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

China Yongda Automobile Services Hldg / Equity Bottom-Up

China Yongda Automobile Services Hldg (3669 HK)

<ul><li>Yongda Automobiles (Yonda)’s 2H23 net profit fell 59% HoH to RMB166mn, lower than our prior forecast by 12% due to lower-than-expected revenue and GPM of after-sales services.</li><li>As the net margin fell to below 1% with deteriorated new-car GPM, cost control becomes the key to Yongda’s profitability.</li><li>We believe cost control is attainable in FY24E given network optimization. </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>

Yongda Automobiles (Yonda)’s 2H23 net profit fell 59% HoH to RMB166mn, lower than our prior forecast by 12% due to lower-than-expected revenue and GPM of after-sales services.As the net margin fell to below 1% with deteriorated new-car GPM, cost control becomes the key to Yongda’s profitability.We believe cost control is attainable in FY24E given network optimization. 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.

Yongda Automobiles (3669 HK) - 2H23 Miss on GPM; Cost Control Key to FY24E