Sarana Tbk manufactures vehicle tires. The Company markets its tires worldwide.

The Yokohama Rubber Company Limited produces rubber products including automobile tires, tubes, and conveyor belt for industrial use.  The Company also produces golf clubs and passenger aircraft parts such as restroom units and tanks for drinking water.

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

Sundram Fasteners Limited manufactures a wide range of nuts, bolts and related fastener equipment.  Products include high-tensile fasteners and equipment for the automotive industry, such as cold extruded parts, radiator caps and gear shifters.  The Company also manufactures water pumps and fuel pumps.

Dorman Products, Inc. supplies automotive products and home hardware.  The Company supplies its products to the automotive aftermarket and mass merchandise markets.

ZF Commercial Vehicle Control Systems India Limited manufactures automotive parts.  The Company produces electronic braking, stability, and suspension and transmission control systems for heavy-duty commercial trucks, trailers and buses.

ZF Commercial Vehicle Control Systems India Limited (WIL IN)

ZF Commercial Vehicle Control Systems India Limited

KOITO MANUFACTURING CO., LTD. produces lighting equipments for automobiles such as head and tail lights, rear combination lamps, and fog lamps.  The Company has  its production facilities in Japan, the US, the UK, Czech, China, Thailand, Taiwan, and India.  Koito Manufacturing also manufactures electronics parts for aircrafts including lighting equipments and oil pressure gauges.

Xinyi Glass Holdings Ltd, through its subsidiaries, produces a variety of processed glass products for automobile, construction and household applications. The Company also tenders for glass curtain wall projects and conducts installation service of glass curtain wall in China.

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Xinyi Glass Holdings (868 HK)

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

Feb sales came out at a strong beat both in terms of strength at 30% YoY (cons -5%), but also the timing of turning positive (cons in April).

CMB International

Xinyi Glass (868): Efficient Way to Ride Chinese Property Market Revival

The Chinese property sector will be resurrected. Xinyi Glass main product, float glass, will be in much demand. Their new product, low-emission...

Henry Soediarko

China Property Sector – Long completion, short new start

Given still weak property sales and volatile stock market, we suggest investors to play the spread of housing completion over new start.

CMB International

Hong Kong CEO & Director Dealings - 17th August 2022

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

Hong Kong CEO & Director Dealings - 10th August 2022

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

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