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

China Resources Mixc Lifestyle Services / Equity Bottom-Up

China Resources Mixc Lifestyle Services (1209 HK)

<ul><li>We forecast CR MixC's FY25E revenue to increase by 6.5% YoY to RMB 18.2bn, where the residential segment is flat YoY, dragged by VAS biz.</li><li>During the period, we expect the commercial segment to grow 13.8% YoY, mainly because revenue growth of shopping mall slowed to 18% on a high base (30% in FY24 driven by one-off factors).</li><li>We expect core NP to rise 10.8% YoY to RMB 3.9bn in FY25E, underpinned by stable GP margin in basic PM, continued improvement in GP margin of shopping mall, and lower SG&amp;A ratio. </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 forecast CR MixC's FY25E revenue to increase by 6.5% YoY to RMB 18.2bn, where the residential segment is flat YoY, dragged by VAS biz.During the period, we expect the commercial segment to grow 13.8% YoY, mainly because revenue growth of shopping mall slowed to 18% on a high base (30% in FY24 driven by one-off factors).We expect core NP to rise 10.8% YoY to RMB 3.9bn in FY25E, underpinned by stable GP margin in basic PM, continued improvement in GP margin of shopping mall, and lower SG&amp;A ratio. 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.

CR MixC Lifestyle (1209 HK) - FY25 Preview: Core NP Growth Trimmed to Low Teens

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>For 2026 China plays, we find stocks that provide RE exposure but with lowest risk.  PM companies are ideal as they are asset light and carry net cash</li>
<li>China’s 15th Five-Year plan focuses on consumption-led growth, we think this will directly benefit CR’s retail mall portfolio in the medium term</li>
<li>We think CR MixC provides investors with exposure in both China consumption story as well as real estate recovery</li>
</ul>


For 2026 China plays, we find stocks that provide RE exposure but with lowest risk.  PM companies are ideal as they are asset light and carry net cash
China’s 15th Five-Year plan focuses on consumption-led growth, we think this will directly benefit CR’s retail mall portfolio in the medium term
We think CR MixC provides investors with exposure in both China consumption story as well as real estate recovery


Safe Exposure to China Real Estate - Property Management - LONG China Resources Mixc Lifestyle

Thematic (Sector/Industry)

<ul>
<li>We initiated research on the China property management sector.  The PMC sector is characterized by its asset light nature, stable recurring revenue as well as net cash balance sheet</li>
<li>The relationship between PMCs and parent developer is multi-faceted.  Although PMCs are fundamentally safer, we think investors need to restore their confidence in developers first for re-rating to occur</li>
<li>For investors with higher risk tolerance, we think LONG CR MixC and LONG COPL (both backed by SOE developers) offer a favourable risk-reward profile</li>
</ul>


We initiated research on the China property management sector.  The PMC sector is characterized by its asset light nature, stable recurring revenue as well as net cash balance sheet
The relationship between PMCs and parent developer is multi-faceted.  Although PMCs are fundamentally safer, we think investors need to restore their confidence in developers first for re-rating to occur
For investors with higher risk tolerance, we think LONG CR MixC and LONG COPL (both backed by SOE developers) offer a favourable risk-reward profile


China Property Management Sector: Navigating Turbulence for Investment Opportunities

<ul><li>We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view</li><li>2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)</li><li>3) property transaction data are robust </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 reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)3) property transaction data are robust 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.

Property - City-Level Relaxation Came Earlier...

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/qifu-technology-inc" target="_blank" data-smartkarma-citation="entities:36657:1" rel="noopener">Qifu Technology (3660 HK)</a> , <a href="https://www.smartkarma.com/entities/q-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:79:1" rel="noopener">Q Technology Group (1478 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> all advanced on strong 2Q earnings announcements. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> disappointed on earnings and monthly user numbers.  <a href="https://www.smartkarma.com/entities/country-garden-services-holdin" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services (6098 HK)</a> declined in anticipation of a large drop in earnings in 2Q 2024.
</li>
</ul>


Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.

Qifu Technology (3660 HK) , Q Technology Group (1478 HK) and JD Logistics (2618 HK) all advanced on strong 2Q earnings announcements. 


Tencent Music Entertainment Group (1698 HK) disappointed on earnings and monthly user numbers.  Country Garden Services (6098 HK) declined in anticipation of a large drop in earnings in 2Q 2024.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

China

China Resources Mixc Lifestyle Services provides property management and commercial operational services across the People's Republic of China. The company manages a diversified portfolio including residential communities, shopping malls, and office buildings, offering services such as pre-opening management, security, cleaning, and community lifestyle services. It is headquartered in Shenzhen, China, and was founded in 1994.

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China Resources Mixc Lifestyle Services (1209 HK)

CR MixC Lifestyle (1209 HK) - FY25 Preview: Core NP Growth Trimmed to Low Teens

We forecast CR MixC's FY25E revenue to increase by 6.5% YoY to RMB 18.2bn, where the residential segment is flat YoY, dragged by VAS biz.

CMB International

Safe Exposure to China Real Estate - Property Management - LONG China Resources Mixc Lifestyle

For alpha trades in 2026, we look for names that provide China RE exposure but with lowest risk. Property Management company is good due to asset...

Jacob Cheng

China Property Management Sector: Navigating Turbulence for Investment Opportunities

We like PMCs due to its asset light model, stable recurring income, as well as net cash positions. However, investors need to restore confidence...

Jacob Cheng

Property - City-Level Relaxation Came Earlier...

Shenzhen made another move on policy relaxation including 1) lowering CPF down payment ratio from 30% to 20% for 2nd home buyers

CMB International

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

Japan ETF flows have been light after the massive outflow from carry trade unwind. Qifu Tech, Q Tech and JDL all had positive earnings announcement...

David Mudd

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