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>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>If there is one phrase to summarize PM sector’s 2022, that is “never give up”.</li><li>Facing an unprecedented COVID and property market, not only SOEs utilized their dominate resources to deliver better-than-expected results (Poly, CR Mixc, COPH), but also POEs increased dividend and fought hard in third party expansion. (CGS, Sunac Service, New Hope Service). I</li><li>In this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales YoY growth in 1Q23) and attractive valuation (11/9x 2023/24E 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.

If there is one phrase to summarize PM sector’s 2022, that is “never give up”.Facing an unprecedented COVID and property market, not only SOEs utilized their dominate resources to deliver better-than-expected results (Poly, CR Mixc, COPH), but also POEs increased dividend and fought hard in third party expansion. (CGS, Sunac Service, New Hope Service). IIn this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales YoY growth in 1Q23) and attractive valuation (11/9x 2023/24E PE).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 – FY22 review: if and only if Binjiang Service

<ul><li>We expect property + sector to react positively on CSRC’s pilot scheme since it may accelerate home delivery and social housing with the help of private investment.</li><li>Also, despite limited scope, it may leave some space for hot money into new residential projects and M&amp;A deals especially when the sales are recovering now and trust loans are back.</li><li>This is in line with our previous report that the policy will remain supportive.</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 expect property + sector to react positively on CSRC’s pilot scheme since it may accelerate home delivery and social housing with the help of private investment.Also, despite limited scope, it may leave some space for hot money into new residential projects and M&amp;A deals especially when the sales are recovering now and trust loans are back.This is in line with our previous report that the policy will remain supportive.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 – Mildly positive for CSRC’s pilot private investment scheme in real estate

<ul>
<li>Property+ sector saw a decent correction on articles from Economic daily and Qiushi that reiterated property price increase and financial system risk.</li>
<li>It has sparked the market fear of policy direction change right in the middle of improving sales data and momentum.</li>
<li>We agree that the better the data, the less policy support needed, but property policy will continue to stay supportive in the coming months as 1) the new home sales remained fragile and still declined 23% YoY YTD despite the recent improvement.</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.


Property+ sector saw a decent correction on articles from Economic daily and Qiushi that reiterated property price increase and financial system risk.
It has sparked the market fear of policy direction change right in the middle of improving sales data and momentum.
We agree that the better the data, the less policy support needed, but property policy will continue to stay supportive in the coming months as 1) the new home sales remained fragile and still declined 23% YoY YTD despite the recent improvement.

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 – Good news is bad news?

<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

Hong Kong

Yuexiu Services Group is a property management and operational services provider, offering non-commercial property management and value-added services, alongside commercial property management and operational services. Its services include cleaning, security, gardening, repair, market positioning consultancy, and tenant sourcing. The company, established in 1992, is headquartered in Guangzhou, China.

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Yuexiu Services Group (6626 HK)

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 Sector – FY22 review: if and only if Binjiang Service

In this sector report, we initiate Binjiang service as Top pick on management’s good track record, 30% growth profile, stable parentco (63% sales...

CMB International

China Property Sector – Mildly positive for CSRC’s pilot private investment scheme in real estate

We expect property + sector to react positively on CSRC’s pilot scheme since it may accelerate home delivery and social housing with the help of...

CMB International

China Property Sector – Good news is bad news?

Property+ sector saw a decent correction on articles from Economic daily and Qiushi that reiterated property price increase and financial system risk.

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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