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. BYD’s 3Q25 earnings recovered QoQ, although the pace was below our prior expectation.</li><li>We believe its industry-leading technologies, previous high earnings quality, lessons learnt from pricing strategy and inventory management in FY25 could support its earnings resilience ahead.</li><li>3Q25 earnings miss on GPM, forex loss. BYD’s 3Q25 revenue fell 3% YoY amid a 2% sales volume decline YoY.</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 3Q25 earnings recovered QoQ, although the pace was below our prior expectation.We believe its industry-leading technologies, previous high earnings quality, lessons learnt from pricing strategy and inventory management in FY25 could support its earnings resilience ahead.3Q25 earnings miss on GPM, forex loss. BYD’s 3Q25 revenue fell 3% YoY amid a 2% sales volume decline YoY.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) - Recover Gradually

<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

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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 – Mixed picture ahead as inventory risk lingers

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.</li><li>Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.</li><li>According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.</li></ul>

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent development on BYD front, higher receivables recovery pattern, and dividend expectations from Thar coal-based power plant.Our DCF based valuation suggest Dec 2026 target price of Rs244/share for the company which offers capital gain of 12% and dividend yield of 9.6%, translating into total return of 22%.According to the company’s corporate briefing session, more than 2,000 units have been sold in less than six months, which indicates growing market response in line with the global success of BYD.

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp Up

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) - Recover Gradually

We believe its industry-leading technologies, previous high earnings quality, lessons learnt from pricing strategy and inventory management in FY25...

CMB International

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

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

Hub Power Company (HUBC): PCD Of Two CPEC Plants To Sustain Dividend; Target Price Revised To Rs244/Sh; BYD To Gradually Ramp Up

We have revisited our investment thesis on Hub Power Company (HUBC) and have increased our target price of HUBC after incorporating the recent...

Topline Securities

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