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.

Thematic (Sector/Industry)

<ul><li>We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.</li><li>Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. </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 summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. 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.

<ul><li>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales volumes on 1 Dec 2023.</li><li>Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.</li><li>Seven out of the 11 automakers posted their all-time high sales volume in Nov.</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.

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales volumes on 1 Dec 2023.Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.Seven out of the 11 automakers posted their all-time high sales volume in Nov.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.

China Auto Sector – NEV Sales Volume MoM Growth Narrowed in Nov

<ul><li>After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.</li><li>While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.</li><li>Exports, Chinese brands’ market share gain and competition still key topics.</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.

After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.Exports, Chinese brands’ market share gain and competition still key topics.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.

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,406/1,393 points and the resistance at 1,420/1,431 points.</li><li>Japanese and US equity markets will close for Thanksgiving Day (US and Japanese markets are closed on Thursday, and the former will operate with reduced hours on Friday).</li><li>We recommend speculating on commodity stocks, i.e., TOP, PTTGC and PTTEP, which may benefit from good news from the OPEC+ meeting on November 26.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,406/1,393 points and the resistance at 1,420/1,431 points.Japanese and US equity markets will close for Thanksgiving Day (US and Japanese markets are closed on Thursday, and the former will operate with reduced hours on Friday).We recommend speculating on commodity stocks, i.e., TOP, PTTGC and PTTEP, which may benefit from good news from the OPEC+ meeting on November 26.

<ul><li>We summarize the Oct 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.</li><li>In general, new orders per store for most brands have been rising MoM since Apr 2023, which have been consistent with our prior projection that NEV market share in China could rise sequentially for the remainder of the year. </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 summarize the Oct 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.In general, new orders per store for most brands have been rising MoM since Apr 2023, which have been consistent with our prior projection that NEV market share in China could rise sequentially for the remainder of the year. 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.

China Auto Sector – Improving Leading Indicators Imply Strong 4Q23

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

China Auto Sector - Nov 2023

We summarize the Nov 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

China Auto Sector – NEV Sales Volume MoM Growth Narrowed in Nov

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales...

CMB International

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to weaken, with the support at 1,406/1,393 points and the resistance at 1,420/1,431 points. Japanese and US...

Krungthai XSpring

China Auto Sector – Improving Leading Indicators Imply Strong 4Q23

We summarize the Oct 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

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