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

<ul><li>Maintain HOLD. Both NIO’s ASP and vehicle GPM missed in 1Q24, while R&amp;D expenses and GPM for other income beat.</li><li>Although its planned launch time for its third brand is earlier than we had expected, we believe management’s GPM guidance and assumptions for breakeven could be too optimistic.</li><li>NIO’s average selling price (ASP) in 1Q24 fell by RMB12,000 QoQ, or 2% lower than our prior projection.</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.

Maintain HOLD. Both NIO’s ASP and vehicle GPM missed in 1Q24, while R&amp;D expenses and GPM for other income beat.Although its planned launch time for its third brand is earlier than we had expected, we believe management’s GPM guidance and assumptions for breakeven could be too optimistic.NIO’s average selling price (ASP) in 1Q24 fell by RMB12,000 QoQ, or 2% lower than our prior projection.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.

NIO Inc. (NIO US) - Still No Sign of Turning Profitable

<ul><li>Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.</li><li>The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.</li><li>We believe management’s guidance for FY24E GPM could be too optimistic.</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.

Maintain HOLD. NIO’s all-time high R&amp;D and SG&amp;A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control costs.The cash burn from CYVN’s capital injection may last shorter than we expected before. We see no sign or persuasive strategies to turn profitable from the earnings call.We believe management’s guidance for FY24E GPM could be too optimistic.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.

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection

<ul><li>Maintain HOLD. We project NIO’s 4Q23 net loss to narrow QoQ to RMB4.4bn with a GPM improvement.</li><li>However, such GPM lift could still result in a net loss of RMB14.6bn in FY24E on our estimates.</li><li>Although the capital injection from CYVN could probably support NIO’s cash burn for two years, we think NIO still needs to lay out persuasive strategies to turn profitable to increase investors’ confidence, especially for its second brand launch in 2H24, as the NIO brand lacks new models in 1H24.</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.

Maintain HOLD. We project NIO’s 4Q23 net loss to narrow QoQ to RMB4.4bn with a GPM improvement.However, such GPM lift could still result in a net loss of RMB14.6bn in FY24E on our estimates.Although the capital injection from CYVN could probably support NIO’s cash burn for two years, we think NIO still needs to lay out persuasive strategies to turn profitable to increase investors’ confidence, especially for its second brand launch in 2H24, as the NIO brand lacks new models in 1H24.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.

NIO (NIO US) - Need Persuasive Strategies to Turn Profitable

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

NIO Inc. (NIO US) - Still No Sign of Turning Profitable

Although its planned launch time for its third brand is earlier than we had expected, we believe management’s GPM guidance and assumptions for...

CMB International

NIO Inc. (NIO US) - Cash Burn Speeds up with Capital Injection

Maintain HOLD. NIO’s all-time high R&D and SG&A expenses in 4Q23 once again confirm that it is probably too difficult for the company to control...

CMB International

NIO (NIO US) - Need Persuasive Strategies to Turn Profitable

Maintain HOLD. We project NIO’s 4Q23 net loss to narrow QoQ to RMB4.4bn with a GPM improvement. However, such GPM lift could still result in a net...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

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