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

<ul><li>Maintain HOLD. BYD’s 2Q23 net profit beat our prior forecast on GPM, forex gains and government grants.</li><li>We view its earnings quality as solid given its accounting policies.</li><li>We believe going upmarket could be key to its sales growth and margins, although it appears that sales volume for BYD’s three premium brands may not be large enough to help BYD outperform the NEV market in 2024. </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.

Maintain HOLD. BYD’s 2Q23 net profit beat our prior forecast on GPM, forex gains and government grants.We view its earnings quality as solid given its accounting policies.We believe going upmarket could be key to its sales growth and margins, although it appears that sales volume for BYD’s three premium brands may not be large enough to help BYD outperform the NEV market in 2024. 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) – Solid 2Q23 Earnings Quality; Eyes on Upmarket

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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 – Mixed picture ahead as inventory risk lingers

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Xinyi Solar Holdings / Technical Analysis

<ul><li>The main drivers for Hong Kong stock rallies are short covering, buybacks, and China government real estate support measures announcements.</li><li>Hang Seng Index and most of its constituents continue to read like bear porn. Without a meaningful reversal/impulse rally, it is hard to call for a reversal.</li><li>I hear and agree the case is so bad that it must be a buy signal. The sentiment is precious, BUT it needs a price action supporting the exhaustion thesis.</li></ul>

The main drivers for Hong Kong stock rallies are short covering, buybacks, and China government real estate support measures announcements.Hang Seng Index and most of its constituents continue to read like bear porn. Without a meaningful reversal/impulse rally, it is hard to call for a reversal.I hear and agree the case is so bad that it must be a buy signal. The sentiment is precious, BUT it needs a price action supporting the exhaustion thesis.

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Stellantis NV manufactures and markets automobiles and commercial vehicles. The Company also produces metallurgical products and production systems for the automobile industry, as well as owns publishing and insurance companies. Stellantis serves customers worldwide.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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)

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

BYD Company (1211 HK) – Solid 2Q23 Earnings Quality; Eyes on Upmarket

Maintain HOLD. BYD’s 2Q23 net profit beat our prior forecast on GPM, forex gains and government grants. We view its earnings quality as solid given...

CMB International

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

Xinyi Solar, BYD, and Bank of China

The main drivers for Hong Kong stock rallies are short covering, buybacks, and China government real estate support measures announcements.

Untying The Gordian Knot

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