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.

Thematic (Sector/Industry)

<ul><li>We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.</li><li>Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.</li><li>We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. </li></ul><p><em>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.</em></p>

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. 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.

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.</li><li>The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.</li><li>Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.</li></ul>

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.

Mainfreight (MFT.NZ) - ODFL Q1 Read-through

<ul><li>DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 1Q26 result overnight with its share price down ~-4% on the day.</li><li>The key result read-through for MFT is mixed.</li><li>Other key peer results to look out for this week include: DHL (30 April), and SAIA (30 April).</li></ul>

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 1Q26 result overnight with its share price down ~-4% on the day.The key result read-through for MFT is mixed.Other key peer results to look out for this week include: DHL (30 April), and SAIA (30 April).

Mainfreight (MFT.NZ) - DSV Q1 Read-Through

<ul><li>Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday.</li><li>Its share price declined -4% on the day.</li><li>Key peer results to look out for this week include DSV (29 April), ODFL (29 April), CH Robinson (29 April), DHL (30 April), and SAIA (30 April).</li></ul>

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday.Its share price declined -4% on the day.Key peer results to look out for this week include DSV (29 April), ODFL (29 April), CH Robinson (29 April), DHL (30 April), and SAIA (30 April).

Mainfreight (MFT.NZ) - Kuehne & Nagel Q1 Read-through

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>Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day EMA).</li><li>Amid the negative sentiment generated by the latest comments from Fed Chairman Powell, the US economy is expected to add only 175k jobs in July 2024, considerably below the 206k added in June.</li><li>The business confidence indicator in Thailand is expected to be slightly lower at 48.4 in July 2024, compared to 48.7 in June.</li></ul>

Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day EMA).Amid the negative sentiment generated by the latest comments from Fed Chairman Powell, the US economy is expected to add only 175k jobs in July 2024, considerably below the 206k added in June.The business confidence indicator in Thailand is expected to be slightly lower at 48.4 in July 2024, compared to 48.7 in June.

Germany

Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services.

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Deutsche Post (DHL GR)

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the...

CMB International

Mainfreight (MFT.NZ) - ODFL Q1 Read-through

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market,...

Forsyth Barr

Mainfreight (MFT.NZ) - DSV Q1 Read-Through

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 1Q26 result overnight with its share price down ~-4% on the day. The...

Forsyth Barr

Mainfreight (MFT.NZ) - Kuehne & Nagel Q1 Read-through

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday. Its share price declined -4% on...

Forsyth Barr

US Employment Data & Earnings Results

Technically, the SET Index is expected to be volatile, with the resistance at 1,332/1,338 points and the support at 1,319/1,315 points (25-day...

Krungthai XSpring

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