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>YY’s Asia reported that 12 national banks are planning to provide RMB 80bn syndicate loan for Vanke to repay its future maturing debt, and several banks have confirmed this news.</li><li>We think this confirms our previous statement that “regulators have reached a consensus on Vanke’s position as a systematically important developer”, showing a clear attitude to provide financial assistance to Vanke.</li><li>This would bring more confidence to the market during the debt repayment peak.</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.

YY’s Asia reported that 12 national banks are planning to provide RMB 80bn syndicate loan for Vanke to repay its future maturing debt, and several banks have confirmed this news.We think this confirms our previous statement that “regulators have reached a consensus on Vanke’s position as a systematically important developer”, showing a clear attitude to provide financial assistance to Vanke.This would bring more confidence to the market during the debt repayment peak.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 - Sales Show Recovery Sign, Banks May Help Semi-SOE

<ul><li>The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.</li><li>Looking into 2024, we believe the recovery in new home market will still take time.</li><li>Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. </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.

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.Looking into 2024, we believe the recovery in new home market will still take time.Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. 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 Sector – NBS Dec data in line, still in bottoming process

<ul><li>Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY in Nov from -11.3% in Oct given new start area surprisingly booked positive increase and NBS adjusted -8% on calculation base in Nov vs. -6% in Oct. </li><li>Property sales was flat with volume/value inched up 2/1% MoM and barely no year-end seasonality like that in the past five years (avg. of 11% MoM in Nov) given low buying sentiment.</li><li>Beijing (BJ) &amp; Shanghai (SH) eased purchasing policies on 14 Dec and the stock market reacted positively with property names on HK market went up an average of 5% on the following day.</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.

Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY in Nov from -11.3% in Oct given new start area surprisingly booked positive increase and NBS adjusted -8% on calculation base in Nov vs. -6% in Oct. Property sales was flat with volume/value inched up 2/1% MoM and barely no year-end seasonality like that in the past five years (avg. of 11% MoM in Nov) given low buying sentiment.Beijing (BJ) &amp; Shanghai (SH) eased purchasing policies on 14 Dec and the stock market reacted positively with property names on HK market went up an average of 5% on the following day.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 Sector – Expect New Policy in BJ/SH to Boost Secondary Market in Dec

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

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<a href="https://www.smartkarma.com/entities/onewo-inc" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> has announced the full conversion of 1.05bn Domestic Shares and Unlisted Foreign Shares to H-shares. The increased market cap will help in HSCI inclusion.</li>
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<a href="https://www.smartkarma.com/entities/onewo-inc" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> should be added to the HSCI in March and will be added to Southbound Stock Connect soon after index inclusion.</li>
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<a href="https://www.smartkarma.com/entities/onewo-inc" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> has drastically underperformed its peers since listing and the HSCI inclusion could mark a turning point for the stock.</li>
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Onewo (2602 HK) has announced the full conversion of 1.05bn Domestic Shares and Unlisted Foreign Shares to H-shares. The increased market cap will help in HSCI inclusion.

Onewo (2602 HK) should be added to the HSCI in March and will be added to Southbound Stock Connect soon after index inclusion.

Onewo (2602 HK) has drastically underperformed its peers since listing and the HSCI inclusion could mark a turning point for the stock.


Onewo (2602 HK) - Full Circulation & HSCI Inclusion

Equity Bottom-Up

China Resources Mixc Lifestyle / Equity Bottom-Up

<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 Limited offer property management services. The Company provides residential property management, community value added services, commercial operational services, commercial subleasing services, and other services. China Resources Mixc Lifestyle Services provides its services throughout Hong Kong.

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China Resources Mixc Lifestyle (1209 HK)

Property - Sales Show Recovery Sign, Banks May Help Semi-SOE

Yesterday, the developers surged 8% due to the Vanke’s news mentioned above. We believe news related to developers debt repayment will continue to...

CMB International

China Property Sector – NBS Dec data in line, still in bottoming process

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline...

CMB International

China Property Sector – Expect New Policy in BJ/SH to Boost Secondary Market in Dec

Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY...

CMB International

Onewo (2602 HK) - Full Circulation & HSCI Inclusion

Onewo has announced full circulation of H-shares. That should result in HSCI and Stock Connect inclusion in March. Onewo has underperformed its...

Brian Freitas

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

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