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)

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

Equity Bottom-Up

<ul><li>Beike reported (15 Mar) 4Q23 results: revenue grew 20.6% YoY on a low base to RMB20.2bn, 7% better than Bloomberg consensus estimates, mainly on better-than-expected GTV generation from existing home transactions (EHT), and stronger-than-expected revenue growth in home renovation business.</li><li>NonGAAP net income was RMB1.7bn, 9.5% better than consensus, thanks to betterthan-expected gross profit generation aided by better-than-expected cost optimization.</li><li>For 2023, total revenue grew 28% YoY to RMB77.8bn, and nonGAAP net income was RMB9.8bn, translating into a 12.6% NPM (2022: 4.7%). </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>

Beike reported (15 Mar) 4Q23 results: revenue grew 20.6% YoY on a low base to RMB20.2bn, 7% better than Bloomberg consensus estimates, mainly on better-than-expected GTV generation from existing home transactions (EHT), and stronger-than-expected revenue growth in home renovation business.NonGAAP net income was RMB1.7bn, 9.5% better than consensus, thanks to betterthan-expected gross profit generation aided by better-than-expected cost optimization.For 2023, total revenue grew 28% YoY to RMB77.8bn, and nonGAAP net income was RMB9.8bn, translating into a 12.6% NPM (2022: 4.7%). 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) - Positive Sign Showed Amid Bumpy Recovery

KE Holdings

Ke Holdings (BEKE US) - Positive Sign Showed Amid Bumpy Recovery