Corporate day takeaways: Asean growth trajectory vs HK base strengthening

Research evidence excerpt

Corporate day takeaways: Asean growth trajectory vs HK base strengthening

but largely corrected within the window. Together with further

stabilizing of local housing market, we believe 2Q NIM and loan growth trend are likely to stay

favorable for HK banks.

Figure 1 - Asean loan and deposit

HK$bn 100 3.7% 88.4 86.2Competitive edge: Management highlights the competitive edges in serving Chinese 90 3.6% 75.4 80 69.9 3.5% 66.7 70companies going global include: 1) swift client acquisition via mainland branch referrals and 58.7 56.6 55.2 54.9 3.4% 57.3 54.1 54.0 52.4 60 50.4

fast-tracked accounting opening to reduce lead time to 20-30 days vs typical 2–3 months; 2) 5040 3.3%3.2%

3.1%sticky settlement via cash management, payroll, and API-integrated payments; 3) strong risk 3020

2.9%management and credit extension: ranked #1 market share of syndicated loans in Macau/HK 100 2019 2020 2021 2022 2023 2024 2025 3.0%

for 21 years, cross-border risk signal sharing, full product suite includes acquisition financing, Customer deposits Customer loans % Group (RHS)

trade finance, and DCMs; 4) broad cross-selling with investment banking, insurance, and post- .Source: Company data, Jefferies

FY25 calcualted on FX adjusted basis

IPO wealth management; 5) strong partnership with local governments through signed MOUs,

government agencies, chambers of commerce, industry associations, and industrial parks

across Hong Kong and Asean. Overall the company achieved full coverage of 70+ centrally

administered SOEs under SASAC with overseas operations, offering payroll distribution and

one-stop IPO receiving bank services.

Integrated cash management and treasury services: Mgmt. highlights the integrated

product suite including 1) FX risk management: >100 currency pairs with direct RMB-local