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

Kingdee International Software / Equity Bottom-Up

<ul><li>Kingdee reported 1H25 results: revenue was RMB3.19bn, up 11.2% YoY (1H24: 11.9%; 2H24: 8.8%), inline with our forecast and Bloomberg consensus; net loss attributable to ordinary shareholders was RMB97.7mn (1H24: loss of RMB217.9mn), shy of Bloomberg consensus loss of RMB73mn due to slightly higher-than-expected operating expenses.</li><li>Management shared key progresses and development targets regarding its three key strategic focuses: 1) subscription: cloud subscription revenue grew 22.1% YoY in 1H25 and accounted for 52.8% of total revenue; 2) AI: AI contract value exceeded RMB150mn in 1H25, and management guided for AI-related revenue to contribute &gt;30% of total revenue in 2030; 3) globalization: management expects international business revenue to contribute 5-10% of total revenue in 3-5 years.</li><li>We remain positive that Kingdee is one of the key beneficiaries in the AI application era in our coverage universe, and believe progress on AI monetization and recovery in revenue growth, along with recovery in macro and increased digitalization demand could serve as key drivers for its stock price. </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.

Kingdee reported 1H25 results: revenue was RMB3.19bn, up 11.2% YoY (1H24: 11.9%; 2H24: 8.8%), inline with our forecast and Bloomberg consensus; net loss attributable to ordinary shareholders was RMB97.7mn (1H24: loss of RMB217.9mn), shy of Bloomberg consensus loss of RMB73mn due to slightly higher-than-expected operating expenses.Management shared key progresses and development targets regarding its three key strategic focuses: 1) subscription: cloud subscription revenue grew 22.1% YoY in 1H25 and accounted for 52.8% of total revenue; 2) AI: AI contract value exceeded RMB150mn in 1H25, and management guided for AI-related revenue to contribute &gt;30% of total revenue in 2030; 3) globalization: management expects international business revenue to contribute 5-10% of total revenue in 3-5 years.We remain positive that Kingdee is one of the key beneficiaries in the AI application era in our coverage universe, and believe progress on AI monetization and recovery in revenue growth, along with recovery in macro and increased digitalization demand could serve as key drivers for its stock price. 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.

Kingdee (268 HK) - Recovery in Revenue Growth in Line with Expectation, with More Updates on AI

<ul><li>Kingdee reported 2024 results: revenue was RMB6.3bn, up 10% YoY (2023: 17% YoY), 4% short of Bloomberg consensus; dragged by RMB55mn fair value losses on investment properties; net loss attributable to ordinary shareholders was RMB142mn (2023: loss of RMB210mn), shy of Bloomberg consensus at RMB75mn.</li><li>Excluding the impact from fair value loss, Kingdee’s loss reduction effort was largely inline with our expectation, with loss margin narrowing from 3.2% in 2023 to 1.4% in 2024, driven by 0.9ppt improvement in gross margin, on an increase in subscription revenue contribution, as well as operating efficiency improvement.</li><li>We remain positive that Kingdee is well-positioned to benefit from the domestic substitution trend, backed by strong and continuously enhanced product capability and partner ecosystem. </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.

Kingdee reported 2024 results: revenue was RMB6.3bn, up 10% YoY (2023: 17% YoY), 4% short of Bloomberg consensus; dragged by RMB55mn fair value losses on investment properties; net loss attributable to ordinary shareholders was RMB142mn (2023: loss of RMB210mn), shy of Bloomberg consensus at RMB75mn.Excluding the impact from fair value loss, Kingdee’s loss reduction effort was largely inline with our expectation, with loss margin narrowing from 3.2% in 2023 to 1.4% in 2024, driven by 0.9ppt improvement in gross margin, on an increase in subscription revenue contribution, as well as operating efficiency improvement.We remain positive that Kingdee is well-positioned to benefit from the domestic substitution trend, backed by strong and continuously enhanced product capability and partner ecosystem. 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.

Kingdee (268 HK) - AI Related Monetization the Next Key to Watch

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>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Third straight week in which HSI recorded a weekly absolute price change greater than 3%.</li>
<li>Breadth improved sharply, though single stock option volumes remained subdued. Strong North American market son Friday point to higher open for stocks on Monday. </li>
<li>A heavy slate of earnings reporters awaits in the week ahead.</li>
</ul>


Third straight week in which HSI recorded a weekly absolute price change greater than 3%.
Breadth improved sharply, though single stock option volumes remained subdued. Strong North American market son Friday point to higher open for stocks on Monday. 
A heavy slate of earnings reporters awaits in the week ahead.


Hong Kong Single Stock Options Weekly (Oct 20–24): Subdued Volumes Ahead of Busy Earnings Schedule

<ul>
<li>Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.</li>
<li>Breadth was weak across single names, with only 3 of 11 sectors trading higher.</li>
<li>We provide a table of earnings events for the week ahead.</li>
</ul>


Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.
Breadth was weak across single names, with only 3 of 11 sectors trading higher.
We provide a table of earnings events for the week ahead.


Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens

China

Kingdee International Software Group Company Limited, through its subsidiaries, develops and sells enterprise management software, e-commerce application software and middleware software.  The Company also provides internet-based services and setting up e-commerce platforms for enterprises. In addition, Kingdee provides solution consulting and technical support services.

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Kingdee International Software (268 HK)

Kingdee (268 HK) - Recovery in Revenue Growth in Line with Expectation, with More Updates on AI

Our 2025-2027E revenue forecast remains unchanged, and our TP is fine tuned to HK$19.2 (was HK$19.3), based on 8.4x 2025E EV/sales (was 8.5x),...

CMB International

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

Hong Kong Single Stock Options Weekly (Oct 20–24): Subdued Volumes Ahead of Busy Earnings Schedule

Hong Kong equities extended their rebound with stronger breadth and cooler volatility, setting the stage for a busy earnings week. Strong NA...

John Ley

Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens

Single stock options are showing signs of stress as Put trading surpasses Calls, while only 3 of 11 sectors are trading higher. Upcoming earnings...

John Ley

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52-week Range

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Kingdee (268 HK) - Recovery in Revenue Growth in Line with Expectation, with More Updates on AI

Our 2025-2027E revenue forecast remains unchanged, and our TP is fine tuned to HK$19.2 (was HK$19.3), based on 8.4x 2025E EV/sales (was 8.5x),...

CMB International

Kingdee (268 HK) - AI Related Monetization the Next Key to Watch

Kingdee reported 2024 results: revenue was RMB6.3bn, up 10% YoY (2023: 17% YoY), 4% short of Bloomberg consensus; dragged by RMB55mn fair value...

CMB International

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

Hong Kong Single Stock Options Weekly (Oct 20–24): Subdued Volumes Ahead of Busy Earnings Schedule

Hong Kong equities extended their rebound with stronger breadth and cooler volatility, setting the stage for a busy earnings week. Strong NA...

John Ley

Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens

​Single stock options are showing signs of stress as Put trading surpasses Calls, while only 3 of 11 sectors are trading higher. Upcoming earnings...

John Ley

Single stock options are showing signs of stress as Put trading surpasses Calls, while only 3 of 11 sectors are trading higher. Upcoming earnings...