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

China Overseas Land & Investment / Equity Bottom-Up

China Overseas Land & Investment (688 HK)

<ul><li>We estimate COLI to deliver 20% YoY decline in 2022E core profit, close to buyside expectation.</li><li>Moreover, the earnings slide may continue into 2023E (-7% YoY) due to sales decline in 2022 (-15% YoY).</li><li>This has made COLI’s valuation not cheap enough to investors at 6.7/7.3x 2022/23E despite the recent pull back. </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 estimate COLI to deliver 20% YoY decline in 2022E core profit, close to buyside expectation.Moreover, the earnings slide may continue into 2023E (-7% YoY) due to sales decline in 2022 (-15% YoY).This has made COLI’s valuation not cheap enough to investors at 6.7/7.3x 2022/23E despite the recent pull back. 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.

COLI (688 HK) – FY22E preview: page not yet turned