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>Beike reported (21 Nov) 3Q24 results: revenue increased 27% YoY to RMB22.6bn, 1.5%/4.7% below Bloomberg consensus/CMBI estimates, mainly due to the mixed performance where existing home GTV (EHT) was dragged by low home transaction sentiment and new home transactions (NHT) were benefited from market share gains.</li><li>Non-GAAP net income was RMB1.8bn, representing a margin of 7.9%, in-line with both our estimates and consensus, thanks to fee controlling measures. We remain positive on Beike given its continuously increasing market share in EHT &amp; NHT businesses and smooth expansion of new business.</li><li>Our SOTP-based target price is lifted to US$23.3 (was US$21.5), including US$22.3 for Beike Core and US$0.9 for Shengdu, translating into 21.4x 2025E PE (non-GAAP). Maintain 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 (21 Nov) 3Q24 results: revenue increased 27% YoY to RMB22.6bn, 1.5%/4.7% below Bloomberg consensus/CMBI estimates, mainly due to the mixed performance where existing home GTV (EHT) was dragged by low home transaction sentiment and new home transactions (NHT) were benefited from market share gains.Non-GAAP net income was RMB1.8bn, representing a margin of 7.9%, in-line with both our estimates and consensus, thanks to fee controlling measures. We remain positive on Beike given its continuously increasing market share in EHT &amp; NHT businesses and smooth expansion of new business.Our SOTP-based target price is lifted to US$23.3 (was US$21.5), including US$22.3 for Beike Core and US$0.9 for Shengdu, translating into 21.4x 2025E PE (non-GAAP). Maintain 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) - To Ride on the Policy Tailwind in 4Q

KE Holdings

Ke Holdings (BEKE US) - To Ride on the Policy Tailwind in 4Q