External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Binjiang Service Group / Equity Bottom-Up

<ul><li>Company’s 1H23 earnings missed with NP grew at 21% YoY vs. original FY target of 30% given 1) late approval of withholding tax deduction which could have sent NP growth to 29% in 1H23.</li><li>2)GP margin declined 4.8 ppts to 26.7% mainly driven by revenue structure change in community VAS.</li><li>We like the company for its stable parentco., good cash flow and high dividend pay-out ratio, but lowered our forecast in NP by 4-11% in FY23-25E to reflect its pressure on both third-party expansion and two VAS segments.</li></ul>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.

Company’s 1H23 earnings missed with NP grew at 21% YoY vs. original FY target of 30% given 1) late approval of withholding tax deduction which could have sent NP growth to 29% in 1H23.2)GP margin declined 4.8 ppts to 26.7% mainly driven by revenue structure change in community VAS.We like the company for its stable parentco., good cash flow and high dividend pay-out ratio, but lowered our forecast in NP by 4-11% in FY23-25E to reflect its pressure on both third-party expansion and two VAS segments.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.

Binjiang Service (3316 HK) – 1H23 Missed, Future Growth Under Pressure

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. </li>
<li>Our top picks are <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>, and <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>.</li>
<li>We expand our list coverage into <a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a>, <a href="https://www.smartkarma.com/entities/delta-djakarta-tbk-pt" target="_blank" data-smartkarma-citation="entities:5585:1" rel="noopener">Delta Djakarta (DLTA IJ)</a>, and <a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a> as quality high ROCE names worth looking at.</li>
</ul>


We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. 
Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and The Keepers Holdings (KEEPR PM).
We expand our list coverage into Multi Bintang Indonesia (MLBI IJ), Delta Djakarta (DLTA IJ), and Sheng Siong (SSG SP) as quality high ROCE names worth looking at.


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - August 2023

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Having first introduced the three red line guidance in late 2020, the government has begun shifting its stance, and relaxing some of its regulatory oversight.</li>
<li>In this note, we looked at recent news developments and how some larger developers fared against the three red lines criterion.</li>
<li>Of the large developers we looked at, there are a few names which stand out which could potentially do a capital raising given their financial standing. </li>
</ul>


Having first introduced the three red line guidance in late 2020, the government has begun shifting its stance, and relaxing some of its regulatory oversight.
In this note, we looked at recent news developments and how some larger developers fared against the three red lines criterion.
Of the large developers we looked at, there are a few names which stand out which could potentially do a capital raising given their financial standing. 


Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

<ul><li>We expect the company to continue delivering higher-than-peers results in 1H23E with 32% YoY growth in NP, driven by robust GFA &amp; revenue growth (both &gt;35% YoY), mostly supported by reserved-GFA &amp; unbooked revenue prepared in advance thanks to its visionary strategy which predicted the worsethan-expected market in 1H23E.</li><li>NP grew slower than revenue as GP margin is estimated to decline 3ppt to 28%, given less contribution from non-owner VAS with higher margin, which leads to a healthier revenue structure in our view.</li><li>Considering the company’s high growth (+30% earnings CAGR in 22-25E) backed by longtermism-seeking strategy, its clear and heathier VAS structure, beneficial regional focus, strong and stable parentco as well as attractive valuation (10/8x 2023/24E), we reiterate BUY and keep TP unchanged at HK$35.8. The company remains our top pick in PM companies.</li></ul>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.

We expect the company to continue delivering higher-than-peers results in 1H23E with 32% YoY growth in NP, driven by robust GFA &amp; revenue growth (both &gt;35% YoY), mostly supported by reserved-GFA &amp; unbooked revenue prepared in advance thanks to its visionary strategy which predicted the worsethan-expected market in 1H23E.NP grew slower than revenue as GP margin is estimated to decline 3ppt to 28%, given less contribution from non-owner VAS with higher margin, which leads to a healthier revenue structure in our view.Considering the company’s high growth (+30% earnings CAGR in 22-25E) backed by longtermism-seeking strategy, its clear and heathier VAS structure, beneficial regional focus, strong and stable parentco as well as attractive valuation (10/8x 2023/24E), we reiterate BUY and keep TP unchanged at HK$35.8. The company remains our top pick in PM companies.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.

Binjiang Service (3316 HK) – High Growth Secured by Visionary Strategy

Perfect Medical Health Management / Equity Bottom-Up

Perfect Medical Health Management (1830 HK)

<ul>
<li>We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. </li>
<li>Post the interim results, we provide short updates on each company and links to our latest work on them. </li>
<li>Our top picks are <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>, and <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>.</li>
</ul>


We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. 
Post the interim results, we provide short updates on each company and links to our latest work on them. 
Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and The Keepers Holdings (KEEPR PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety

China

Binjiang Service Group Co. Ltd. provides comprehensive property management and related services across the People's Republic of China. Its core services include security, cleaning, gardening, repair, and maintenance for residential and non-residential properties, alongside value-added services for both property owners and non-property owners. The company was founded in 1995 and is headquartered in Hangzhou, China.

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Binjiang Service Group (3316 HK)

Binjiang Service (3316 HK) – 1H23 Missed, Future Growth Under Pressure

Company’s 1H23 earnings missed with NP grew at 21% YoY vs. original FY target of 30% given 1) late approval of withholding tax deduction which...

CMB International

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - August 2023

We cover our top picks in our high ROCE coverage list. Perfect Medical, Taste Gourmet, Water Oasis, Keepers Holdings, Uchi Technologies, Multi...

Sameer Taneja

Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

Country Garden Holdings just launched a primary placement to raise US$300m, at a fixed 17.7% discount to last close. Proceeds will be used to repay...

Clarence Chu

Binjiang Service (3316 HK) – High Growth Secured by Visionary Strategy

We expect the company to continue delivering higher-than-peers results in 1H23E with 32% YoY growth in NP, driven by robust GFA & revenue growth...

CMB International

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety

Post results we screen and filter our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi...

Sameer Taneja

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