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>Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision.</li><li>However, we suggest investors to make use of it to take profits on POE names as 1) the recent POE rally (&gt;100% in 3 days) has largely priced in the policy support.</li><li>If we recalled Oct 2021 and Mar 2022 when Vice Premier Liu /PBOC/CBIRC/MOHURD also came out with strong support, the actual implementation was not so straightforward which led to sector de-rating again.</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.

Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision.However, we suggest investors to make use of it to take profits on POE names as 1) the recent POE rally (&gt;100% in 3 days) has largely priced in the policy support.If we recalled Oct 2021 and Mar 2022 when Vice Premier Liu /PBOC/CBIRC/MOHURD also came out with strong support, the actual implementation was not so straightforward which led to sector de-rating again.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 – One day one policy: profit taking may start on POE names

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points.</li><li>The Constitutional Court's dismissal of the petition to renominate Move Forward Party leader Khun Pita as prime minister yesterday means the prime ministerial vote is likely to proceed, with the House speaker having scheduled the date for the vote on August 22, 2023.</li><li>A stronger dollar is poised to benefit stocks with revenue denominated in USD, particularly those in the electronics and export sectors.</li></ul>

Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points.The Constitutional Court's dismissal of the petition to renominate Move Forward Party leader Khun Pita as prime minister yesterday means the prime ministerial vote is likely to proceed, with the House speaker having scheduled the date for the vote on August 22, 2023.A stronger dollar is poised to benefit stocks with revenue denominated in USD, particularly those in the electronics and export sectors.

Credit

<ul>
<li>Last night, COAGRD issued a 4-page press release on profit warning and its reflections.</li>
<li>Compared with the press release on 31 Jul’23, the profit warning last night was more specific with an expected net loss ranging from RMB45-55bn.</li>
<li>COGARD also mentioned the self-rescue measures including the cumulative financial support of HKD6.6bn from controlling shareholder. </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.


Last night, COAGRD issued a 4-page press release on profit warning and its reflections.
Compared with the press release on 31 Jul’23, the profit warning last night was more specific with an expected net loss ranging from RMB45-55bn.
COGARD also mentioned the self-rescue measures including the cumulative financial support of HKD6.6bn from controlling shareholder. 

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.

Country Garden Holdings / Equity Bottom-Up

<ul><li>We think Mr. Yeung’s retirement poses no material impact on CG as the ground has been laid back in 2018 with Ms. Yan being the co-Chairlady and stable management (The triangle Mr. Mo, Dr. Cheng and Ms. Wu).</li><li>Instead, we think the change may give current management more flexibility for the strategy.</li><li>Fundamental-wise, CG still recorded 35% YoY sales decline in 2M23 due to lack of new launches and underperforming lower tier cities. </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 think Mr. Yeung’s retirement poses no material impact on CG as the ground has been laid back in 2018 with Ms. Yan being the co-Chairlady and stable management (The triangle Mr. Mo, Dr. Cheng and Ms. Wu).Instead, we think the change may give current management more flexibility for the strategy.Fundamental-wise, CG still recorded 35% YoY sales decline in 2M23 due to lack of new launches and underperforming lower tier cities. 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.

Country Garden (2007 HK) – Mr. Yeung’s retirement not a surprise

China

Country Garden Holdings is a major real estate development company primarily engaged in property development, construction, property investment, property management, and hotel operations. The company offers a diverse portfolio including residential projects, commercial properties, and integrated urban developments. It was founded in 1992 and is headquartered in Foshan, China.

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Country Garden Holdings (2007 HK)

China Property Sector – One day one policy: profit taking may start on POE names

Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision. However, we...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the support at 1,515/1,506 points and the resistance at 1,526/1,535 points. The...

Krungthai XSpring

COGARD: Our Reflections

Compared with the press release on 31 Jul’23, the profit warning last night was more specific with an expected net loss ranging from RMB45-55bn.

CMB International

Country Garden (2007 HK) – Mr. Yeung’s retirement not a surprise

We think Mr. Yeung’s retirement poses no material impact on CG as the ground has been laid back in 2018 with Ms. Yan being the co-Chairlady and...

CMB International

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