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>Maintain BUY. Despite strong headwinds that dealers faced, we still project Meidong’s 1H24 net profit to be positive with subsidies from Porsche and Lexus.</li><li>We expect industrywide headwinds to continue in 2H24 but we believe investors could turn a bit more positive on Meidong’s FY25 outlook given removal of the convertible bond (CB) burden and a new NEV model cycle for BMW.</li><li>We project 1H24E net profit to be RMB43mn assuming no significant impairment. </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>

Maintain BUY. Despite strong headwinds that dealers faced, we still project Meidong’s 1H24 net profit to be positive with subsidies from Porsche and Lexus.We expect industrywide headwinds to continue in 2H24 but we believe investors could turn a bit more positive on Meidong’s FY25 outlook given removal of the convertible bond (CB) burden and a new NEV model cycle for BMW.We project 1H24E net profit to be RMB43mn assuming no significant impairment. 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.

Meidong Auto (1268 HK) - We Expect 1H24 to Be Still Profitable

China MeiDong Auto

Meidong Auto (1268 HK) - We Expect 1H24 to Be Still Profitable