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>On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.</li><li>Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.</li><li>We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. </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.

On Aug 28, regulators issued the Notice on Improving Commercial Housing Sales System, proposing to lift the pre-sale threshold to structural topping-out and impose full supervision on pre-sale funds for new land parcels.Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive market share concentration toward SOEs; while on the demand side, it would reduce delivery risks and boost buyer confidence, in our view.We view this as a landmark step to break the sector’s vicious cycle, with regulators directly addressing the root cause. 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 - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

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

<ul><li>New Hope Services reported industry-average-level earnings with NP up 6% YoY in FY23.</li><li>The company raised its dividend payout ratio to 60% from 48% in FY22, representing a yield of 12%, which boosted the share price by 6% in two days after announcement.</li><li>We like the company for its clear strategy, high business concentration, high dividend yield and a cash/mkt cap ratio of &gt;1. Maintain BUY with TP at HK$2.79, reflecting 8x 2024E PE</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 reported industry-average-level earnings with NP up 6% YoY in FY23.The company raised its dividend payout ratio to 60% from 48% in FY22, representing a yield of 12%, which boosted the share price by 6% in two days after announcement.We like the company for its clear strategy, high business concentration, high dividend yield and a cash/mkt cap ratio of &gt;1. Maintain BUY with TP at HK$2.79, reflecting 8x 2024E PEContent 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) - 12% Dividend Yield with Cash Balance > Mkt Cap

China

New Hope Service Holdings Limited is an investment holding company that provides property management, value-added, commercial operational, and lifestyle services. It offers property management for residential, commercial, and other non-residential properties, along with preliminary planning, design consultancy, pre-delivery services, and commercial property leasing. The company was incorporated in 2020 and is headquartered in Chengdu, China.

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New Hope Service (3658 HK)

Property - Pre-Sale Threshold Lifted: Short-Term Pain for Long-Term Health

Full rollout of the policy would tighten developer liquidity, accelerate exit of undercapitalized players, lengthen collection cycles and drive...

CMB International

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

New Hope Services (3658 HK) - 12% Dividend Yield with Cash Balance > Mkt Cap

We like the company for its clear strategy, high business concentration, high dividend yield and a cash/mkt cap ratio of >1. Maintain BUY with TP...

CMB International

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