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>On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.</li><li>Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.</li><li>We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. </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.

On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. 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 - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

<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

China

Ever Sunshine Services Group Limited is a China-based investment holding company that provides property management services for residential and non-residential properties. The company also offers community value-added services and value-added services to non-property owners, such as consultancy, cleaning, security, and maintenance. It is headquartered in Shanghai, China, and was founded in 2018.

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Ever Sunshine Services (1995 HK)

Property - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive...

CMB International

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

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