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

Jinmao Property Services / Equity Bottom-Up

<ul><li>Jinmao Services’ revenue grew 19.6% YoY in 1H25 given the drag from nonowner VAS (rev. -17.3% YoY) offset by new business integration (boost basic PM rev. +31% YoY).</li><li>During the period, net profit growth narrowed to +3.1% YoY, in-line with market expectations, weighed by: 1) 2ppts gross margin decline to 22.5% (impacted from basic PM and non-owner VAS); 2) increase in accounts receivable impairment driving c.RMB30mn rise in other expenses.</li><li>Excluding this impact, net profit would have achieved double-digit growth. </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.

Jinmao Services’ revenue grew 19.6% YoY in 1H25 given the drag from nonowner VAS (rev. -17.3% YoY) offset by new business integration (boost basic PM rev. +31% YoY).During the period, net profit growth narrowed to +3.1% YoY, in-line with market expectations, weighed by: 1) 2ppts gross margin decline to 22.5% (impacted from basic PM and non-owner VAS); 2) increase in accounts receivable impairment driving c.RMB30mn rise in other expenses.Excluding this impact, net profit would have achieved double-digit growth. 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.

Jinmao Property Services (816 HK) - New Business Integration Drives New Growth Engines

<ul><li>The company's FY24 revenue and net profit rose 10% to RMB 3.0bn and RMB 372mn, respectively, missing CMBI's forecasts by 4.2% and 7% due to nonowner VAS drag.</li><li>Despite maintaining a 40% dividend payout ratio, investor expectations were unmet, causing a nearly 10% stock price drop on results release day.</li><li>We observed that parentco China Jinmao, is gradually stepping out of difficulties and its frequent land acquisitions make it rank the 2nd in the industry in terms of land-to-sales ratio during 2024+2M25 (Figure 4), which will provide strong support for GFA growth of Jinmao Services against the backdrop of fierce competition among 3rd party expansion. </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.

The company's FY24 revenue and net profit rose 10% to RMB 3.0bn and RMB 372mn, respectively, missing CMBI's forecasts by 4.2% and 7% due to nonowner VAS drag.Despite maintaining a 40% dividend payout ratio, investor expectations were unmet, causing a nearly 10% stock price drop on results release day.We observed that parentco China Jinmao, is gradually stepping out of difficulties and its frequent land acquisitions make it rank the 2nd in the industry in terms of land-to-sales ratio during 2024+2M25 (Figure 4), which will provide strong support for GFA growth of Jinmao Services against the backdrop of fierce competition among 3rd party expansion. 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.

Jinmao Property Services (816 HK) - Earnings Hurt by Industry Cycle

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.</li>
<li>The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. </li>
</ul>



Jinke Smart Services (9666 HK) has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.
The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. 


Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

<ul>
<li>On 19 September, Boyu completed the auction share transfer to take its <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> shareholding to 55.91% of outstanding shares.</li>
<li>Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.</li>
<li>The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.</li>
</ul>


On 19 September, Boyu completed the auction share transfer to take its Jinke Smart Services (9666 HK) shareholding to 55.91% of outstanding shares.
Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.
The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.


Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

China

Jinmao Property Services Co., Limited provides property management and city operation services. The Company offers property management services, value-added services to non-property owners, and community value-added services. Jinmao Property Services conducts businesses in China.

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Jinmao Property Services (816 HK)