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

Inner Mongolia Yili Industrial Group (A) / Equity Bottom-Up

Inner Mongolia Yili Industrial Group (A) (600887 CH)

<ul><li>We see trading opportunity on Yili into results season.</li><li>This would mainly be underpinned by 1) an easy and stabilizing earnings expectation (for both 4Q22 and 2023E), when we see subdued downside risk to current consensus estimates, and 2) a lagging valuation to peers who have already been re-rated on reopening sentiment.</li><li>We argue the stock could play near term catch-up, when a likely in line 4Q could relieve market sentiment. </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 see trading opportunity on Yili into results season.This would mainly be underpinned by 1) an easy and stabilizing earnings expectation (for both 4Q22 and 2023E), when we see subdued downside risk to current consensus estimates, and 2) a lagging valuation to peers who have already been re-rated on reopening sentiment.We argue the stock could play near term catch-up, when a likely in line 4Q could relieve market sentiment. 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.

Yili Industrial (600887 CH) – Shares could rally in relief on back of an in line 4Q22