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

<div><ul><li>CRG’s latest updates under mgmt.’s guidance are as follow: 1) retail gas sales vol. growth maintained at 8.2% YoY in Jan-Aug 2022 and targets at 8-10%YoY for FY22; 2) FY22 dollar margin aims to achieve RMB0.5/cbm; 3) gas connection segment maintained resilient growth in 2H22; 4) the robust growth momentum of value-added services will continue.</li><li>CRG is now trading at 8.72x FY22 forward PE, closest to the 10-year lowest PE.</li><li>We resume coverage and revised down our TP to HK$39.13 (based on 13x 2022E PE), reflecting prudent gas sales and dollar margin outlook. </li></ul></div><p><em>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.</em></p>

CRG’s latest updates under mgmt.’s guidance are as follow: 1) retail gas sales vol. growth maintained at 8.2% YoY in Jan-Aug 2022 and targets at 8-10%YoY for FY22; 2) FY22 dollar margin aims to achieve RMB0.5/cbm; 3) gas connection segment maintained resilient growth in 2H22; 4) the robust growth momentum of value-added services will continue.CRG is now trading at 8.72x FY22 forward PE, closest to the 10-year lowest PE.We resume coverage and revised down our TP to HK$39.13 (based on 13x 2022E PE), reflecting prudent gas sales and dollar margin outlook. 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.

CR Gas (1193 HK) – Eyes on 4Q Gas Dollar Margin and Solid Comprehensive Service Growth

Hong Kong

China Resources Gas Group Ltd distributes natural gas and petroleum gas in the cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The Company also operates compressed natural gas filling stations in Chengdu, Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas distribution in cities of Fuyang, Suzhou and Wuxi.

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