5 Sep 2024 CMB International Global Markets | Equity Research | Company Update New Hope Services (3658 HK) Robust expansion pace + anti-cyclical VAS; Maintain BUY 1H24 earnings met our expectation with revenue/NP +18/8% YoY. GPM contracted to 32.8% but was still above industry avg. of 20%+. We expect gross margin to further normalize given the company's fast expansion amidst heightened competition. New contract value surged 227% YoY in 1H24 given the company's smart strategies to leverage existing resources ...