External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

BYD Company: Moves to Top Auto Holding in EM

Samsung Electronics:  Return of the King

At the Core Lies Why Anything Named Samsung Deserves a Discount

Equity Bottom-Up

<ul><li>BYD’s 1Q23 NP was 13% lower than our forecast, despite a strong GPM of 17.9%.</li><li>We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.</li><li>Possible upside surprise from export and its premium brand Yangwang takes some time. </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>

BYD’s 1Q23 NP was 13% lower than our forecast, despite a strong GPM of 17.9%.We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.Possible upside surprise from export and its premium brand Yangwang takes some time. 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.

BYD Company (1211 HK) – 1Q23 earnings as a mixed bag