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.

Thematic (Sector/Industry)

<ul><li>Growing macro concerns related to stagflation, US rate hike, geopolitical tensions <span style="font-size: var(--content-font-size);">and RMB depreciation continue to weigh on growth stocks, especially to software </span><span style="font-size: var(--content-font-size);">tech. </span></li><li><span style="font-size: var(--content-font-size);">We use five criteria including 1) valuation, 2) profitability, 3) cash level, 4) </span><span style="font-size: var(--content-font-size);">short ratio and 5) RMB/USD depreciation to determine companies that are less </span><span style="font-size: var(--content-font-size);">vulnerable to market fluctuations. We find Hikvision (BUY), Glodon (BUY) and </span><span style="font-size: var(--content-font-size);">AsiaInfo (NR) in the best positions under these five criteria.</span></li><li><div><div><div><p>Heightened macro uncertainties unfavorable to software tech stocks. </p></div></div></div></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>

Growing macro concerns related to stagflation, US rate hike, geopolitical tensions and RMB depreciation continue to weigh on growth stocks, especially to software tech. We use five criteria including 1) valuation, 2) profitability, 3) cash level, 4) short ratio and 5) RMB/USD depreciation to determine companies that are less vulnerable to market fluctuations. We find Hikvision (BUY), Glodon (BUY) and AsiaInfo (NR) in the best positions under these five criteria.Heightened macro uncertainties unfavorable to software tech stocks. 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.

China Software & IT Services - Which Stocks Are Less Vulnerable to Market Volatility?

Equity Bottom-Up

<div><div><div><ul><li>MYC reported FY1H22 revenue of RM881mn (-9% YoY) and net loss of <span style="font-size: var(--content-font-size);">RMB562mn, suffering from property sector weakness and recurrent pandemic. </span></li><li><span style="font-size: var(--content-font-size);">SaaS ARR was up +25% YoY but contracted liabilities declined -8% YoY/ -4% </span><span style="font-size: var(--content-font-size);">HoH. </span></li><li><span style="font-size: var(--content-font-size);">This suggested a weak SaaS outlook and hence lower visibility in cash flow. </span><span style="font-size: var(--content-font-size);">MYC expects to recover from net loss and turn profitable in FY23E as property </span><span style="font-size: var(--content-font-size);">sector is still experiencing a “long winter”. </span></li></ul></div></div></div><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>

MYC reported FY1H22 revenue of RM881mn (-9% YoY) and net loss of RMB562mn, suffering from property sector weakness and recurrent pandemic. SaaS ARR was up +25% YoY but contracted liabilities declined -8% YoY/ -4% HoH. This suggested a weak SaaS outlook and hence lower visibility in cash flow. MYC expects to recover from net loss and turn profitable in FY23E as property sector is still experiencing a “long winter”. 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.

Ming Yuan Cloud (909 HK) – Weak SaaS Demand with Tighter Cost Control Ahead

China

Ming Yuan Cloud is an investment holding company that provides cloud services and on-premises software and services in China, primarily for property developers and other real estate industry participants. The company offers a comprehensive suite of enterprise-grade SaaS products, including CRM Cloud, Construction Cloud, Procurement Cloud, and Asset Management Cloud, alongside ERP solutions to optimize various business operations. Ming Yuan Cloud was founded in 1997 and is headquartered in Shenzhen, China.

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China Software & IT Services - Which Stocks Are Less Vulnerable to Market Volatility?

Growing macro concerns related to stagflation, US rate hike, geopolitical tensions and RMB depreciation continue to weigh on growth stocks,...

CMB International

Ming Yuan Cloud (909 HK) – Weak SaaS Demand with Tighter Cost Control Ahead

MYC reported FY1H22 revenue of RM881mn (-9% YoY) and net loss of RMB562mn, suffering from property sector weakness and recurrent pandemic.

CMB International