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>CRG’s operating performance showed better recovery, with retailed /residential/industrial/commercial gas sales up by 10%/13%/10%/17% YoY in Aug.</li><li>In Jan-Aug 2023, the retailed gas sales growth recorded 7.1% YoY. For dollar margin, CRG achieved RMB0.58/cbm in Aug and RMB0.52-0.53/cbm in Jan-Aug.</li><li>We regard CRG can reach the target of gas sales growth of 8% YoY and a dollar margin of RMB0.5/cbm. </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.

CRG’s operating performance showed better recovery, with retailed /residential/industrial/commercial gas sales up by 10%/13%/10%/17% YoY in Aug.In Jan-Aug 2023, the retailed gas sales growth recorded 7.1% YoY. For dollar margin, CRG achieved RMB0.58/cbm in Aug and RMB0.52-0.53/cbm in Jan-Aug.We regard CRG can reach the target of gas sales growth of 8% YoY and a dollar margin of RMB0.5/cbm. 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) – Sound Operating Data in Aug with Steady Growth Outlook

<ul><li>CR Gas’s 1H23 net profit rose by 16% YoY to HK$3,545mn, beating market expectation.</li><li>The strong earnings growth was mainly driven by gas sales volume growth of 6.9% YoY on the back of rebound of residential and commercial gas sales, which contributed 12.0%/6.9% volume growth respectively.</li><li>Looking ahead in 2H23E, CR Gas expects gas consumption to continue to recover gradually, with dollar margin of RMB0.5/cbm.</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.

CR Gas’s 1H23 net profit rose by 16% YoY to HK$3,545mn, beating market expectation.The strong earnings growth was mainly driven by gas sales volume growth of 6.9% YoY on the back of rebound of residential and commercial gas sales, which contributed 12.0%/6.9% volume growth respectively.Looking ahead in 2H23E, CR Gas expects gas consumption to continue to recover gradually, with dollar margin of RMB0.5/cbm.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) – 1H23 Results Marginally Beat

Thematic (Sector/Industry)

<ul><li>We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.</li><li>Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.</li><li>We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.</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 project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.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.

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

<ul><li>CRG has announced its FY22 results. CRG recorded HK$94.34bn revenue, with total gas sales volume up by 5.3%YoY. Dragged by higher gas costs, its pre-tax profit dropped by 25.3% YoY.</li><li>However, CRG achieved 4.08mn new residential users, beating consensus. CRG’s comprehensive service achieved a rapid surge and the Company continued to invest in its business expansion.</li><li>For 2023, considering the economic recovery and lower gas cost, we forecast the total gas sales volume will achieve low-double-digit growth and dollar margin will rebound to RMB0.5cbm.</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.

CRG has announced its FY22 results. CRG recorded HK$94.34bn revenue, with total gas sales volume up by 5.3%YoY. Dragged by higher gas costs, its pre-tax profit dropped by 25.3% YoY.However, CRG achieved 4.08mn new residential users, beating consensus. CRG’s comprehensive service achieved a rapid surge and the Company continued to invest in its business expansion.For 2023, considering the economic recovery and lower gas cost, we forecast the total gas sales volume will achieve low-double-digit growth and dollar margin will rebound to RMB0.5cbm.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) – Expect 2023 profit rebound ahead; attractive valuation

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

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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CR Gas (1193 HK)

CR Gas (1193 HK) – Sound Operating Data in Aug with Steady Growth Outlook

CRG’s operating performance showed better recovery, with retailed /residential/industrial/commercial gas sales up by 10%/13%/10%/17% YoY in Aug.

CMB International

CR Gas (1193 HK) – 1H23 Results Marginally Beat

Looking ahead in 2H23E, CR Gas expects gas consumption to continue to recover gradually, with dollar margin of RMB0.5/cbm.

CMB International

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of...

CMB International

CR Gas (1193 HK) – Expect 2023 profit rebound ahead; attractive valuation

CRG has announced its FY22 results. CRG recorded HK$94.34bn revenue, with total gas sales volume up by 5.3%YoY. Dragged by higher gas costs, its...

CMB International

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

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