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

<ul><li>CRG has announced its FY22 results. CRG recorded HK$94.34bn revenue, with total gas sales volume up by 5.3%YoY. Dragged by higher gas costs, its pre-tax profit dropped by 25.3% YoY.</li><li>However, CRG achieved 4.08mn new residential users, beating consensus. CRG’s comprehensive service achieved a rapid surge and the Company continued to invest in its business expansion.</li><li>For 2023, considering the economic recovery and lower gas cost, we forecast the total gas sales volume will achieve low-double-digit growth and dollar margin will rebound to RMB0.5cbm.</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>

CRG has announced its FY22 results. CRG recorded HK$94.34bn revenue, with total gas sales volume up by 5.3%YoY. Dragged by higher gas costs, its pre-tax profit dropped by 25.3% YoY.However, CRG achieved 4.08mn new residential users, beating consensus. CRG’s comprehensive service achieved a rapid surge and the Company continued to invest in its business expansion.For 2023, considering the economic recovery and lower gas cost, we forecast the total gas sales volume will achieve low-double-digit growth and dollar margin will rebound to RMB0.5cbm.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.

CR Gas (1193 HK) – Expect 2023 profit rebound ahead; attractive valuation