Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.</li>
<li>Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.</li>
<li>Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.</li>
</ul>


Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.
Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.
Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.


CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same few names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, etc, but the nets are changing (and Chongqing Changan)</li>
<li>Last week, NORTHBOUND were again net sellers (RMB -3.16bn), but Shanghai saw net buys. The top two flows were <a href="https://www.smartkarma.com/entities/chongqing-changan-automobi-b" target="_blank" data-smartkarma-citation="entities:13472:1" rel="noopener">Chongqing Changan Automobile Company (200625 CH)</a> to buy, BYD to sell.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same few names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, etc, but the nets are changing (and Chongqing Changan)
Last week, NORTHBOUND were again net sellers (RMB -3.16bn), but Shanghai saw net buys. The top two flows were Chongqing Changan Automobile Company (200625 CH) to buy, BYD to sell.


Mainland Connect NORTHBOUND Flows (To 24 Nov 23): Chongqing Changan (Bought) Vs BYD (Sold)

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are still smaller.</li>
<li>Last week, NORTHBOUND returned to net OUTflow after the previous week saw the first net buy in 3mos. This week saw RMB 7.95bn of net NORTHBOUND selling.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are still smaller.
Last week, NORTHBOUND returned to net OUTflow after the previous week saw the first net buy in 3mos. This week saw RMB 7.95bn of net NORTHBOUND selling.


Mainland Connect NORTHBOUND Flows (To 10 Nov 23): Back To Net Sales (Ping An, Eoptolink, Innolight)

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>Upgrade to BUY. Although BYD-A’s share price has been between -15% and +13% of our previous target price of RMB 270, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.</li><li>It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.</li><li>We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. </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.

Upgrade to BUY. Although BYD-A’s share price has been between -15% and +13% of our previous target price of RMB 270, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. 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 (002594 CH) – Profit May Continue to Beat in Next Few Quarters

<ul><li>Upgrade to BUY. Although BYD’s share price has been between -10% and +15% of our previous target price of HK$ 240, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.</li><li>It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.</li><li>We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. Unlike some investors,</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.

Upgrade to BUY. Although BYD’s share price has been between -10% and +15% of our previous target price of HK$ 240, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. Unlike some investors,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) – Profit May Continue to Beat in Next Few Quarters

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.

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BYD (1211 HK)

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu is the leader in the Robotaxi industry in China. The company has recently seen a rapid adaptation of its Robotaxi service in Wuhan which is...

David Mudd

Mainland Connect NORTHBOUND Flows (To 24 Nov 23): Chongqing Changan (Bought) Vs BYD (Sold)

Mainland Connect (NORTHBOUND) flows continue to sell net selling. This week was RMB -3.16bn. The big buy this week was Chongqing Changan, the big...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 10 Nov 23): Back To Net Sales (Ping An, Eoptolink, Innolight)

Mainland Connect NORTHBOUND flow was back to net selling last week. Top names were still top names. Property & Construction a net buy. BYD a big...

Travis Lundy

BYD Company (002594 CH) – Profit May Continue to Beat in Next Few Quarters

It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.

CMB International

BYD Company (1211 HK) – Profit May Continue to Beat in Next Few Quarters

It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.

CMB International

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