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>Yancoal confirmed this morning that a coal price cap advised by the New South Wales (NSW) Government will be effective for 15 months (1 Apr 2023 to 30 Jun 2024).</li><li>Yancoal is compelled to make available up to 310k tonnes of coal per quarter to domestic power plants.</li><li>We estimate this will translate into 3.0%/1.7% pretax earnings impact in 2023E/24E, which we think is not significant. </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>

Yancoal confirmed this morning that a coal price cap advised by the New South Wales (NSW) Government will be effective for 15 months (1 Apr 2023 to 30 Jun 2024).Yancoal is compelled to make available up to 310k tonnes of coal per quarter to domestic power plants.We estimate this will translate into 3.0%/1.7% pretax earnings impact in 2023E/24E, which we think is not significant. 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.

Yancoal Australia (3668 HK) – Confirmation of Price Cap and Volume to Remove Overhang