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)

Equity Bottom-Up

<div><div><div><div><ul><li>We are of the view that Meidong’s 3Q22 operational data, especially the top-line growth, may beat expectation, as we project its Porsche’s new-car sales volume to be more than doubled in 3Q22.</li><li>Although our prior projection of possible price war in the next six months could dent dealers’ new-car gross margin next year, we believe Meidong’s share price could be oversold now given its strongest management execution and better brand mix than its peers.</li><li>We estimate Porsche’s new-car sales volume to be more than doubled in 3Q22</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>

We are of the view that Meidong’s 3Q22 operational data, especially the top-line growth, may beat expectation, as we project its Porsche’s new-car sales volume to be more than doubled in 3Q22.Although our prior projection of possible price war in the next six months could dent dealers’ new-car gross margin next year, we believe Meidong’s share price could be oversold now given its strongest management execution and better brand mix than its peers.We estimate Porsche’s new-car sales volume to be more than doubled in 3Q22Content 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 Meidong Auto (1268 HK) – 3Q22 operational data may beat expectation

China MeiDong Auto

China Meidong Auto (1268 HK) – 3Q22 operational data may beat expectation