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

Glodon Company Limited A / Equity Bottom-Up

<ul><li>Glodon announced FY23 results: total revenue declined by 16% YoY to RMB1.78bn in 4Q23, 10% below consensus estimate mainly due to the soft construction market; the company recorded net loss of RMB146mn in 4Q23, deteriorating from net income of RMB328mn in 4Q22, primarily attributable to the operating deleverage.</li><li>FY23 total revenue was largely flat YoY at RMB6.56bn, while net income was down by 88% YoY to RMB116mn.</li><li>Looking ahead to FY24, we expect top-line growth will remain under pressure as the overall construction market remains challenging and the decline in new contracts signed in FY23 will weigh on revenue recognition in FY24. </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.

Glodon announced FY23 results: total revenue declined by 16% YoY to RMB1.78bn in 4Q23, 10% below consensus estimate mainly due to the soft construction market; the company recorded net loss of RMB146mn in 4Q23, deteriorating from net income of RMB328mn in 4Q22, primarily attributable to the operating deleverage.FY23 total revenue was largely flat YoY at RMB6.56bn, while net income was down by 88% YoY to RMB116mn.Looking ahead to FY24, we expect top-line growth will remain under pressure as the overall construction market remains challenging and the decline in new contracts signed in FY23 will weigh on revenue recognition in FY24. 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.

Glodon (002410 CH) - Focus on Quality Growth in FY24E

<ul><li>Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.</li><li>Net profit was RMB129.2mn in 2Q23, down 55% YoY, mainly due to the soft housing construction market and Glodon’s adjustment to its organizational structure.</li><li>Total revenue/net profit was +10.7/-37.5% YoY in 1H23. In view of the long-lasting property sector headwind, the company revised down the full-year revenue/net profit growth guidance, and now expects total revenue/net profit to deliver teens percentage/positive YoY growth in FY23 (previous: +30/30% YoY). </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.

Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.Net profit was RMB129.2mn in 2Q23, down 55% YoY, mainly due to the soft housing construction market and Glodon’s adjustment to its organizational structure.Total revenue/net profit was +10.7/-37.5% YoY in 1H23. In view of the long-lasting property sector headwind, the company revised down the full-year revenue/net profit growth guidance, and now expects total revenue/net profit to deliver teens percentage/positive YoY growth in FY23 (previous: +30/30% YoY). 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.

Glodon (002410 CH) – 1H23 Miss Amid Property Sector Headwind

<ul><li>Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY.</li><li>Core segment Construction Costing has completed SaaS migration with conversion/ renewal rate of 90%/ 80% respectively.</li><li>Leveraging on this cash cow business, Glodon will focus on the ramp-up of Construction Management platform and proprietary Digital Design products 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.

Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY.Core segment Construction Costing has completed SaaS migration with conversion/ renewal rate of 90%/ 80% respectively.Leveraging on this cash cow business, Glodon will focus on the ramp-up of Construction Management platform and proprietary Digital Design products 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.

Glodon (002410 CH) – Clear roadmap to digitalize the construction value chain

<ul><li>Glodon delivered a strong set of FY22 with revenue of RMB6.59bn (+17% YoY) and net profit of RMB963mn (+46% YoY).</li><li>We are encouraged to see that construction costing SaaS newly signed contract amount has attained the RMB4bn target.</li><li>We are positive to see improving margins from operating leverage although project-based construction management business FY22 revenue missed as COVID resurgence in FY4Q22 has caused temporary delays in delivery. </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.

Glodon delivered a strong set of FY22 with revenue of RMB6.59bn (+17% YoY) and net profit of RMB963mn (+46% YoY).We are encouraged to see that construction costing SaaS newly signed contract amount has attained the RMB4bn target.We are positive to see improving margins from operating leverage although project-based construction management business FY22 revenue missed as COVID resurgence in FY4Q22 has caused temporary delays in delivery. 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.

Glodon (002410 CH) – Clear operating leverage from SaaS

Thematic (Sector/Industry)

<ul><li>China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.</li><li>However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. </li><li>China cloud spending in 2023E could remain conservative with structural changes</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.

China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data.However, this may have slowed to 10-20% YoY in 3Q22, reflected by China Telecom/ China Mobile sluggish cloud revenue growth. China cloud spending in 2023E could remain conservative with structural changesContent 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 Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China

Glodon Company Limited develops application softwares for basic construction industry. The Company's products include construction engineering cost management software and project cost management software. The Company also provides related training and consulting services.

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Glodon Company Limited A (002410 CH)

Glodon (002410 CH) - Focus on Quality Growth in FY24E

Glodon announced FY23 results: total revenue declined by 16% YoY to RMB1.78bn in 4Q23, 10% below consensus estimate mainly due to the soft...

CMB International

Glodon (002410 CH) – 1H23 Miss Amid Property Sector Headwind

Glodon announced 2Q23 results: total revenue increased by 7.2% YoY to RMB1.76bn in 2Q23, below consensus estimate of RMB2.00bn.

CMB International

Glodon (002410 CH) – Clear roadmap to digitalize the construction value chain

Glodon delivered strong FY4Q22 results and gave upbeat FY23E guidance with revenue and net profit growth of +30% YoY. Core segment Construction...

CMB International

Glodon (002410 CH) – Clear operating leverage from SaaS

Glodon announced preliminary FY22 results on 20 Feb. Revenue was RMB6,587mn (+17% YoY), 4% below our and consensus forecast

CMB International

China Software & IT Services – China IaaS + PaaS growth slowed further in 3Q22

China IaaS + PaaS market grew 30.7% YoY in 1H22, according to IDC data. However, this may have slowed to 10-20% YoY in 3Q22, reflected by China...

CMB International

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