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

Horizon Construction Development / Equity Bottom-Up

Horizon Construction Development (9930 HK)

<ul><li>Horizon CD’s core net profit in 1H24 dropped 16% YoY to RMB268mn, largely in line with our expectation.</li><li>Horizon CD proposed HK$0.04/ share of interim dividend, the first time since listing.</li><li>While Horizon CD maintains the asset-light model for its aerial work platform (AWP) leasing business in China, it is expanding the equipment portfolio through investing in material handling equipment and mining equipment, which took its capex up 3.6x YoY to RMB4.4bn in 1H24. </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>

Horizon CD’s core net profit in 1H24 dropped 16% YoY to RMB268mn, largely in line with our expectation.Horizon CD proposed HK$0.04/ share of interim dividend, the first time since listing.While Horizon CD maintains the asset-light model for its aerial work platform (AWP) leasing business in China, it is expanding the equipment portfolio through investing in material handling equipment and mining equipment, which took its capex up 3.6x YoY to RMB4.4bn in 1H24. 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.

Horizon CD (9930 HK) - Back to Capex Growth Model