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>Property sales during Labor Day holiday (May 1-5) were solid with daily transaction volume for new homes in 30 cities/second-hand homes in 16 cities rising 28/162% YoY, respectively, demonstrating stable home-buying sentiment post the March peak without the market-feared cliff-like decline.</li><li>With a high base in 2Q25, we forecast existing home transaction/new home transaction (EHT/NHT) GTV growth of 14%/2% YoY to RMB650/240bn (vs.1Q25E: +26%/+43% YoY).</li><li>We are confident in revenue growth given the company’s active market share expansion but stay cautious on profitability due to elevated CSR-related expenses that will likely remain high in recent years, albeit creating non-negligible long-term value. </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.

Property sales during Labor Day holiday (May 1-5) were solid with daily transaction volume for new homes in 30 cities/second-hand homes in 16 cities rising 28/162% YoY, respectively, demonstrating stable home-buying sentiment post the March peak without the market-feared cliff-like decline.With a high base in 2Q25, we forecast existing home transaction/new home transaction (EHT/NHT) GTV growth of 14%/2% YoY to RMB650/240bn (vs.1Q25E: +26%/+43% YoY).We are confident in revenue growth given the company’s active market share expansion but stay cautious on profitability due to elevated CSR-related expenses that will likely remain high in recent years, albeit creating non-negligible long-term value. 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.

Ke Holdings (BEKE US) - Holiday Sales Suggest Stable Home-Buying Sentiment

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>In 4Q24, Meituan’s revenue growth rate was 20% YoY with all businesses rising.</li>
<li>The operating margin improved to 8.8% in 4Q24 versus about zero in 4Q23.</li>
<li>We set an upside of 61% and a price target of HK$270. Buy.</li>
</ul>


In 4Q24, Meituan’s revenue growth rate was 20% YoY with all businesses rising.
The operating margin improved to 8.8% in 4Q24 versus about zero in 4Q23.
We set an upside of 61% and a price target of HK$270. Buy.


Meituan (3690 HK): 4Q24, High Growth and Higher Margin, 60% Upside

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Beike reported C4Q24 revenue beat our estimate/consensus by 8.4%/7.4%, non-GAAP OP miss our estimate/consensus by 37.5%/21.6%, due to front-loading expansion cost.</li>
<li>We expect Beike to take 2-3ppt of market share in a rebalancing property market in 2025. </li>
<li>We keep the stock as BUY and keep TP at US$25.</li>
</ul>


Beike reported C4Q24 revenue beat our estimate/consensus by 8.4%/7.4%, non-GAAP OP miss our estimate/consensus by 37.5%/21.6%, due to front-loading expansion cost.
We expect Beike to take 2-3ppt of market share in a rebalancing property market in 2025. 
We keep the stock as BUY and keep TP at US$25.


[KE Holdings (BEKE US, BUY, TP US$25) Earnings Review]: Housing Inventory Resolution Drives Recovery

<ul><li>Beike reported 4Q24 results: revenue rose 47% YoY to RMB31.1bn, beating Bloomberg consensus and CMBI estimates by 8%, mainly due to the sizzling transaction sentiment in 4Q24 where existing home GTV (EHT) surged 60% YoY, increasing its FY market share by 3ppts, and new home transactions (NHT) jumped 50% YoY.</li><li>Non-GAAP net income was RMB1.3bn, with a margin of 4.3%, missing consensus/our estimates by 24%/39% due to RMB1.5bn in one-off expenses.</li><li>We think BEKE's measures, such as 1) further expansion of agent teams, 2) continuous shift to compensation structure, and 3) reserved attitude on profit-taking in the early recovery stage of property market may continue to refrain its profitability. </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.

Beike reported 4Q24 results: revenue rose 47% YoY to RMB31.1bn, beating Bloomberg consensus and CMBI estimates by 8%, mainly due to the sizzling transaction sentiment in 4Q24 where existing home GTV (EHT) surged 60% YoY, increasing its FY market share by 3ppts, and new home transactions (NHT) jumped 50% YoY.Non-GAAP net income was RMB1.3bn, with a margin of 4.3%, missing consensus/our estimates by 24%/39% due to RMB1.5bn in one-off expenses.We think BEKE's measures, such as 1) further expansion of agent teams, 2) continuous shift to compensation structure, and 3) reserved attitude on profit-taking in the early recovery stage of property market may continue to refrain its profitability. 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.

Ke Holdings (BEKE US) - Proactive Investment to Drive Better Business Development Prospects...

<ul>
<li>The decline of new home sales was narrowed in the past ten months.</li>
<li>New home, rental, and furnishing businesses grew strongly in 3Q24.</li>
<li>We believe the operating margin will improve in 2025 and 2026.</li>
</ul>


The decline of new home sales was narrowed in the past ten months.
New home, rental, and furnishing businesses grew strongly in 3Q24.
We believe the operating margin will improve in 2025 and 2026.


KE (BEKE): New Home Decline Narrowed, The Top Agent Needed by Landlords and Developers

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)