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

<ul><li>BEKE’s reported strong 1Q23 results with adjusted NP doubled from last quarter to reach RMB 3.56bn, strongly beating market expectations.</li><li>Moreover, the Company guided another strong quarter with GTV for ETH/new home to grow &gt;20%/30% YoY.</li><li>Due to improving GTV growth outlook and narrower than expected losses from new business, we raise our forecasts and expect the adjusted NP to reach RMB 7.4/8.5bn in 2023/24E, 17%/6% higher than the consensus. </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>

BEKE’s reported strong 1Q23 results with adjusted NP doubled from last quarter to reach RMB 3.56bn, strongly beating market expectations.Moreover, the Company guided another strong quarter with GTV for ETH/new home to grow &gt;20%/30% YoY.Due to improving GTV growth outlook and narrower than expected losses from new business, we raise our forecasts and expect the adjusted NP to reach RMB 7.4/8.5bn in 2023/24E, 17%/6% higher than the consensus. 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) – Strong 2Q Guidance Points to a Robust 1H23

KE Holdings

Ke Holdings (BEKE US) – Strong 2Q Guidance Points to a Robust 1H23