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.

Credit

<ul><li>Offered at 82.1 and 70.0, HPDLF’23 and ‘24 are trading at YTM of 73.7% and 65.7%, respectively.</li><li>We continue to see Hopson a survivor for the sector and consider the current valuations of HPDLFs offer attractive risk-return profile.</li><li>We maintain buy on HPDLFs in view of its solid operating performance in a very challenging environment, manageable debt maturities and adequate liquidity profile, supported by its offshore financial investments and high quality investment properties (IPs). </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.

Offered at 82.1 and 70.0, HPDLF’23 and ‘24 are trading at YTM of 73.7% and 65.7%, respectively.We continue to see Hopson a survivor for the sector and consider the current valuations of HPDLFs offer attractive risk-return profile.We maintain buy on HPDLFs in view of its solid operating performance in a very challenging environment, manageable debt maturities and adequate liquidity profile, supported by its offshore financial investments and high quality investment properties (IPs). 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.

Hopson: Businesses Have Been Largely as Usual

<ul><li>We maintain buy on HPDLFs in view of its adequate liquidity profile, high asset quality, large offshore investment portfolioand manageable debt maturity profile.</li><li>In particular, we consider HPDLF 8% ’23, the CBs due 6 Jan ’23, attractive low-beta and short-tenor plays.</li><li>Hopson has proven track records in full repayments even in a challenging operating environment and an unfavourable capital market.</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 maintain buy on HPDLFs in view of its adequate liquidity profile, high asset quality, large offshore investment portfolioand manageable debt maturity profile.In particular, we consider HPDLF 8% ’23, the CBs due 6 Jan ’23, attractive low-beta and short-tenor plays.Hopson has proven track records in full repayments even in a challenging operating environment and an unfavourable capital market.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.

CMBI Credit Commentary – HPDLF Hopson: Repayment Track Records Count

Hong Kong

Hopson Development Holdings Limited is an investment holding company primarily engaged in the development of residential and commercial properties in China. The company's diverse operations include property development, commercial property investment, property management, and infrastructure business. It was founded in 1992 and is headquartered in Central, Hong Kong.

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Hopson Development (754 HK)

Hopson: Businesses Have Been Largely as Usual

We continue to see Hopson a survivor for the sector and consider the current valuations of HPDLFs offer attractive risk-return profile.

CMB International

CMBI Credit Commentary – HPDLF Hopson: Repayment Track Records Count

We maintain buy on HPDLFs in view of its adequate liquidity profile, high asset quality, large offshore investment portfolioand manageable debt...

CMB International

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