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

<ul><li>Beike reported (8 Nov) 3Q23 financial results: total revenue was up 1.2% YoY to RMB17.8bn in 3Q23, 12% higher than both our forecast and Bloomberg consensus estimates, mainly due to better-than-feared GTV generation from both existing home transactions (EHT) and new home transactions (NHT) aided by the relaxation of policy restrictions, and stronger-than-expected revenue growth in home renovation business.</li><li>Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB875mn/988mn, thanks to better-thanexpected revenue generation and stringent-than-expected cost saving.</li><li>Based on a prudent estimation, management guided 4Q23 revenue to be between RMB18.0bn and RMB18.5bn, implying growth of 7.5-10.5% YoY and 1-4% QoQ.</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>

Beike reported (8 Nov) 3Q23 financial results: total revenue was up 1.2% YoY to RMB17.8bn in 3Q23, 12% higher than both our forecast and Bloomberg consensus estimates, mainly due to better-than-feared GTV generation from both existing home transactions (EHT) and new home transactions (NHT) aided by the relaxation of policy restrictions, and stronger-than-expected revenue growth in home renovation business.Non-GAAP net income was RMB2.1bn, better than our forecast/consensus estimate of RMB875mn/988mn, thanks to better-thanexpected revenue generation and stringent-than-expected cost saving.Based on a prudent estimation, management guided 4Q23 revenue to be between RMB18.0bn and RMB18.5bn, implying growth of 7.5-10.5% YoY and 1-4% QoQ.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.

Ke Holdings (BEKE US) – Expecting a Sequential Recovery in 4Q

KE Holdings

Ke Holdings (BEKE US) – Expecting a Sequential Recovery in 4Q