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>Maintain HOLD. Management’s upbeat view on the Mona and the new B-class sedan has probably given investors more confidence in Xpeng’s substantial sales growth in 4Q24 (similar to 4Q23) and FY25.</li><li>We have largely factored in such growth in our prior forecast. 1Q24 GPM was largely lifted by service revenue, as vehicle sales only accounted for 36% of total gross profit.</li><li>We are of the view that Xpeng is still unlikely to turn profitable in FY25E.</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. Management’s upbeat view on the Mona and the new B-class sedan has probably given investors more confidence in Xpeng’s substantial sales growth in 4Q24 (similar to 4Q23) and FY25.We have largely factored in such growth in our prior forecast. 1Q24 GPM was largely lifted by service revenue, as vehicle sales only accounted for 36% of total gross profit.We are of the view that Xpeng is still unlikely to turn profitable in FY25E.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.

Xpeng Inc. (XPEV US) - Await More Details About Mona

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK:In the 46th week of 2024, market demand is booming and new brands gain market share.(///////////////)</li>
<li>XPEV US: Xpeng's vehicle revenue and gross profit margin exceeded expectations in the third quarter, but service revenue was lower than expected, resulting in lower-than-expected profits.(/)</li>
<li>LKNCY US: Luckin Signs Memorandum for Brazilian Coffee Bean Purchases.(+)</li>
</ul>


1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK:In the 46th week of 2024, market demand is booming and new brands gain market share.(///////////////)
XPEV US: Xpeng's vehicle revenue and gross profit margin exceeded expectations in the third quarter, but service revenue was lower than expected, resulting in lower-than-expected profits.(/)
LKNCY US: Luckin Signs Memorandum for Brazilian Coffee Bean Purchases.(+)


[Blue Lotus Daily]:1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK/LKNCY US

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul><li>Orbis Japan Equity Fund recently wrote about auto supplier <a href="https://www.smartkarma.com/entities/koito-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:15841" rel="noopener">Koito Manufacturing (7276 JP)</a> in their <a href="https://substack.com/redirect/9ecb757d-eb06-44b8-836a-e25e2a92658e?j=eyJ1IjoiNGw4bzJ0In0.mRWyfA0pZX4OpuLi73L47WeYJ_ccqy9266JSt_5dbKo" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://substack.com/redirect/9ecb757d-eb06-44b8-836a-e25e2a92658e?j%3DeyJ1IjoiNGw4bzJ0In0.mRWyfA0pZX4OpuLi73L47WeYJ_ccqy9266JSt_5dbKo&amp;source=gmail&amp;ust=1731988981096000&amp;usg=AOvVaw28QVMvDwFXl0HOJcCfGTk1" rel="noopener">second-quarter 2024 letter</a>.</li><li>So, who is Koito? It’s the world’s largest manufacturer of automotive lighting products, serving primarily Japanese customers such as Toyota, Nissan and Honda.</li><li>What stood out in Orbis’s second-quarter letter is that Koito plans to return JPY 350 billion to shareholders in the next five years, more than half the current market cap. Rational capital allocation is rare in Japan, so this number caught my attention.</li></ul>

Orbis Japan Equity Fund recently wrote about auto supplier Koito Manufacturing (7276 JP) in their second-quarter 2024 letter.So, who is Koito? It’s the world’s largest manufacturer of automotive lighting products, serving primarily Japanese customers such as Toyota, Nissan and Honda.What stood out in Orbis’s second-quarter letter is that Koito plans to return JPY 350 billion to shareholders in the next five years, more than half the current market cap. Rational capital allocation is rare in Japan, so this number caught my attention.

<ul><li>Maintain HOLD. We cut our FY24E net loss by RMB2.6bn to RMB6.7bn, as the 4Q23 GPM beat and the X9 may contribute a larger portion of sales.</li><li>On the other hand, Xpeng’s model pipeline in 2024 underscored our prior argument that the automaker has not found its brand proposition and comprehensive product mix.</li><li>We still see little signals for Xpeng to turn profitable in the foreseeable future, as it could be difficult for the automaker to achieve sizable sales and 15% GPM at the same time, in our view.</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. We cut our FY24E net loss by RMB2.6bn to RMB6.7bn, as the 4Q23 GPM beat and the X9 may contribute a larger portion of sales.On the other hand, Xpeng’s model pipeline in 2024 underscored our prior argument that the automaker has not found its brand proposition and comprehensive product mix.We still see little signals for Xpeng to turn profitable in the foreseeable future, as it could be difficult for the automaker to achieve sizable sales and 15% GPM at the same time, in our view.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.

Xpeng Inc. (XPEV US) - Margin Lift Mixed with Unexciting New Models

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

Xpeng Inc. (XPEV US) - Await More Details About Mona

Management’s upbeat view on the Mona and the new B-class sedan has probably given investors more confidence in Xpeng’s substantial sales growth in...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

[Blue Lotus Daily]:1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK/LKNCY US

Market demand is booming in 46th week of 2024, new brands gaining share; XPEV's Q3 revenue exceeds expectations but service revenue disappoints;...

Blue Lotus Research Institute

Koito Mfgr － 2024 Update (7276 JP)

It’s the world’s largest manufacturer of automotive lighting products, serving primarily Japanese customers such as Toyota, Nissan and Honda.

Asian Century Stocks

Xpeng Inc. (XPEV US) - Margin Lift Mixed with Unexciting New Models

Maintain HOLD. We cut our FY24E net loss by RMB2.6bn to RMB6.7bn, as the 4Q23 GPM beat and the X9 may contribute a larger portion of sales.

CMB International

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52-week Range

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Xpeng Inc. (XPEV US) - Await More Details About Mona

Management’s upbeat view on the Mona and the new B-class sedan has probably given investors more confidence in Xpeng’s substantial sales growth in...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

[Blue Lotus Daily]:1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK/LKNCY US

​Market demand is booming in 46th week of 2024, new brands gaining share; XPEV's Q3 revenue exceeds expectations but service revenue disappoints;...

Blue Lotus Research Institute

Koito Mfgr － 2024 Update (7276 JP)

It’s the world’s largest manufacturer of automotive lighting products, serving primarily Japanese customers such as Toyota, Nissan and Honda.

Asian Century Stocks

Xpeng Inc. (XPEV US) - Margin Lift Mixed with Unexciting New Models

Maintain HOLD. We cut our FY24E net loss by RMB2.6bn to RMB6.7bn, as the 4Q23 GPM beat and the X9 may contribute a larger portion of sales.

CMB International

Market demand is booming in 46th week of 2024, new brands gaining share; XPEV's Q3 revenue exceeds expectations but service revenue disappoints;...