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>BYD’s high earnings quality in FY22 could provide room for FY23E profitability, especially as battery prices decline faster than expected.</li><li>On the other hand, we think its earnings growth potential could be limited for the next 2-3 years given its market share now, which could make its current valuation fair.</li><li>Solid earnings in FY22 with heavy investments in R&amp;D and PP&amp;E. BYD’s FY22 net profit of RMB 16.6bn was in line with its previous profit alert.</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 high earnings quality in FY22 could provide room for FY23E profitability, especially as battery prices decline faster than expected.On the other hand, we think its earnings growth potential could be limited for the next 2-3 years given its market share now, which could make its current valuation fair.Solid earnings in FY22 with heavy investments in R&amp;D and PP&amp;E. BYD’s FY22 net profit of RMB 16.6bn was in line with its previous profit alert.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) – Fair valuation despite FY22 high earnings quality

<ul><li>BYD’s 4Q22 earnings beat our expectation. We raise our FY23E net profit to RMB 18.9bn, or RMB 7,100 per vehicle to account for subsidy phase-out and stiffer competition.</li><li>We believe consensus could underestimate the margin dent from the subsidy phase-out.</li><li>We maintain HOLD given its fair valuation to us.</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 4Q22 earnings beat our expectation. We raise our FY23E net profit to RMB 18.9bn, or RMB 7,100 per vehicle to account for subsidy phase-out and stiffer competition.We believe consensus could underestimate the margin dent from the subsidy phase-out.We maintain HOLD given its fair valuation to us.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) – 4Q22 beat; FY23E margins likely overestimated

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>The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.</li><li>The index attempted to stand above 1,690 points, but selloffs caused it to close negative; hence, the index may remain in the correction mode in the movement range of 1,670-1,690 points.</li><li>Tactically, we recommend trading buy in the short term, with the profit-taking point at around 1,690 points, focusing on reopening plays with positive momentum from the approval of phase 5 of the "We Travel Together" scheme and sectors that may benefit ahead of the election, such as the construction services sector.</li></ul>

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.The index attempted to stand above 1,690 points, but selloffs caused it to close negative; hence, the index may remain in the correction mode in the movement range of 1,670-1,690 points.Tactically, we recommend trading buy in the short term, with the profit-taking point at around 1,690 points, focusing on reopening plays with positive momentum from the approval of phase 5 of the "We Travel Together" scheme and sectors that may benefit ahead of the election, such as the construction services sector.

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,620/1,625 points and the support at 1,610/1,603 points.</li><li>The market may be pressured by the third reading of US 3Q22 GDP at 3.2% QoQ, which was higher than the first and second readings, increasing the concern about more aggressive Fed rate hikes.</li><li>Recommended stocks for trading buy: KBANK, HMPRO and CPN</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,620/1,625 points and the support at 1,610/1,603 points.The market may be pressured by the third reading of US 3Q22 GDP at 3.2% QoQ, which was higher than the first and second readings, increasing the concern about more aggressive Fed rate hikes.Recommended stocks for trading buy: KBANK, HMPRO and CPN

<ul><li>The SET Index is expected to move sideways, with the resistance at 1,615/1,620 points and the support at 1,600/1,597 points.</li><li>Negative factors include the Thai trade balance in November, which is forecast to continue to mark a deficit, albeit to a lesser extent than in October.</li><li>We thus recommend holding cash or brief speculation.</li></ul>

The SET Index is expected to move sideways, with the resistance at 1,615/1,620 points and the support at 1,600/1,597 points.Negative factors include the Thai trade balance in November, which is forecast to continue to mark a deficit, albeit to a lesser extent than in October.We thus recommend holding cash or brief speculation.

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) – Fair valuation despite FY22 high earnings quality

BYD’s high earnings quality in FY22 could provide room for FY23E profitability, especially as battery prices decline faster than expected.

CMB International

BYD Company (1211 HK) – 4Q22 beat; FY23E margins likely overestimated

BYD’s 4Q22 earnings beat our expectation. We raise our FY23E net profit to RMB 18.9bn, or RMB 7,100 per vehicle to account for subsidy phase-out...

CMB International

Market Outlook

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points. The index attempted...

Krungthai XSpring

Recommendation: Brief Speculation

The SET Index is expected to move sideways, with the resistance at 1,620/1,625 points and the support at 1,610/1,603 points. The market may be...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways, with the resistance at 1,615/1,620 points and the support at 1,600/1,597 points. Negative factors...

Krungthai XSpring

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