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>J&amp;T arranged a conference call during the investor day yesterday (11 Dec) in Bangkok, Thailand, to discuss the operation and outlook of Thailand market.</li><li>After several years of pricing competition to fence off competitors, J&amp;T has achieved profit in Thailand since this year.</li><li>Currently, J&amp;T ranks no. 1 in Thailand, with the parcel volume equal to the total volume of no. 2 to no. 4 players. </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.

J&amp;T arranged a conference call during the investor day yesterday (11 Dec) in Bangkok, Thailand, to discuss the operation and outlook of Thailand market.After several years of pricing competition to fence off competitors, J&amp;T has achieved profit in Thailand since this year.Currently, J&amp;T ranks no. 1 in Thailand, with the parcel volume equal to the total volume of no. 2 to no. 4 players. 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.

J&T Express (1519 HK) - Takeaways from Bangkok Investor Call

<ul><li>J&amp;T’s parcel volume growth in 3Q25 reached 23% YoY, driven by outstanding growth of 79% in SEA.</li><li>While the parcel volume growth in China slowed to 10% due to the “anti-involution” campaign, it was alongside a rebound of ASP.</li><li>In view of the strong growth in SEA, we see upside to J&amp;T’s full-year parcel volume growth guidance (+56% in SEA). We continue to like J&amp;T, due to (1) the unmatched competitive edge and market share gain potential in SEA (32.8% in 1H25), and (2) strong potential in New markets such as Brazil and the Middle East. We have left our SOTP-based TP unchanged at HK$13.4. Reiterate BUY.</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.

J&amp;T’s parcel volume growth in 3Q25 reached 23% YoY, driven by outstanding growth of 79% in SEA.While the parcel volume growth in China slowed to 10% due to the “anti-involution” campaign, it was alongside a rebound of ASP.In view of the strong growth in SEA, we see upside to J&amp;T’s full-year parcel volume growth guidance (+56% in SEA). We continue to like J&amp;T, due to (1) the unmatched competitive edge and market share gain potential in SEA (32.8% in 1H25), and (2) strong potential in New markets such as Brazil and the Middle East. We have left our SOTP-based TP unchanged at HK$13.4. Reiterate BUY.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.

J&T Express (1519 HK) - Parcel Growth in SEA Further Accelerated in 3Q25

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 28th October, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>, a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1217/2025121701246.pdf" target="_blank" rel="noopener">The Scheme Doc is now out</a>, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says "fair &amp; reasonable".</li>
<li>Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. </li>
</ul>


Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. 

The Scheme Doc is now out, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says "fair &amp; reasonable".
Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. 


ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>’s IFA opines that the consortium’s offer of cash (HK$12.18 per share) or scrip is fair and reasonable. The vote is on 9 January. </li>
<li>The consortium's decision on 4 December not to raise the share alternative cap from 5.00% to 7.50% of outstanding shares is a red flag, casting doubt on the vote's success. </li>
<li>The lack of irrevocables from Mr Wang Yongjun and CDH adds to the uncertainty. Therefore, caution is warranted due to an unfavourable risk/reward profile. </li>
</ul>



ANE Cayman Inc (9956 HK)’s IFA opines that the consortium’s offer of cash (HK$12.18 per share) or scrip is fair and reasonable. The vote is on 9 January. 
The consortium's decision on 4 December not to raise the share alternative cap from 5.00% to 7.50% of outstanding shares is a red flag, casting doubt on the vote's success. 
The lack of irrevocables from Mr Wang Yongjun and CDH adds to the uncertainty. Therefore, caution is warranted due to an unfavourable risk/reward profile. 


ANE (9956 HK): Uncertainty Ahead of the Scheme Vote on 9 January

Travis Lundy

Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.</li>
<li>Team Quiddity expected 1 ADD (<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a>) and 1 DEL (<a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a>) and those names were announced as the sole ADD/DEL pair.</li>
<li>HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.
Team Quiddity expected 1 ADD (Pop Mart (9992 HK)) and 1 DEL (J&amp;T Global Express (1519 HK)) and those names were announced as the sole ADD/DEL pair.
HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.


[Quiddity Index] Sep25 HSCEI Review Announced; 1 ADD, 1 DEL, Minor Flows

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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J&T Global Express (1519 HK)

J&T Express (1519 HK) - Takeaways from Bangkok Investor Call

J&T arranged a conference call during the investor day yesterday (11 Dec) in Bangkok, Thailand, to discuss the operation and outlook of Thailand...

CMB International

J&T Express (1519 HK) - Parcel Growth in SEA Further Accelerated in 3Q25

While the parcel volume growth in China slowed to 10% due to the “anti-involution” campaign, it was alongside a rebound of ASP.

CMB International

ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

Surprising absence of CDH in this latest Doc. Given the ongoing ambiguity as to who owns/controls what, I'm inclined to sit this one out - for now....

David Blennerhassett

ANE (9956 HK): Uncertainty Ahead of the Scheme Vote on 9 January

The decision not to raise the share cap and the lack of irrevocables from shareholders with blocking stakes cast doubt on the vote's success. A...

Arun George

[Quiddity Index] Sep25 HSCEI Review Announced; 1 ADD, 1 DEL, Minor Flows

The Hang Seng China Enterprises Index sees 1 ADD (Pop Mart) and 1 DEL (J&T Global Express) as expected. Both might be OK shorts. Capping is final...

Travis Lundy

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