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.

Thematic (Sector/Industry)

<ul><li>We are turning more positive on the construction machinery &amp; heavy-duty truck (HDT) sector as we expect meaningful earnings recovery in 2023E (following the down-cycle since early 2021), underpinned by: (1) resilient overseas demand; (2) strong mining activities; (3) gradual reopening in China; (4) decline in freight rate and steel price.</li><li>Meanwhile, the supporting policies on property will serve as risk reduction factor for the sector.</li><li>Aerial work platform (AWP) is our most preferred subsector, followed by HDT, excavator and other machinery.</li></ul><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>

We are turning more positive on the construction machinery &amp; heavy-duty truck (HDT) sector as we expect meaningful earnings recovery in 2023E (following the down-cycle since early 2021), underpinned by: (1) resilient overseas demand; (2) strong mining activities; (3) gradual reopening in China; (4) decline in freight rate and steel price.Meanwhile, the supporting policies on property will serve as risk reduction factor for the sector.Aerial work platform (AWP) is our most preferred subsector, followed by HDT, excavator and other machinery.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 Construction Machinery / HDT – 2023 Outlook

Equity Bottom-Up

Weichai Power Co Ltd H / Equity Bottom-Up

<ul><li>Weichai’s net profit in 3Q22 came in at RMB925mn, down 37% YoY (before restatement), which is below expectations.</li><li>Weichai’s 3Q results were hit by both the core business (engine + HDT) and the European business (KION Group, KGX GR).</li><li>We slash our earnings forecast in 2022E/23E/24E by 47%/40%/37% (34%/35%/31% below consensus).</li></ul><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>

Weichai’s net profit in 3Q22 came in at RMB925mn, down 37% YoY (before restatement), which is below expectations.Weichai’s 3Q results were hit by both the core business (engine + HDT) and the European business (KION Group, KGX GR).We slash our earnings forecast in 2022E/23E/24E by 47%/40%/37% (34%/35%/31% below 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.

Weichai Power-H (2338 HK) – Valuation Close to the Trough

<div><div><div><div><ul><li>Weichai’s net profit in 3Q22 came in at RMB925mn, down 37% YoY (before restatement), which is below expectations.</li><li>Weichai’s 3Q results were hit by both the core business (engine + HDT) and the European business (KION Group, KGX GR).</li><li>We slash our earnings forecast in 2022E/23E/24E by 47%/40%/37% (34%/35%/31% below consensus).</li></ul></div></div></div></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>

Weichai Power-A (000338 CH) – Expect Further Earnings Cut by the Street

China

Weichai Power Co., Ltd. specializes in the research and development, manufacturing and sales of vehicles and parts. The Company produces engines, heavy vehicles, light vehicles, construction machinery, hydraulic products, automotive electronics, and related parts. Weichai Power markets its products across worldwide.

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Weichai Power (000338 CH)

China Construction Machinery / HDT – 2023 Outlook

We are turning more positive on the construction machinery & heavy-duty truck (HDT) sector as we expect meaningful earnings recovery in 2023E...

CMB International

Weichai Power-H (2338 HK) – Valuation Close to the Trough

We see potential earnings recovery in 2023E, driven by both the recovery of HDT (sensitive to GDP growth) and agricultural machinery engine (import...

CMB International

Weichai Power-A (000338 CH) – Expect Further Earnings Cut by the Street

Weichai’s 3Q results were hit by both the core business (engine + HDT) and the European business (KION Group, KGX GR). We slash our earnings...

CMB International

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