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)

KE (BEKE US): Why Earning Money in Weak Market

Equity Bottom-Up

<ul><li>Beike reported (12 Aug) 2Q24 results: revenue increased 20% YoY to RMB23.4bn, and was 9% ahead of both our forecast and Bloomberg consensus estimates, thanks to a beat on GTV of both new home transactions (NHT) and existing home transactions (EHT), and stronger-than-expected expansion of NHT aided by strong industry demand.</li><li>Non-GAAP net income was RMB2.7bn, 48% better than both our estimate and consensus, thanks to a beat on revenue and more optimizedthan-expected operating expense spend.</li><li>We remain constructive on Beike’s market share gains for its core business aided by its well-established infrastructure and nimble business operation capability, and are positive on its new business development prospect. Our SOTP-based target price is fine-tuned to US$21.5 (was US$22.0), including US$20.6 for Beike Core and US$0.9 for Shengdu, translating into 20.8x 2024E PE (non-GAAP). BUY</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 (12 Aug) 2Q24 results: revenue increased 20% YoY to RMB23.4bn, and was 9% ahead of both our forecast and Bloomberg consensus estimates, thanks to a beat on GTV of both new home transactions (NHT) and existing home transactions (EHT), and stronger-than-expected expansion of NHT aided by strong industry demand.Non-GAAP net income was RMB2.7bn, 48% better than both our estimate and consensus, thanks to a beat on revenue and more optimizedthan-expected operating expense spend.We remain constructive on Beike’s market share gains for its core business aided by its well-established infrastructure and nimble business operation capability, and are positive on its new business development prospect. Our SOTP-based target price is fine-tuned to US$21.5 (was US$22.0), including US$20.6 for Beike Core and US$0.9 for Shengdu, translating into 20.8x 2024E PE (non-GAAP). BUYContent 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) - Solid Market Share Gains Amid Uncertain Environment

KE Holdings

Ke Holdings (BEKE US) - Solid Market Share Gains Amid Uncertain Environment