External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Binjiang Service Group / Equity Bottom-Up

<ul><li>We expect the company to continue delivering higher-than-peers results in 1H23E with 32% YoY growth in NP, driven by robust GFA &amp; revenue growth (both &gt;35% YoY), mostly supported by reserved-GFA &amp; unbooked revenue prepared in advance thanks to its visionary strategy which predicted the worsethan-expected market in 1H23E.</li><li>NP grew slower than revenue as GP margin is estimated to decline 3ppt to 28%, given less contribution from non-owner VAS with higher margin, which leads to a healthier revenue structure in our view.</li><li>Considering the company’s high growth (+30% earnings CAGR in 22-25E) backed by longtermism-seeking strategy, its clear and heathier VAS structure, beneficial regional focus, strong and stable parentco as well as attractive valuation (10/8x 2023/24E), we reiterate BUY and keep TP unchanged at HK$35.8. The company remains our top pick in PM companies.</li></ul><p><em>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.</em></p>

We expect the company to continue delivering higher-than-peers results in 1H23E with 32% YoY growth in NP, driven by robust GFA &amp; revenue growth (both &gt;35% YoY), mostly supported by reserved-GFA &amp; unbooked revenue prepared in advance thanks to its visionary strategy which predicted the worsethan-expected market in 1H23E.NP grew slower than revenue as GP margin is estimated to decline 3ppt to 28%, given less contribution from non-owner VAS with higher margin, which leads to a healthier revenue structure in our view.Considering the company’s high growth (+30% earnings CAGR in 22-25E) backed by longtermism-seeking strategy, its clear and heathier VAS structure, beneficial regional focus, strong and stable parentco as well as attractive valuation (10/8x 2023/24E), we reiterate BUY and keep TP unchanged at HK$35.8. The company remains our top pick in PM companies.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.

Binjiang Service (3316 HK) – High Growth Secured by Visionary Strategy