External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>BYD’s 4Q22 earnings beat our expectation. We raise our FY23E net profit to RMB 18.9bn, or RMB 7,100 per vehicle to account for subsidy phase-out and stiffer competition.</li><li>We believe consensus could underestimate the margin dent from the subsidy phase-out.</li><li>We maintain HOLD given its fair valuation to us.</li></ul>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.

BYD’s 4Q22 earnings beat our expectation. We raise our FY23E net profit to RMB 18.9bn, or RMB 7,100 per vehicle to account for subsidy phase-out and stiffer competition.We believe consensus could underestimate the margin dent from the subsidy phase-out.We maintain HOLD given its fair valuation to us.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.

BYD Company (1211 HK) – 4Q22 beat; FY23E margins likely overestimated

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.</li><li>Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.</li><li>Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. </li></ul>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.

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. 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.

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Railway / China’s railway investment falls for a third straight year</li><li>Covid-19 / China to end quarantine for travelers from Hong Kong to the mainland</li><li>Academic fraud / China punishes dozens for academic fraud at medical universities</li></ul>

Railway / China’s railway investment falls for a third straight yearCovid-19 / China to end quarantine for travelers from Hong Kong to the mainlandAcademic fraud / China punishes dozens for academic fraud at medical universities

CX Daily: China’s Railway Investment Falls for a Third Straight Year

<ul>
<li>Covid-19 /: After China’s Covid U-turn, a ‘tsunami’ of infected strip bare pharmacy shelves</li>
<li>Economy /: China’s economy won’t get back to normal until ‘wartime’ Covid controls end, expert says</li>
<li>Hong Kong /: Hong Kong plans to reopen border with mainland in weeks</li>
</ul>


Covid-19 /: After China’s Covid U-turn, a ‘tsunami’ of infected strip bare pharmacy shelves
Economy /: China’s economy won’t get back to normal until ‘wartime’ Covid controls end, expert says
Hong Kong /: Hong Kong plans to reopen border with mainland in weeks


CX Daily: After China’s Covid U-Turn, A ‘Tsunami’ Of Infected Strip Bare Pharmacy Shelves

<ul>
<li>
Covid-19 / Chinese cities continue shift from ‘zero-Covid’.
</li>
<li>
Gold / China reports first rise in gold reserves since 2019.
</li>
<li>
Carbon / China’s local governments set out plans to meet 2030 peak carbon goal.
</li>
</ul>



Covid-19 / Chinese cities continue shift from ‘zero-Covid’.


Gold / China reports first rise in gold reserves since 2019.


Carbon / China’s local governments set out plans to meet 2030 peak carbon goal.



CX Daily: Chinese Cities Continue Shift From ‘Zero-Covid’

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD (1211 HK)

BYD Company (1211 HK) – 4Q22 beat; FY23E margins likely overestimated

BYD’s 4Q22 earnings beat our expectation. We raise our FY23E net profit to RMB 18.9bn, or RMB 7,100 per vehicle to account for subsidy phase-out...

CMB International

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec. Wholesale volume rose 10%...

CMB International

CX Daily: China’s Railway Investment Falls for a Third Straight Year

China’s railway investment falls for a third straight year. China to end quarantine for travelers from Hong Kong to the mainland

Caixin Global

CX Daily: After China’s Covid U-Turn, A ‘Tsunami’ Of Infected Strip Bare Pharmacy Shelves

After China’s Covid U-turn, a ‘tsunami’ of infected strip bare pharmacy shelves. China’s economy won’t get back to normal until ‘wartime’ Covid...

Caixin Global

CX Daily: Chinese Cities Continue Shift From ‘Zero-Covid’

Chinese cities continue shift from ‘zero-Covid’. China reports first rise in gold reserves since 2019. China’s local governments set out plans to...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)