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>We believe the suspension of Grosvenor metallurgical coal mine (owned by Anglo American [AAL LN, NR]) in Queensland, Australia, following the underground fire in late Jun, would last for several months.</li><li>We estimate the suspension will result in ~0.8% reduction of global metallurgical coal export volume, which will likely translate into higher met coal price and serve as a positive catalyst for Yancoal (YAL).</li><li>We expect higher spot prices will boost YAL’s ASP in both 2H24E and 1H25E when some contracts are to be repriced over the coming months. </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>

We believe the suspension of Grosvenor metallurgical coal mine (owned by Anglo American [AAL LN, NR]) in Queensland, Australia, following the underground fire in late Jun, would last for several months.We estimate the suspension will result in ~0.8% reduction of global metallurgical coal export volume, which will likely translate into higher met coal price and serve as a positive catalyst for Yancoal (YAL).We expect higher spot prices will boost YAL’s ASP in both 2H24E and 1H25E when some contracts are to be repriced over the coming months. 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) - Higher Coal Price Assumptions After the Fire Incident