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>BEKE’s reported strong 1Q23 results with adjusted NP doubled from last quarter to reach RMB 3.56bn, strongly beating market expectations.</li><li>Moreover, the Company guided another strong quarter with GTV for ETH/new home to grow &gt;20%/30% YoY.</li><li>Due to improving GTV growth outlook and narrower than expected losses from new business, we raise our forecasts and expect the adjusted NP to reach RMB 7.4/8.5bn in 2023/24E, 17%/6% higher than the consensus. </li></ul><p><em>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.</em></p>

BEKE’s reported strong 1Q23 results with adjusted NP doubled from last quarter to reach RMB 3.56bn, strongly beating market expectations.Moreover, the Company guided another strong quarter with GTV for ETH/new home to grow &gt;20%/30% YoY.Due to improving GTV growth outlook and narrower than expected losses from new business, we raise our forecasts and expect the adjusted NP to reach RMB 7.4/8.5bn in 2023/24E, 17%/6% higher than the consensus. 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) – Strong 2Q Guidance Points to a Robust 1H23

China/Asia TMT

Shawn Yang

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>China government guided no commission capping on real estate brokerage business, but the ladder-pricing system may lead to moderate commission rate reduction for Beike.</li>
<li>We estimate that 0.1% of Lianjia commission rate cut can imply to 1.2% of revenue reduction for Beike in 2023. </li>
<li>Therefore, we lowered revenue by (2.8%) and net income by (5.3%) to factor in the potential changes.  We maintain BUY rating but cut the TP by US$2 to US$21.  </li>
</ul>


China government guided no commission capping on real estate brokerage business, but the ladder-pricing system may lead to moderate commission rate reduction for Beike.
We estimate that 0.1% of Lianjia commission rate cut can imply to 1.2% of revenue reduction for Beike in 2023. 
Therefore, we lowered revenue by (2.8%) and net income by (5.3%) to factor in the potential changes.  We maintain BUY rating but cut the TP by US$2 to US$21.  


[KE Holdings Inc. (BEKE US) Target Price Change]: Government Clears the Commission Uncertainties

Thematic (Sector/Industry)

<ul>
<li>PDD: Douyin launches “Super Cheap Little Shop” to provide low cost products (-)</li>
<li>ByteDance/BEKE: ByteDance give up offline housing brokerage business, while online business remains（+）</li>
<li>NIO: NIO to officially launch all-new ES6 on May 24 (+)</li>
</ul>


PDD: Douyin launches “Super Cheap Little Shop” to provide low cost products (-)
ByteDance/BEKE: ByteDance give up offline housing brokerage business, while online business remains（+）
NIO: NIO to officially launch all-new ES6 on May 24 (+)


China TMT Update (May.6) - Douyin/PDD/ByteDance/BEKE/NIO: Douyin Launches “Super Cheap Little Shop”

<ul>
<li>BILI: Some BILI content creators reportedly cease to upload videos due to monetization(-)</li>
<li>BEKE: Housing transaction volume continue ramp up in March 2023(+)</li>
<li>9995HK: BioNTech signed ADC license deal with a Chinese startup (-)</li>
</ul>


BILI: Some BILI content creators reportedly cease to upload videos due to monetization(-)
BEKE: Housing transaction volume continue ramp up in March 2023(+)
9995HK: BioNTech signed ADC license deal with a Chinese startup (-)


China TMT Update - BILI/BEKE/9995HK -Some BILI Content Creators Reportedly Cease to Upload Videos(-)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In Q1 2023, 86 different Hong Kong-listed companies bought back shares either locally or on foreign exchanges. Total buybacks were HK$22.856bn.</li>
<li>8 Companies made up 90% of the total. On average, they bought back shares 4 days out of every 10 within the quarter. </li>
<li>A lot of the smaller companies doing buybacks were significant portions of their volume.</li>
</ul>


In Q1 2023, 86 different Hong Kong-listed companies bought back shares either locally or on foreign exchanges. Total buybacks were HK$22.856bn.
8 Companies made up 90% of the total. On average, they bought back shares 4 days out of every 10 within the quarter. 
A lot of the smaller companies doing buybacks were significant portions of their volume.


HK Buybacks Q1 2023: 8 Names Are 90% of the Total - AIA, Tencent, StanChart, Greatwall the Big 4

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)