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>Revenue/net profit grew 4.3/2.4% YoY in 1H25, largely in line with market expectations.</li><li>Basic PM remained resilient (revenue +15% YoY) driven by robust third-party expansion (new contracted value +59% YoY), with strategic partnerships contributing meaningfully to both project volume and quality.</li><li>Owner VAS revenue grew modestly at 4% YoY (slowed by macro headwinds, particularly group dining), though third-party expansion made positive progress—projects meeting high food safety standards have been secured, underpinning future 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.

Revenue/net profit grew 4.3/2.4% YoY in 1H25, largely in line with market expectations.Basic PM remained resilient (revenue +15% YoY) driven by robust third-party expansion (new contracted value +59% YoY), with strategic partnerships contributing meaningfully to both project volume and quality.Owner VAS revenue grew modestly at 4% YoY (slowed by macro headwinds, particularly group dining), though third-party expansion made positive progress—projects meeting high food safety standards have been secured, underpinning future 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.

New Hope Services (3658 HK) - 1H25: Strong 3rd-Party Expansion with 11% Div. Yield

<ul><li>New Hope Services’ FY24 revenue grew 17% YoY to RMB 1,480mn, 5% above CMBI estimates, driven by stable managed GFA growth and strong retail &amp; catering services.</li><li>Net profit increased 5% YoY to RMB 230mn, in line with company’s guidance, due to 5 ppts gross margin decline and a 4 ppt SG&amp;A ratio cut.</li><li>Third-party expansion was impressive, with new contract value of RMB 600mn (+192% YoY). </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.

New Hope Services’ FY24 revenue grew 17% YoY to RMB 1,480mn, 5% above CMBI estimates, driven by stable managed GFA growth and strong retail &amp; catering services.Net profit increased 5% YoY to RMB 230mn, in line with company’s guidance, due to 5 ppts gross margin decline and a 4 ppt SG&amp;A ratio cut.Third-party expansion was impressive, with new contract value of RMB 600mn (+192% YoY). 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.

New Hope Services (3658 HK) - Third party expansion advances to higher-end level, maintain BUY

<ul><li>1H24 earnings met our expectation with revenue/NP +18/8% YoY. GPM contracted to 32.8% but was still above industry avg. of 20%+.</li><li>We expect gross margin to further normalize given the company’s fast expansion amidst heightened competition.</li><li>New contract value surged 227% YoY in 1H24 given the company’s smart strategies to leverage existing resources. </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.

1H24 earnings met our expectation with revenue/NP +18/8% YoY. GPM contracted to 32.8% but was still above industry avg. of 20%+.We expect gross margin to further normalize given the company’s fast expansion amidst heightened competition.New contract value surged 227% YoY in 1H24 given the company’s smart strategies to leverage existing resources. 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.

New Hope Services (3658 HK) - Robust Expansion Pace + Anti-Cyclical VAS; Maintain BUY

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

Huafa Property Services Group / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a> vote on <a href="https://www.smartkarma.com/entities/huafa-industrial-co-ltd-zhuhai" target="_blank" data-smartkarma-citation="entities:2329:1" rel="noopener">Huafa Industrial Co., Ltd. Zhuhai (600325 CH)</a>’ HK$0.29 offer is on 28 August. However, shares trade wide ahead of the vote.</li>
<li>Several readers have enquired about the unusually high spread ahead of the vote of a seemingly clean deal. The conversations raised several concerns. </li>
<li>The concerns are unwarranted, and this remains a clean deal. At the last close and for the 30 September payment, the gross/annualised spread was 5.5%/68.9%. </li>
</ul>


The Huafa Property Services Group (982 HK) vote on Huafa Industrial Co., Ltd. Zhuhai (600325 CH)’ HK$0.29 offer is on 28 August. However, shares trade wide ahead of the vote.
Several readers have enquired about the unusually high spread ahead of the vote of a seemingly clean deal. The conversations raised several concerns. 
The concerns are unwarranted, and this remains a clean deal. At the last close and for the 30 September payment, the gross/annualised spread was 5.5%/68.9%. 


Huafa Property Services (982 HK): What’s Going on as Shares Trades Very Wide Ahead of the Vote?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/huafa-industrial-co-ltd-zhuhai" target="_blank" data-smartkarma-citation="entities:2329:1" rel="noopener">Huafa Industrial Co., Ltd. Zhuhai (600325 CH)</a>’s HK$0.29 privatisation offer is fair and reasonable. The vote is on 28 August. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. The offer price is final.</li>
<li>No shareholder holding a blocking stake, low AGM minority participation rate and calm retail boards suggest low vote risk. At the last close, the gross/annualised spread is 9.4%/52.5%. </li>
</ul>



Huafa Property Services Group (982 HK)’s IFA opines that Huafa Industrial Co., Ltd. Zhuhai (600325 CH)’s HK$0.29 privatisation offer is fair and reasonable. The vote is on 28 August. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. The offer price is final.
No shareholder holding a blocking stake, low AGM minority participation rate and calm retail boards suggest low vote risk. At the last close, the gross/annualised spread is 9.4%/52.5%. 


Huafa Property Services (982 HK): Wide Spread Ahead of the 28 August Vote

China

New Hope Service Holdings Limited offers investment holding services. The Company, through its subsidiaries, provides property management, commercial operation, and livelihood services. New Hope Service Holdings conducts businesses in China.

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New Hope Service (3658 HK)

New Hope Services (3658 HK) - 1H25: Strong 3rd-Party Expansion with 11% Div. Yield

The company raised its payout ratio by 10ppts to 70%, implying an ~11% dividend yield. Maintain BUY and trim our TP by 6% to HK$2.5 (8x 2025E P/E)...

CMB International

New Hope Services (3658 HK) - Third party expansion advances to higher-end level, maintain BUY

New Hope Services’ FY24 revenue grew 17% YoY to RMB 1,480mn, 5% above CMBI estimates, driven by stable managed GFA growth and strong retail &...

CMB International

New Hope Services (3658 HK) - Robust Expansion Pace + Anti-Cyclical VAS; Maintain BUY

1H24 earnings met our expectation with revenue/NP +18/8% YoY. GPM contracted to 32.8% but was still above industry avg. of 20%+.

CMB International

Huafa Property Services (982 HK): What’s Going on as Shares Trades Very Wide Ahead of the Vote?

Several readers have enquired about the unusually high spread ahead of the vote on a seemingly clean deal. The conversations raised several...

Arun George

Huafa Property Services (982 HK): Wide Spread Ahead of the 28 August Vote

No shareholder holding a blocking stake, low AGM minority participation rate and calm retail boards suggest low vote risk. At the last close, the...

Arun George

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