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 Yongda Automobile Services Hldg / Equity Bottom-Up

<ul><li>Maintain BUY. We believe Yongda’s FY22 analyst briefing has reaffirmed our prior argument that after-sales services could be key earnings driver. </li><li>We are more conservative than management in terms of new-car sales in FY23E. We are of the view that a substantial YoY decline in 1Q23E NP could be largely priced in. </li><li>We expect Yongda’s earnings to improve sequentially each quarter in FY23E.</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 believe Yongda’s FY22 analyst briefing has reaffirmed our prior argument that after-sales services could be key earnings driver. We are more conservative than management in terms of new-car sales in FY23E. We are of the view that a substantial YoY decline in 1Q23E NP could be largely priced in. We expect Yongda’s earnings to improve sequentially each quarter in FY23E.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.

Yongda Automobiles (3669 HK) – FY23E NP to improve sequentially each quarter

<ul><li>Initiate with BUY. We initiate coverage of Yongda with a BUY rating and a target price of HK$ 8.50, based on 7x FY23E P/E.</li><li>Despite direct-sales attempts by some new-energy-vehicle (NEV) makers, we believe dealership business model is still justified.</li><li>We believe the majority of short-term negatives has been priced in given its low valuation now. </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.

Initiate with BUY. We initiate coverage of Yongda with a BUY rating and a target price of HK$ 8.50, based on 7x FY23E P/E.Despite direct-sales attempts by some new-energy-vehicle (NEV) makers, we believe dealership business model is still justified.We believe the majority of short-term negatives has been priced in given its low valuation now. 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.

Yongda Automobiles (3669 HK) – After-sales as earnings driver amid low valuation

China

China Yongda Automobiles Services Holdings Ltd. retails passenger vehicles. The Company sells new and used vehicles and offers automobile rentals. China Yongda Automobiles also provides service.

China Yongda Automobile Services Hldg (3669 HK)

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