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>Although BYD’s 4Q23 gross margin narrowed 0.9ppt QoQ, its earnings quality remained high.</li><li>We revise down our FY24E sales volume by 3% to 3.6mn units and net profit by 16% to RMB33.0bn amid stiffer-than-expected competition.</li><li>Nevertheless, we are of the view that BYD’s FY24E earnings could be resilient aided by overseas expansion, more premium products and little financial burden from FY23.</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.

Although BYD’s 4Q23 gross margin narrowed 0.9ppt QoQ, its earnings quality remained high.We revise down our FY24E sales volume by 3% to 3.6mn units and net profit by 16% to RMB33.0bn amid stiffer-than-expected competition.Nevertheless, we are of the view that BYD’s FY24E earnings could be resilient aided by overseas expansion, more premium products and little financial burden from FY23.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) - Good FY23 Earnings Quality

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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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>Technically, the SET Index is expected to move sideways up, with the resistance at 1,375/1,381 points (10-day and 25-day EMA) and the support at 1,362/1,357 points.</li><li>We anticipate the chairman to reiterate a cautious approach towards cutting the fed funds rate, given the lingering risk of persistent inflation.</li><li>The ECB is anticipated to maintain the policy interest rate for the fourth consecutive time at 4.5%.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,375/1,381 points (10-day and 25-day EMA) and the support at 1,362/1,357 points.We anticipate the chairman to reiterate a cautious approach towards cutting the fed funds rate, given the lingering risk of persistent inflation.The ECB is anticipated to maintain the policy interest rate for the fourth consecutive time at 4.5%.

<ul><li>Technically, the index is expected to weaken, with the support at 1,376/1,370 points and the resistance at 1,387 points (25-day EMA)/1,380 points, based on yesterday's technical sell signal that occurred after it created a lower low point and fell below the major support, which increases the likelihood of a further decline.</li><li>Keep a close watch for hints about the possible trajectory of the fed funds rate from the speech by the Atlanta Fed's Raphael Bostic (voter), who is expected to reiterate his view calling for no more than three rate cuts this year and patience regarding a dovish shift in the Fed's monetary policy.</li><li>The minutes may continue to indicate that the Fed is in no rush to cut interest rates.</li></ul>

Technically, the index is expected to weaken, with the support at 1,376/1,370 points and the resistance at 1,387 points (25-day EMA)/1,380 points, based on yesterday's technical sell signal that occurred after it created a lower low point and fell below the major support, which increases the likelihood of a further decline.Keep a close watch for hints about the possible trajectory of the fed funds rate from the speech by the Atlanta Fed's Raphael Bostic (voter), who is expected to reiterate his view calling for no more than three rate cuts this year and patience regarding a dovish shift in the Fed's monetary policy.The minutes may continue to indicate that the Fed is in no rush to cut interest rates.

Keep a Close Watch on US FOMC Minutes and Earnings of NVIDIA and HSBC

<ul><li>Technically, the SET Index is expected to move sideways down, under the influence of the downtrend pattern (inverted U-shaped pattern), with the support at 1,391/1,380 points and the resistance at 1,407/1,413 points (50-day EMA).</li><li>If approved, we anticipate a positive impact in the short term on ITD's share price and on financial institutions holding the debt.</li><li>The Bloomberg consensus estimates the 2023E net profit at Bt74.78mn (+207.27% YoY), and the fair value is Bt19.38.</li></ul>

Technically, the SET Index is expected to move sideways down, under the influence of the downtrend pattern (inverted U-shaped pattern), with the support at 1,391/1,380 points and the resistance at 1,407/1,413 points (50-day EMA).If approved, we anticipate a positive impact in the short term on ITD's share price and on financial institutions holding the debt.The Bloomberg consensus estimates the 2023E net profit at Bt74.78mn (+207.27% YoY), and the fair value is Bt19.38.

<ul><li>Upgrade to BUY. Although BYD-A’s share price has been between -15% and +13% of our previous target price of RMB 270, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.</li><li>It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.</li><li>We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. </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.

Upgrade to BUY. Although BYD-A’s share price has been between -15% and +13% of our previous target price of RMB 270, our major concerns with a prior HOLD rating were more about model cycle and margin dent from a potential overcapacity.It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.We now think that such trends could continue in the next few quarters, aided by premium models, exports and greater economies of scale. 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 Company (002594 CH) – Profit May Continue to Beat in Next Few Quarters

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) - Good FY23 Earnings Quality

We believe that investors are likely to prefer EV makers with solid earnings, as they are more likely to withstand the rising competition.

CMB International

Keep a Close Watch on the ECB Meeting

Technically, the SET Index is expected to move sideways up, with the resistance at 1,375/1,381 points (10-day and 25-day EMA) and the support at...

Krungthai XSpring

Keep a Close Watch on US FOMC Minutes and Earnings of NVIDIA and HSBC

Technically, the index is expected to weaken, with the support at 1,376/1,370 points and the resistance at 1,387 points (25-day EMA)/1,380 points,...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, under the influence of the downtrend pattern (inverted U-shaped pattern), with the...

Krungthai XSpring

BYD Company (002594 CH) – Profit May Continue to Beat in Next Few Quarters

It turned out that BYD’s sales volume growth has lasted longer than expected and its earnings have been more solid than our prior forecasts.

CMB International

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