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.

Thematic (Sector/Industry)

<ul><li>We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.</li><li>This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.</li><li>Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.</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 are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.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.

China Property Service Sector – 2023 a year for market leaders and survivors

Equity Bottom-Up

China Resources Mixc Lifestyle Services / Equity Bottom-Up

China Resources Mixc Lifestyle Services (1209 HK)

<ul><li>Company delivered core net profit growth of 37% YoY in 1H23, beating the market expectation.</li><li>The beat was due to 1.5ppts improvement in GPM to 33.2% powered by scale effect in shopping mall and office building segment.</li><li>Company reiterated the guidance of 40% core NP CAGR during 14th 5-yr plan, implies a 25% CAGR in FY23-25E. </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 delivered core net profit growth of 37% YoY in 1H23, beating the market expectation.The beat was due to 1.5ppts improvement in GPM to 33.2% powered by scale effect in shopping mall and office building segment.Company reiterated the guidance of 40% core NP CAGR during 14th 5-yr plan, implies a 25% CAGR in FY23-25E. 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) – 1H23 Earnings Beat with Surprise in Dividend

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 Property Service Sector – 2023 a year for market leaders and survivors

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so...

CMB International

CR Mixc Lifestyle (1209 HK) – 1H23 Earnings Beat with Surprise in Dividend

The beat was due to 1.5ppts improvement in GPM to 33.2% powered by scale effect in shopping mall and office building segment.

CMB International