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>We believe aluminum (Al) is one of the sectors that is highly sensitive to the launch of the series of forceful pro-market policies in China.</li><li>This, together with the weakness of dollar as a results of the start of rate-cut cycle in the US and a relatively limited new supply of Al, will likely boost the near-term Al price which will serve as key catalyst of Hongqiao.</li><li>We revise up our 2024E-26E earnings forecast by 9-12%, largely due to higher price assumption of Al and alumina. </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.

We believe aluminum (Al) is one of the sectors that is highly sensitive to the launch of the series of forceful pro-market policies in China.This, together with the weakness of dollar as a results of the start of rate-cut cycle in the US and a relatively limited new supply of Al, will likely boost the near-term Al price which will serve as key catalyst of Hongqiao.We revise up our 2024E-26E earnings forecast by 9-12%, largely due to higher price assumption of Al and alumina. 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 Hongqiao (1378 HK) - Expect Higher ASP Following China’s Stimulus

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/biocon-ltd' target='_blank' rel='noopener'>Biocon Ltd</a></li><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/wynn-macau-ltd' target='_blank' rel='noopener'>Wynn Macau Ltd</a></li><li><a href='/entities/rakuten-group-inc' target='_blank' rel='noopener'>Rakuten</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Biocon LtdYankuang Energy GroupWynn Macau LtdRakutenChina Jinmao Holdingsand more...

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-1909'>China Hongqiao</a></li><li><a href='#lucror-entity-40020'>Continuum Green Energy</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China HongqiaoContinuum Green Energy

Morning Views Asia: China Hongqiao, Continuum Green Energy

<ul><li>Hongqiao’s net profit came in at RMB9.16bn (+2.7x YoY), which is better than the pre-announced profit growth of 2.2x in Jun.</li><li>Excluding the fair value loss of convertible bonds (CB), the core net profit would be even higher at RMB10.5bn (+3.3x YoY).</li><li>The strong profit growth was driven by higher-than-expected unit gross margin expansion for both aluminum (Al) (+2x YoY to RMB4,277/t) and Alumina (+2.3x to RMB748/t).</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.

Hongqiao’s net profit came in at RMB9.16bn (+2.7x YoY), which is better than the pre-announced profit growth of 2.2x in Jun.Excluding the fair value loss of convertible bonds (CB), the core net profit would be even higher at RMB10.5bn (+3.3x YoY).The strong profit growth was driven by higher-than-expected unit gross margin expansion for both aluminum (Al) (+2x YoY to RMB4,277/t) and Alumina (+2.3x to RMB748/t).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 Hongqiao (1378 HK) - Net Profit 1H24 +2.7x YoY, Beat Expectations

<ul><li>Resume coverage with BUY. On the back of tight global aluminum (Al) supply (capacity control in China &amp; disruption of bauxite supply) but rising demand (growth of EV &amp; solar power + stabilisation of construction demand following China’s U-turn on property policy), we forecast Al / alumina price to increase 4.5%/10% 2024E and to stay high in 2025E.</li><li>We believe Hongqiao (~9% global market share in terms of Al output in 2023) is set to benefit from unit margin expansion, thanks to its vertically integrated model with overseas bauxite equity interest, captive power plant and high percentage of molten Al products.</li><li>We forecast Hongqiao to deliver earnings growth of 61%/5% in 2024E/25E (6%/4% above Bloomberg consensus).</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.

Resume coverage with BUY. On the back of tight global aluminum (Al) supply (capacity control in China &amp; disruption of bauxite supply) but rising demand (growth of EV &amp; solar power + stabilisation of construction demand following China’s U-turn on property policy), we forecast Al / alumina price to increase 4.5%/10% 2024E and to stay high in 2025E.We believe Hongqiao (~9% global market share in terms of Al output in 2023) is set to benefit from unit margin expansion, thanks to its vertically integrated model with overseas bauxite equity interest, captive power plant and high percentage of molten Al products.We forecast Hongqiao to deliver earnings growth of 61%/5% in 2024E/25E (6%/4% above Bloomberg consensus).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 Hongqiao (1378 HK) - A Key Beneficiary of Tight Aluminum Supply Trading

China

China Hongqiao Group Ltd. manufactures aluminum products. The Company's aluminum products consist of molten aluminum alloy, aluminum alloy ingots and aluminum busbars.

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

China Hongqiao (1378 HK)