External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Zoomlion Heavy Industry H / Equity Bottom-Up

Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and markets construction machinery.  The Company's products include concrete machinery, cranes, road machinery, drilling equipment, and other heavy construction equipment.  Zoomlion also produces environmental machinery and satellite navigation products.

<ul><li>We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.</li><li>Based on our understanding, domestic demand for crane and concrete machinery continued to see meaningful recovery in Nov, while earth-moving’s growth remained solid.</li><li>We estimate Zoomlion’s domestic machinery sales growth in Oct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25.</li></ul>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.

We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.Based on our understanding, domestic demand for crane and concrete machinery continued to see meaningful recovery in Nov, while earth-moving’s growth remained solid.We estimate Zoomlion’s domestic machinery sales growth in Oct-Nov to be 20-30% YoY, accelerating from 13% YoY in 3Q25.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 (1157 HK/000157 CH) - Expect Accelerated Sales Growth in Nov

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Sedemac Mechatronics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sedemac-mechatronics-ltd" target="_blank" data-smartkarma-citation="entities:46076:1" rel="noopener">Sedemac Mechatronics Ltd (1560389D IN)</a> (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.</li>
<li>SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.</li>
<li>SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.</li>
</ul>



Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.


Sedemac Mechatronics Ltd Pre-IPO Tearsheet

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>India urges Russia to approve remaining 32 seafood processing units for exports</li>
<li>GSK plans to double India revenue to Rs.80 billion within next 5 years</li>
<li>Washing soap production falls by 1.7% in October 20 25</li>
</ul>


India urges Russia to approve remaining 32 seafood processing units for exports
GSK plans to double India revenue to Rs.80 billion within next 5 years
Washing soap production falls by 1.7% in October 20 25


Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

Southwest Airlines Co. is a domestic airline that provides primarily short-haul, high-frequency, point-to-point service.  The Company offers flights throughout the United States.

<ul><li>Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.</li><li>Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.</li><li>Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Business History: The Secret of Southwest’s Success

Milestone Gears Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/milestone-gears-ltd" target="_blank" data-smartkarma-citation="entities:46075:1" rel="noopener">Milestone Gears Ltd (1049966D IN)</a> (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.</li>
<li>MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.</li>
<li>According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.</li>
</ul>



Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.


Industrials
Industrials Insights

Zoomlion (1157 HK/000157 CH) - Expect Accelerated Sales Growth in Nov

We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.

CMB International

Sedemac Mechatronics Ltd Pre-IPO Tearsheet

Sedemac Mechatronics Ltd is a supplier of critical, control-intensive electronic control units to major vehicle and OEMs. It is looking to raise...

Akshat Shah

Exencial Industry Tidings 05/12/2025

India is pushing Russia to approve more seafood processing units for exports, GSK aims to double revenue in India, while washing soap production...

Viral Kishorchandra Shah

Business History: The Secret of Southwest’s Success

Southwest Airlines was founded in 1966 with a simple triangle drawn on a cocktail napkin, focusing on low-cost flights within Texas to avoid...

Behind the Money

Milestone Gears Ltd Pre-IPO Tearsheet

Milestone Gears Ltd (MGL) is a manufacturer of high-precision, complex engineered transmission components. It is looking to raise about US$124m in...

Akshat Shah

Zoomlion (1157 HK/000157 CH) - Expect Accelerated Sales Growth in Nov

We have received positive feedback on Zoomlion following the publication of our 2026 capital goods sector outlook (link) and investor call this week.

CMB International

Sedemac Mechatronics Ltd Pre-IPO Tearsheet

Sedemac Mechatronics Ltd is a supplier of critical, control-intensive electronic control units to major vehicle and OEMs. It is looking to raise...

Akshat Shah

Exencial Industry Tidings 05/12/2025

​India is pushing Russia to approve more seafood processing units for exports, GSK aims to double revenue in India, while washing soap production...

Viral Kishorchandra Shah

Business History: The Secret of Southwest’s Success

Southwest Airlines was founded in 1966 with a simple triangle drawn on a cocktail napkin, focusing on low-cost flights within Texas to avoid...

Behind the Money

Milestone Gears Ltd Pre-IPO Tearsheet

Milestone Gears Ltd (MGL) is a manufacturer of high-precision, complex engineered transmission components. It is looking to raise about US$124m in...

Akshat Shah

India is pushing Russia to approve more seafood processing units for exports, GSK aims to double revenue in India, while washing soap production...