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

China Three Gorges Renewables / Equity Bottom-Up

China Three Gorges Renewables (600905 CH)

<ul><li>CTGR Group announced its 1H23 results, with in-line business operation but operating cost missing expectations.</li><li>CTGR achieved revenue of RMB13.70bn, up by 12.98% YoY. Attributable NP was RMB4.52bn, dropped by 10.10% YoY.</li><li>Although CTGR reported solid operation in electricity generation and slightly beat on-grid tariff, the increase in costs and operating expenses (under updated accounting standards) led to a drop in earnings. </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.

CTGR Group announced its 1H23 results, with in-line business operation but operating cost missing expectations.CTGR achieved revenue of RMB13.70bn, up by 12.98% YoY. Attributable NP was RMB4.52bn, dropped by 10.10% YoY.Although CTGR reported solid operation in electricity generation and slightly beat on-grid tariff, the increase in costs and operating expenses (under updated accounting standards) led to a drop in earnings. 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.

CTGR Group (600905 CH) – Sound Business Operation; Rising Depreciation Drags on Earnings

<ul><li>China Three Gorges Renewables (CTGR) is one of the pioneers among new energy power operators.</li><li>The Company is a subsidiary of CTG, whose actively develops wind and solar power.</li><li>CTGR plans to achieve a newly installed capacity of 5,000 MW in solar and wind power in 2023, with installation progress expected to accelerate in 2H23.</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 Three Gorges Renewables (CTGR) is one of the pioneers among new energy power operators.The Company is a subsidiary of CTG, whose actively develops wind and solar power.CTGR plans to achieve a newly installed capacity of 5,000 MW in solar and wind power in 2023, with installation progress expected to accelerate in 2H23.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.

CTGR Group (600905 CH) – Green Power Giant Forges Ahead

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Industrials (inflows of $3,132 million), Information Technology (inflows of $2,247 million), Health Care (inflows of $1,021 million) led the inflows.</li>
<li>We highlight flows for BOE, Wuliangye, Nari, Wanhua, Luzhou Laojiao, CMB, Longi Green, Foxconn, Ping An, Hithink.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Industrials (inflows of $3,132 million), Information Technology (inflows of $2,247 million), Health Care (inflows of $1,021 million) led the inflows.
We highlight flows for BOE, Wuliangye, Nari, Wanhua, Luzhou Laojiao, CMB, Longi Green, Foxconn, Ping An, Hithink.


Northbound Flows Monthly (Mar): BOE, Wuliangye, Nari, Wanhua, Luzhou Laojiao

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 21st.</li>
<li>We estimate the weekly outflows to be US$4,305.1 million, led by consumer staples, financials, and offset by energy, utilities.</li>
<li>We highlight flows for BOE, Moutai, Ping An, Yili,  China Tourism, Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 21st.
We estimate the weekly outflows to be US$4,305.1 million, led by consumer staples, financials, and offset by energy, utilities.
We highlight flows for BOE, Moutai, Ping An, Yili,  China Tourism, Longi Green.


Northbound Flows (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>A "Long <a href="https://www.smartkarma.com/entities/china-three-gorges-renewables" target="_blank" data-smartkarma-citation="entities:28950:1" rel="noopener">China Three Gorges Renewables (600905 CH)</a>, short <a href="https://www.smartkarma.com/entities/huaneng-power-intl-inc-a" target="_blank" data-smartkarma-citation="entities:24739:1" rel="noopener">Huaneng Power Intl Inc-A (600011 CH)</a>" pair trade should generate good return in China's utilities sector given the current industry dynamics.</li>
<li>The key supporting factors are: CTGR has pure exposure to renewable, faster capacity growth and a stronger balance sheet. They should underpin better earnings quality and outlook relative to HPI.</li>
<li>CTGR trades on higher PER and P/B multiples, but these should not be hurdles as they are just reflection of more promising prospects. We expect CTGR's YTD outperformance to continue.</li>
</ul>


A "Long China Three Gorges Renewables (600905 CH), short Huaneng Power Intl Inc-A (600011 CH)" pair trade should generate good return in China's utilities sector given the current industry dynamics.
The key supporting factors are: CTGR has pure exposure to renewable, faster capacity growth and a stronger balance sheet. They should underpin better earnings quality and outlook relative to HPI.
CTGR trades on higher PER and P/B multiples, but these should not be hurdles as they are just reflection of more promising prospects. We expect CTGR's YTD outperformance to continue.


China Utilities: Long China Three Gorges Renewables (600905 CH), Short Huaneng Power Int (600011 CH)

China

China Three Gorges Renewables (Group) Co.,Ltd. operates renewable energy generation businesses. The Company generates onshore wind power, photovoltaic power, wind power, hydropower, solar power, and other power products. China Three Gorges Renewables (Group) also operates investment businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Three Gorges Renewables (600905 CH)

CTGR Group (600905 CH) – Sound Business Operation; Rising Depreciation Drags on Earnings

CTGR Group announced its 1H23 results, with in-line business operation but operating cost missing expectations. CTGR achieved revenue of...

CMB International

CTGR Group (600905 CH) – Green Power Giant Forges Ahead

CTGR plans to achieve a newly installed capacity of 5,000 MW in solar and wind power in 2023, with installation progress expected to accelerate in...

CMB International

Northbound Flows Monthly (Mar): BOE, Wuliangye, Nari, Wanhua, Luzhou Laojiao

We analyzed the Hong Kong Connect Scheme for March and highlight flows for BOE, Wuliangye, Nari, Wanhua, Luzhou Laojiao, CMB, Longi Green, Foxconn,...

Ke Yan, CFA, FRM

Northbound Flows (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BOE, Moutai, Ping An, Yili, China Tourism, Longi...

Ke Yan, CFA, FRM

China Utilities: Long China Three Gorges Renewables (600905 CH), Short Huaneng Power Int (600011 CH)

CTGR's pure exposure to renewable, faster capacity growth and stronger balance sheet are the key merits when compared with HPI. We believe these...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)