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>Dragged by economic downturn and higher gas costs, TLG’s FY22 results slightly missed estimates.</li><li>TLG’s revenue slightly dropped 1.4%YoY to RMB7.54bn, and its gross profit and core net profit declined by 21.7%YoY and 35% YoY.</li><li>However, in 2H22, since the dollar margin improved to RMB0.47cbm, the core profit raised by 52%, compared to 1H22.</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.

Dragged by economic downturn and higher gas costs, TLG’s FY22 results slightly missed estimates.TLG’s revenue slightly dropped 1.4%YoY to RMB7.54bn, and its gross profit and core net profit declined by 21.7%YoY and 35% YoY.However, in 2H22, since the dollar margin improved to RMB0.47cbm, the core profit raised by 52%, compared to 1H22.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.

Tian Lun Gas (1600 HK) – Stay optimistic in 2023

<ul><li>C&amp;l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&amp;I may further release in 2023. </li><li>Dollar margin continues to improve. As TLG implemented active price-cross measures and diversified its gas source, the Group’s dollar margin improved to around RMB0.5cbm in 3Q22, and the dollar margin in 2H22 went back to a similar level to previous years.</li><li>Great development potential for TLG’s rural household PV business with the gas-electric synergy model</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.

C&amp;l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&amp;I may further release in 2023. Dollar margin continues to improve. As TLG implemented active price-cross measures and diversified its gas source, the Group’s dollar margin improved to around RMB0.5cbm in 3Q22, and the dollar margin in 2H22 went back to a similar level to previous years.Great development potential for TLG’s rural household PV business with the gas-electric synergy modelContent 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.

Tian Lun Gas (1600 HK) – Rapid Recovery in C&L’s Gas Sale

<div><ul><li>FY22E retail gas sales volume is expected to maintain 6-8% YoY growth, while 2H22 gas dollar margin tends to improve.</li><li>Gas connection business may slightly improve in 2H22; value-added business continued its robust growth momentum.</li><li>TLG actively develops new energy business leveraging its advanced residential user resources and regional lighting conditions.</li></ul></div>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.

FY22E retail gas sales volume is expected to maintain 6-8% YoY growth, while 2H22 gas dollar margin tends to improve.Gas connection business may slightly improve in 2H22; value-added business continued its robust growth momentum.TLG actively develops new energy business leveraging its advanced residential user resources and regional lighting conditions.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.

Tian Lun Gas (1600 HK) – Expect 2H22 result to improve, yet maintain a prudent outlook

China

Tian Lun Gas Holdings Limited is a Chinese utility company primarily engaged in the transportation, distribution, and sale of natural gas and compressed natural gas through its pipeline connections. It provides gas pipeline construction, infrastructure laying, and installation services for residential, commercial, and industrial users, and also operates gas filling stations and produces liquefied natural gas. The company was founded in 2002 and is headquartered in Zhengzhou, China.

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