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

<ul><li>FEH continued to deliver double-digit profit growth in FY22, with net profits up 11% YoY, translating into 12% YoY growth in 2H21.</li><li>Pre-provision operating profit (PPoP) increased by 6% YoY in FY22, and was up 7% YoY in 2H22.</li><li>The decent earnings growth was primarily driven by 1) continual NIM expansion against macro headwinds (+53bps YoY to 4.67% in FY22, and +37bps HoH to 4.86% in 2H22) on the back of both lower funding costs and higher asset yields, and 2) robust revenue growth from industrial operations (+16% YoY). Asset quality remained stable in 2H22, with NPL ratio and 30+ days overdue ratio further trending down HoH. </li></ul><p><em>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.</em></p>

FEH continued to deliver double-digit profit growth in FY22, with net profits up 11% YoY, translating into 12% YoY growth in 2H21.Pre-provision operating profit (PPoP) increased by 6% YoY in FY22, and was up 7% YoY in 2H22.The decent earnings growth was primarily driven by 1) continual NIM expansion against macro headwinds (+53bps YoY to 4.67% in FY22, and +37bps HoH to 4.86% in 2H22) on the back of both lower funding costs and higher asset yields, and 2) robust revenue growth from industrial operations (+16% YoY). Asset quality remained stable in 2H22, with NPL ratio and 30+ days overdue ratio further trending down HoH. 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.

Far East Horizon (3360 HK) – NIM expansion HoH in 2H22; sound asset quality

<div><div><div><div><ul><li>FEH reported stable and decent results of 3Q22 in spite of the macro headwinds. In 9M22, total revenue and net profit both grew around 10% YoY, largely in line with 1H22 growth (revenue +9.5% YoY, net profit +10.5% YoY).</li><li>In spite of the lowering loan yields, FEH managed to further expand its NIM on both QoQ and YoY basis, thanks to the improved funding structure and costs.</li><li>We expect the NIM expansion will sustain into 4Q22. On asset quality front, the non-performing assets (NPA) ratio was flattish at 1.06% at end-3Q22 (vs. 1.06% at end-1H22) and likely will remain stable into 4Q22, in our view. </li></ul></div></div></div></div><p><em>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.</em></p>

FEH reported stable and decent results of 3Q22 in spite of the macro headwinds. In 9M22, total revenue and net profit both grew around 10% YoY, largely in line with 1H22 growth (revenue +9.5% YoY, net profit +10.5% YoY).In spite of the lowering loan yields, FEH managed to further expand its NIM on both QoQ and YoY basis, thanks to the improved funding structure and costs.We expect the NIM expansion will sustain into 4Q22. On asset quality front, the non-performing assets (NPA) ratio was flattish at 1.06% at end-3Q22 (vs. 1.06% at end-1H22) and likely will remain stable into 4Q22, in our view. 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.

Far East Horizon (3360 HK) – NIM expansion continued in 3Q

<ul><li>FEH delivered a set of decent results in 1H22 in spite of the headwinds from COVID restrictions.</li><li>Net profit grew 10% YoY to RMB2.84bn in 1H22, tracking 47% of our FY22E forecast.</li><li>The solid earnings growth was primarily driven by 1) continual NIM expansion (+53bps YoY, or +32bps HoH) on the back of lower funding costs, 2) robust growth of interest-earning assets (+10% HoH) and 3) strong revenue growth from industrial operations (+21% YoY). Asset quality remained stable in 1H22.</li></ul><p><em>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.</em></p>

FEH delivered a set of decent results in 1H22 in spite of the headwinds from COVID restrictions.Net profit grew 10% YoY to RMB2.84bn in 1H22, tracking 47% of our FY22E forecast.The solid earnings growth was primarily driven by 1) continual NIM expansion (+53bps YoY, or +32bps HoH) on the back of lower funding costs, 2) robust growth of interest-earning assets (+10% HoH) and 3) strong revenue growth from industrial operations (+21% YoY). Asset quality remained stable in 1H22.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.

Far East Horizon Limited (3360 HK) – Continual NIM expansion in 1H22

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Haitong UniTrust International Leasing / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/28044" target="_blank" data-smartkarma-citation="entities:28044:1">Haitong UniTrust International Leasing (1905 HK)</a> has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion ($290 million) at the mid-point of the IPO price range. Haitong UniTrust is a foreign-funded financial leasing company in China and is the leasing unit of <a href="https://www.smartkarma.com/entities/5665" target="_blank" data-smartkarma-citation="entities:5665:1">Haitong Securities Co Ltd (H) (6837 HK)</a>.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/haitong-unitrust-intl-leasing-ipo-preview-fourth-time-lucky" target="_blank">our IPO initiation note</a>, we noted that Haitong UniTrust’s fundamentals are mixed, which would need to be reflected in the IPO valuation. Overall, our view is that Haitong UniTrust is fairly priced at the proposed IPO price range and would participate in the IPO at most at the low-end of the IPO price range. </p></div>

Haitong UniTrust International Leasing (1905 HK) has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion ($290 million) at the mid-point of the IPO price range. Haitong UniTrust is a foreign-funded financial leasing company in China and is the leasing unit of Haitong Securities Co Ltd (H) (6837 HK).In our IPO initiation note, we noted that Haitong UniTrust’s fundamentals are mixed, which would need to be reflected in the IPO valuation. Overall, our view is that Haitong UniTrust is fairly priced at the proposed IPO price range and would participate in the IPO at most at the low-end of the IPO price range. 

Haitong UniTrust Intl Leasing IPO: Fair Value

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

CSSC (Hong Kong) Shipping Co Ltd / Equity Capital Markets

<p>CSSC (HK) Shipping, the ship leasing company under one of the world's largest shipyard CSSC (China State Shipbuilding Corp), is said to be pre-marketing its USD 300 to 500 million IPO. In this insight, we will discuss the following topics:</p>
<ul>
<li>The company's business segments</li>
<li>The company's assets</li>
<li>The industry backdrop</li>
<li>Financial snapshot and highlights</li>
<li>Our thoughts on valuation</li>
</ul>

CSSC (HK) Shipping, the ship leasing company under one of the world's largest shipyard CSSC (China State Shipbuilding Corp), is said to be pre-marketing its USD 300 to 500 million IPO. In this insight, we will discuss the following topics:

The company's business segments
The company's assets
The industry backdrop
Financial snapshot and highlights
Our thoughts on valuation


CSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock

Hong Kong

Far East Horizon Ltd is a financial services provider. The Company specializes in providing financing solutions through equipment-based financial leasing. Far East currently targets industries that include healthcare, education, infrastructure construction, shipping, printing and machinery industries.

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Far East Horizon (3360 HK)