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.

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Poly Property Services   / Equity Bottom-Up

<ul><li>Poly Services recorded 22% YoY increase in net profit in 1H23, in line with its full-year target.</li><li>NP growth was largely higher than that of revenue (+11% YoY) reflecting margin improvement backed by higher business concentration and optimized VAS business structure.</li><li>Accounts receivable remains a concern as public service (with longer cash collection period) is contributing more in revenue, while that will be an industry puzzle as the business is one the GFA growth points for the sector. </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.

Poly Services recorded 22% YoY increase in net profit in 1H23, in line with its full-year target.NP growth was largely higher than that of revenue (+11% YoY) reflecting margin improvement backed by higher business concentration and optimized VAS business structure.Accounts receivable remains a concern as public service (with longer cash collection period) is contributing more in revenue, while that will be an industry puzzle as the business is one the GFA growth points for the sector. 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.

Poly Services (6049 HK) – 1H23 Results in Line but AR Remains a Concern

Thematic (Sector/Industry)

<ul><li>NBS data in Oct was in line with market expectation, with property investment decline remaining at -11.3% YoY in Oct (vs. -11.3% in Sep) despite a lower base.</li><li>Property sales also weakened with volume/value declining 28/26% MoM and showing larger divergence between high- and low-tier cities.</li><li>We think Nov-Dec 2023 may continue to be weak as the buying sentiment remains low and is hard to be lifted with the marginally weakening effect from easing policies. </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.

NBS data in Oct was in line with market expectation, with property investment decline remaining at -11.3% YoY in Oct (vs. -11.3% in Sep) despite a lower base.Property sales also weakened with volume/value declining 28/26% MoM and showing larger divergence between high- and low-tier cities.We think Nov-Dec 2023 may continue to be weak as the buying sentiment remains low and is hard to be lifted with the marginally weakening effect from easing policies. 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 Property Sector – NBS Oct Data in Line

<ul><li>NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/-19% in Jul).</li><li>We expect sales growth to perform better in Sep-Oct given 1) relaxation in 12 tier-2 cities (more to come) combined with new policy in tier-1 cities (report) would release certain demand to support sales in ST, 2) developers are speeding up project launch to benefit from sentiment tailwind and 3) our Leading Indicator suggests good sales performance in Oct.</li><li>While the sustainability of recovery is uncertain as 1) our channel check in tier-1 cities shows both the project visitor flow/house transaction have signs of retreat during the 2nd week compared to the 1 st week after new policy, 2) continuous fall on home price arouses more watchand-see sentiment of home buyers, 3) concern on future income expectation still exists which suppresses a chunk of demands. </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.

NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/-19% in Jul).We expect sales growth to perform better in Sep-Oct given 1) relaxation in 12 tier-2 cities (more to come) combined with new policy in tier-1 cities (report) would release certain demand to support sales in ST, 2) developers are speeding up project launch to benefit from sentiment tailwind and 3) our Leading Indicator suggests good sales performance in Oct.While the sustainability of recovery is uncertain as 1) our channel check in tier-1 cities shows both the project visitor flow/house transaction have signs of retreat during the 2nd week compared to the 1 st week after new policy, 2) continuous fall on home price arouses more watchand-see sentiment of home buyers, 3) concern on future income expectation still exists which suppresses a chunk of demands. 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 Property Sector – NBS Aug Data In-Line

<ul><li>Both primary and secondary market reacted strongly to the new policy (认房不 认贷) during the weekend.</li><li>Project visitors and transactions for new home in BJ &amp; SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and sell-to-buy demand.</li><li>We think it is hard for newly-released demand to hold on and it might be able to support the new home recovery for 1-3 months in our view as part of the demand is relying on the transaction of existing market and is likely to be curbed by 2nd -hand housing price which will keep under pressure in our view due to the reason we illustrated below. </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.

Both primary and secondary market reacted strongly to the new policy (认房不 认贷) during the weekend.Project visitors and transactions for new home in BJ &amp; SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and sell-to-buy demand.We think it is hard for newly-released demand to hold on and it might be able to support the new home recovery for 1-3 months in our view as part of the demand is relying on the transaction of existing market and is likely to be curbed by 2nd -hand housing price which will keep under pressure in our view due to the reason we illustrated below. 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 Property Sector – Will the newly-released demand hold on?

<ul><li>We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.</li><li>This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.</li><li>Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.</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.

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.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 Property Service Sector – 2023 a year for market leaders and survivors

China

Poly Property Services Co., Ltd. provides property services. The Company offers property management, property projects pre-consultation, post-delivery evaluation and analysis, professional equipment and facilities maintenance, housekeeping, and other services. Poly Property Services provides services in China.

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Poly Property Services (6049 HK)

Poly Services (6049 HK) – 1H23 Results in Line but AR Remains a Concern

NP growth was largely higher than that of revenue (+11% YoY) reflecting margin improvement backed by higher business concentration and optimized...

CMB International

China Property Sector – NBS Oct Data in Line

NBS data in Oct was in line with market expectation, with property investment decline remaining at -11.3% YoY in Oct (vs. -11.3% in Sep) despite a...

CMB International

China Property Sector – NBS Aug Data In-Line

NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/...

CMB International

China Property Sector – Will the newly-released demand hold on?

Project visitors and transactions for new home in BJ & SH showed a rally, and 2 nd -hand house listing volume was boosted by cashout demand and...

CMB International

China Property Service Sector – 2023 a year for market leaders and survivors

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so...

CMB International

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