External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Country Garden Services / Equity Bottom-Up

<ul><li>The profit alert came slightly below expectation for both reported and core profits at -51% to -57%/+5% (vs. most bearish market expectation of -50%/+7%).</li><li>This may put its share price under pressure at the market opening.</li><li>However, we think the worst is almost over as 1) net profit growth may start to accelerate in 2023E at double digit with improving macro and the assumed addition of 100mn sqm managed GFA. 2) Country Garden started to see sales pick up in Feb (+10% MoM). 3) Impairment would be limited in 2023E after ~RMB2bn done in 2022. </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>

The profit alert came slightly below expectation for both reported and core profits at -51% to -57%/+5% (vs. most bearish market expectation of -50%/+7%).This may put its share price under pressure at the market opening.However, we think the worst is almost over as 1) net profit growth may start to accelerate in 2023E at double digit with improving macro and the assumed addition of 100mn sqm managed GFA. 2) Country Garden started to see sales pick up in Feb (+10% MoM). 3) Impairment would be limited in 2023E after ~RMB2bn done in 2022. 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.

CG Services (6098 HK) – Is it time to bottom fish yet?