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>SANYI announced yesterday (12 April) after market close that it plans to acquire SANY Petroleum Intelligent Equipment (三一石油智能装备) from the controlling shareholder.</li><li>This marks the expansion into oil &amp; gas fracturing equipment segment, which we think is positive given the expected increase in oilfield spending (in particular unconventional field) amid the tight supply of oil and the consideration of energy security by different countries.</li><li>The acquisition price of RMB2.98bn (all cash) implies only 7.7x 2022 P/E, lower than the 12.8x of Yantai Jereh (002353 CH) and SANYI’s current valuation (~11x).</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>

SANYI announced yesterday (12 April) after market close that it plans to acquire SANY Petroleum Intelligent Equipment (三一石油智能装备) from the controlling shareholder.This marks the expansion into oil &amp; gas fracturing equipment segment, which we think is positive given the expected increase in oilfield spending (in particular unconventional field) amid the tight supply of oil and the consideration of energy security by different countries.The acquisition price of RMB2.98bn (all cash) implies only 7.7x 2022 P/E, lower than the 12.8x of Yantai Jereh (002353 CH) and SANYI’s current valuation (~11x).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.

SANY International (631 HK) – Acquisition of oil & gas frac equipment a positive move

Sany Heavy Equipment

SANY International (631 HK) – Acquisition of oil & gas frac equipment a positive move