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 4Q24 results: revenue rose 47% YoY to RMB31.1bn, beating Bloomberg consensus and CMBI estimates by 8%, mainly due to the sizzling transaction sentiment in 4Q24 where existing home GTV (EHT) surged 60% YoY, increasing its FY market share by 3ppts, and new home transactions (NHT) jumped 50% YoY.</li><li>Non-GAAP net income was RMB1.3bn, with a margin of 4.3%, missing consensus/our estimates by 24%/39% due to RMB1.5bn in one-off expenses.</li><li>We think BEKE's measures, such as 1) further expansion of agent teams, 2) continuous shift to compensation structure, and 3) reserved attitude on profit-taking in the early recovery stage of property market may continue to refrain its profitability. </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 4Q24 results: revenue rose 47% YoY to RMB31.1bn, beating Bloomberg consensus and CMBI estimates by 8%, mainly due to the sizzling transaction sentiment in 4Q24 where existing home GTV (EHT) surged 60% YoY, increasing its FY market share by 3ppts, and new home transactions (NHT) jumped 50% YoY.Non-GAAP net income was RMB1.3bn, with a margin of 4.3%, missing consensus/our estimates by 24%/39% due to RMB1.5bn in one-off expenses.We think BEKE's measures, such as 1) further expansion of agent teams, 2) continuous shift to compensation structure, and 3) reserved attitude on profit-taking in the early recovery stage of property market may continue to refrain its profitability. 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) - Proactive Investment to Drive Better Business Development Prospects...

KE Holdings

Ke Holdings (BEKE US) - Proactive Investment to Drive Better Business Development Prospects...