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>Orient Group (600811 CH, NR) announced last week that it was not able to withdraw deposits from Orient Finance, a sister company of Orient Group, as Orient Finance is facing financial difficulties.</li><li>As at 17 Jun 2024, Orient Group’s total deposit amount in Orient Finance was RMB1.64bn while the total borrowing was RMB666mn (net deposit: RMB974mn).</li><li>ZHANG Hong Wei, the major shareholder of the Orient Group, Orient Finance as well as United Energy (UEG), agreed to improve the financial condition of Orient Finance, through the disposal of UEG’s shares over the coming 3-6 months.</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.

Orient Group (600811 CH, NR) announced last week that it was not able to withdraw deposits from Orient Finance, a sister company of Orient Group, as Orient Finance is facing financial difficulties.As at 17 Jun 2024, Orient Group’s total deposit amount in Orient Finance was RMB1.64bn while the total borrowing was RMB666mn (net deposit: RMB974mn).ZHANG Hong Wei, the major shareholder of the Orient Group, Orient Finance as well as United Energy (UEG), agreed to improve the financial condition of Orient Finance, through the disposal of UEG’s shares over the coming 3-6 months.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.

United Energy (467 HK) - Overhang on Share Price Due to Uncertain Financial Condition

<ul><li>We believe the low volume growth in 2023 and the impairment of Iraq assets have been gradually digested by the market.</li><li>We slash our 2024E/25E earnings forecast by 26%/28% due to lower oil &amp; gas output and higher production cost assumptions.</li><li>On the positive side, we expect the commencement of major central processing facilities in Iraq Block 9 in late Apr will boost the daily designed output capacity in Iraq’s Block 9 to 100k/boed this year (currently ~75k).</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 the low volume growth in 2023 and the impairment of Iraq assets have been gradually digested by the market.We slash our 2024E/25E earnings forecast by 26%/28% due to lower oil &amp; gas output and higher production cost assumptions.On the positive side, we expect the commencement of major central processing facilities in Iraq Block 9 in late Apr will boost the daily designed output capacity in Iraq’s Block 9 to 100k/boed this year (currently ~75k).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.

United Energy (467 HK) - Expect Volume Growth to Accelerate in 2024E

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for ICBC (1398 HK), China Hongqiao (1378 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for ICBC (1398 HK), China Hongqiao (1378 HK).


Hong Kong Connect Flows (Jul 19th): ICBC, China Hongqiao

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the inflows to be USD 580m and highlight flows for ICBC (1398 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 580m and highlight flows for ICBC (1398 HK).


<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.


Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

Hong Kong

AAG Energy Holdings Limited is  an energy exploration and development company. The Company engages in coalbed methane exploration and development.

Sinopec Kantons Holdings Limited trades crude oil, petroleum and petrochemical products.  The Company also operates a crude oil jetty and its ancillary facilities and petrol stations.

Productive Technologies Company Limited provides productivity solutions to semiconductor and solar cell manufacturers. The Company is engaged in advanced manufacturing of equipment applied in semiconductor and solar power businesses, as well as operates a crude oil asset. Productive Technologies serves customers in China.

China LNG Group Limited is a holding company whose group's principal activities are investment in and trading of assets and engagement in the development of new  energy businesses including investment, construction and operation of LNG filling stations, terminals and related infrastructure, sales and conversion of LNG vehicles and vessels, providing financial leasing service to customers.

Hans Energy Company Limited, through its subsidiaries, operates storage and transshipment of oil and liquid petrochemical products in China.  The Company also manufactures and sells corrugated paper packaging products as well as trades petroleum products.

Yanchang Petroleum International Limited and its subsidiaries is principally engaged in investments in the oil, gas and energy related business. The Company also invests in oil and gas exploration and operation, and the trading of fuel oil.

Yanchang Petroleum International (346 HK)

SouthGobi Resources Ltd. mines metallurgical and thermal coal in Mongolia.  The Company sells its coal to customers in China.

Strong Petrochemical Holdings, Ltd. offers trades of crude oil, petroleum products, and petrochemical products.

JTF International Holdings Limited operates as a holding company. The Company, through its subsidiaries, refined and blended fuel oil, petrol, and petrochemical products. JTF International Holdings markets its products throughout China.

Feishang Anthracite Resources Limited produces anthracite coal. The Company is engaged in the acquisition, construction and development of anthracite coal mines and the extraction and sale of anthracite coal.

Pakistan Petroleum Ltd. specializes in the exploration and production of crude oil and natural gas. The Company also sells liquefied petroleum gas and condensates.

SK Gas Ltd imports, stores, and distributes liquefied petroleum gas (LPG). The Company supplies its products mainly to domestic market for household, the transportation industry, and petrochemical products manufacturers.

SAN-AI OIL CO., LTD. primarily wholesales petroleum and LP gas nationwide.  The Company also supplies fuels for aircrafts at Haneda Airport.  San-Ai Oil has business divisions including industry energy, gas, chemical and research, and business development.

Karoon Energy Ltd operates as an exploration company. The Company explores and acquires oil and gas exploration assets. Karoon Energy serves customers worldwide.

Shanghai Datun Energy Resources Co., Ltd. explores, washes, and produces a variety of coal products for sales to the manufacturers of steel, gas, and electric power. Shanghai Datun also produces alumina, owns, manages, and operates coal-fired power plants, and provides coal railway transportation services.

PT Surya Esa Perkasa Tbk produces liquefied petroleum gas.

Banpu Public Company Limited mines for coal and other minerals. The Company produces thermal coal and coking coal, and have expertise in open-pit and underground coal mining operations, as well as coal-fired power generation.  Banpu PCL has business bases in Thailand, Laos, Indonesia, China, Australia and Mongolia.

Green Plains Inc. owns and operates ethanol plants located in the Midwest U.S. The Company also markets and distributes fuel grade ethanol, livestock feed and industrial grade corn oil. Green Plains provides grain handling, storage and complementary agronomy services to local grain producers through grain elevators located in Iowa, Missouri, Nebraska and Tennessee.

ITOCHU ENEX CO., LTD. distributes various kinds of fuel products such as oil, gasoline, and liquefied petroleum gas.  The Company, affiliated with Itochu Corp, manages many gas stations as well as convenience stores.  Itochu Enex also provides catalog sales of household goods.

United Energy Group, Ltd. is engaged in the exploration and production of oil and natural gas. The Company owns and operates a producing oilfield Liaohe Province of the P.R. of China and owns an interest in an exploration field in Madura PSC, Java, Indonesia.  UEG mainly engages in the upstream oil and natural gas business.

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United Energy (467 HK)