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>YAL will release its 2Q23E operating data on 19 Jul and 1H23E earnings in mid Aug.</li><li>We expect net profit to drop 12% YoY to A$1.52bn in 1H23E, as the gradual volume growth was more than offset by a decline in coal price.</li><li>We revised down our 2023E/24E earnings forecast by 27%/29%, after cutting our coal price assumptions by 15%16%. </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>

YAL will release its 2Q23E operating data on 19 Jul and 1H23E earnings in mid Aug.We expect net profit to drop 12% YoY to A$1.52bn in 1H23E, as the gradual volume growth was more than offset by a decline in coal price.We revised down our 2023E/24E earnings forecast by 27%/29%, after cutting our coal price assumptions by 15%16%. 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) – Expect Profit Decline on Weak Coal Price