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>Upgrade to BUY. Although BYD’s share price has been between -10% and +15% of our previous target price of HK$ 240, 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. Unlike some investors,</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’s share price has been between -10% and +15% of our previous target price of HK$ 240, 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. Unlike some investors,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 (1211 HK) – Profit May Continue to Beat in Next Few Quarters

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>Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it formed a higher-high and higher-low pattern.</li><li>Anticipated window dressing activities are expected to have a favorable impact on the market.</li><li>The government's approval of free visas for Chinese tourists for five months, beginning on September 25, is expected to benefit stocks connected to Chinese tourism.</li></ul>

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it formed a higher-high and higher-low pattern.Anticipated window dressing activities are expected to have a favorable impact on the market.The government's approval of free visas for Chinese tourists for five months, beginning on September 25, is expected to benefit stocks connected to Chinese tourism.

<ul><li>Maintain HOLD. BYD’s 2Q23 net profit beat our prior forecast on GPM, forex gains and government grants.</li><li>We view its earnings quality as solid given its accounting policies.</li><li>We believe going upmarket could be key to its sales growth and margins, although it appears that sales volume for BYD’s three premium brands may not be large enough to help BYD outperform the NEV market in 2024. </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. BYD’s 2Q23 net profit beat our prior forecast on GPM, forex gains and government grants.We view its earnings quality as solid given its accounting policies.We believe going upmarket could be key to its sales growth and margins, although it appears that sales volume for BYD’s three premium brands may not be large enough to help BYD outperform the NEV market in 2024. 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 (1211 HK) – Solid 2Q23 Earnings Quality; Eyes on Upmarket

<ul><li>BYD’s 1Q23 NP was 13% lower than our forecast, despite a strong GPM of 17.9%.</li><li>We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.</li><li>Possible upside surprise from export and its premium brand Yangwang takes some time. </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.

BYD’s 1Q23 NP was 13% lower than our forecast, despite a strong GPM of 17.9%.We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.Possible upside surprise from export and its premium brand Yangwang takes some time. 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 (1211 HK) – 1Q23 earnings as a mixed bag

<ul><li>The SET Index is expected to weaken, with the resistance at 1,570/1,580 points and the support at 1,555/1,543 points.</li><li>Keep a close watch on Thai exports in March, with the report to possibly be postponed to early next week.</li><li>Investment strategy: We recommend export-related stocks, i.e., AH, SAT and SABINA, which are expected to benefit from the positive momentum generated by the Thai export report for March.</li></ul>

The SET Index is expected to weaken, with the resistance at 1,570/1,580 points and the support at 1,555/1,543 points.Keep a close watch on Thai exports in March, with the report to possibly be postponed to early next week.Investment strategy: We recommend export-related stocks, i.e., AH, SAT and SABINA, which are expected to benefit from the positive momentum generated by the Thai export report for March.

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 Company (1211 HK) – 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

Today's Dominant Ideas

Technically, the SET Index is expected to increase, with the resistance at 1,530/1,540 points and the support at 1,515/1,505 points, after it...

Krungthai XSpring

BYD Company (1211 HK) – Solid 2Q23 Earnings Quality; Eyes on Upmarket

Maintain HOLD. BYD’s 2Q23 net profit beat our prior forecast on GPM, forex gains and government grants. We view its earnings quality as solid given...

CMB International

BYD Company (1211 HK) – 1Q23 earnings as a mixed bag

We believe its product mix, costs from previous investments and price war could limit its NP per vehicle in 2Q23E or even 2H23E.

CMB International

Today's Dominant Ideas

The SET Index is expected to weaken, with the resistance at 1,570/1,580 points and the support at 1,555/1,543 points. Keep a close watch on Thai...

Krungthai XSpring

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