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

Zoomlion Heavy Industry S A / Equity Bottom-Up

<ul><li>Upgrade to BUY from Hold. Zoomlion’s net profit in 2022 came in at RMB2.35bn (-63% YoY), in the middle of the range of RMB2.25-4.45bn preannounced in Jan.</li><li>What surprised us is the final dividend of RMB0.32, which represents a 115% payout ratio.</li><li>The generous dividend, together with the potential resumption of buy-back (A-share), suggest that management is confident of the cash generating capability which will likely translate into positive share price performance.</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>

Upgrade to BUY from Hold. Zoomlion’s net profit in 2022 came in at RMB2.35bn (-63% YoY), in the middle of the range of RMB2.25-4.45bn preannounced in Jan.What surprised us is the final dividend of RMB0.32, which represents a 115% payout ratio.The generous dividend, together with the potential resumption of buy-back (A-share), suggest that management is confident of the cash generating capability which will likely translate into positive share price performance.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.

Zoomlion (000157 CH) – Surprise on Dividend