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 BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025.</li><li>We summarize some key takeaways as below.</li><li>Payable risks. BYD’s chairman confirmed that all the businesses in the Group are included in the listed entity.</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 BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025.We summarize some key takeaways as below.Payable risks. BYD’s chairman confirmed that all the businesses in the Group are included in the listed entity.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.

BYD (1211 HK/002594 CH) - Key Takeaways from AGM

<ul><li>Maintain BUY. BYD’s strong 4Q24 earnings once again underscored the importance of economies of scale.</li><li>We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up, which could lead to solid earnings in FY25E again.</li><li>4Q24 results beat with high quality earnings. BYD’s 4Q24 revenue beat our prior forecast by 6%.</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 BUY. BYD’s strong 4Q24 earnings once again underscored the importance of economies of scale.We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up, which could lead to solid earnings in FY25E again.4Q24 results beat with high quality earnings. BYD’s 4Q24 revenue beat our prior forecast by 6%.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.

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

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.

<ul><li>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,420/1,411 points (50-week EMA) and the resistance at 1,433/1,439 points (10-day EMA).</li><li>In the short term, the trend remains bearish, but there are signs of a slowdown in the decline.</li><li>Therefore, we view the downside risk for the SET Index as becoming increasingly limited.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,420/1,411 points (50-week EMA) and the resistance at 1,433/1,439 points (10-day EMA).In the short term, the trend remains bearish, but there are signs of a slowdown in the decline.Therefore, we view the downside risk for the SET Index as becoming increasingly limited.

Weekly Strategy & Economic Figures in November

<ul><li>Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast.</li><li>Such beat was offset by higher-thanexpected SG&amp;A and R&amp;D expenses.</li><li>The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war.</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 BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast.Such beat was offset by higher-thanexpected SG&amp;A and R&amp;D expenses.The solid gross margin gives us more confidence in forecasting 4Q24 and FY25 sales volume, as BYD still has the best resources to withstand the prolonged price war.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.

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

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)

BYD (1211 HK/002594 CH) - Key Takeaways from AGM

Maintain BUY. We attended BYD’s annual general meeting (AGM) and management sharing session on 6 Jun 2025. We summarize some key takeaways as below.

CMB International

BYD (1211 HK/002594 CH) - 4Q24 Margins Lay Foundation for FY25 Earnings

We expect BYD to prioritize sales volume again in FY25E, by leveraging new models, overseas expansion, battery technology upgrades and AD catch-up,...

CMB International

Global Market Update: February 24, 2025

Krungthai XSpring

Weekly Strategy & Economic Figures in November

Technically, the SET Index is expected to move sideways down, with the support at 1,420/1,411 points (50-week EMA) and the resistance at...

Krungthai XSpring

BYD (1211 HK) - 3Q24 GPM Provides Confidence for FY25 Sales

Maintain BUY. Although we had expected a QoQ lift in gross margin, BYD’s 3Q24 gross margin still beat our forecast. Such beat was offset by higher...

CMB International

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