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>We project Geely’s 2H23E net profit to double HoH to RMB3.2bn amid all-timehigh half-year sales volume and declining raw-material prices, probably higher than some investors’ expectation.</li><li>We also project Geely’s FY24E sales volume to rise 7% YoY to 1.8mn units, slightly lower than its target of 1.9mn units.</li><li>We estimate Geely’s net profit to rise 32% YoY to RMB6.2bn in FY24E, taking different factors into consideration as elaborated in details below.</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.

We project Geely’s 2H23E net profit to double HoH to RMB3.2bn amid all-timehigh half-year sales volume and declining raw-material prices, probably higher than some investors’ expectation.We also project Geely’s FY24E sales volume to rise 7% YoY to 1.8mn units, slightly lower than its target of 1.9mn units.We estimate Geely’s net profit to rise 32% YoY to RMB6.2bn in FY24E, taking different factors into consideration as elaborated in details below.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.

Geely Automobile (175 HK) – Expect 2H23E Net Profit to Double HoH

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>We upgrade our rating to Buy (from Outperform) thanks to the improvement of the tactical view to "limited downside risk" from "neutral" previously while attractive short-term valuation and positive long-term prospects remain unchanged.</li><li>Our new 12M fair value, based on the earnings yield approach given a required rate of return of 14.1%, has been raised to Bt39.76 (vs. Bt39.13 previously) following the earnings upgrade to reflect the recent new investment.</li><li>AH has expanded its OEM business to Malaysia with its recent investment in a 60% share in Advanced Vehicle Engineering Global (Avee), with a total investment value of Bt312mn.</li></ul>

We upgrade our rating to Buy (from Outperform) thanks to the improvement of the tactical view to "limited downside risk" from "neutral" previously while attractive short-term valuation and positive long-term prospects remain unchanged.Our new 12M fair value, based on the earnings yield approach given a required rate of return of 14.1%, has been raised to Bt39.76 (vs. Bt39.13 previously) following the earnings upgrade to reflect the recent new investment.AH has expanded its OEM business to Malaysia with its recent investment in a 60% share in Advanced Vehicle Engineering Global (Avee), with a total investment value of Bt312mn.

<ul><li>Maintain BUY. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue.</li><li>All eyes should be on its first Galaxy Series model, the L7 PHEV in 2Q23.</li><li>We expect Geely to have learnt hard lessons from the failure of the Emgrand L PHEV and prioritize market share over profitability, in a bid to compete with BYD.</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. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue.All eyes should be on its first Galaxy Series model, the L7 PHEV in 2Q23.We expect Geely to have learnt hard lessons from the failure of the Emgrand L PHEV and prioritize market share over profitability, in a bid to compete with BYD.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.

Geely Automobile (175 HK) – FY22 core earnings miss; PHEV still the key

<ul><li>Maintain BUY. We project Geely’s net profit in 2H22E to rise 95% HoH to RMB 3.0bn.</li><li>We estimate Geely’s FY23E net profit to rise 21% YoY to RMB 5.5bn under our assumption of 1.53mn units (vs. the company’s target of 1.65mn units).</li><li>We also forecast Geely’s new-energy vehicle’s (NEV) sales volume to surge 74% YoY in FY23E, which could be a positive catalyst for its share price.</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 project Geely’s net profit in 2H22E to rise 95% HoH to RMB 3.0bn.We estimate Geely’s FY23E net profit to rise 21% YoY to RMB 5.5bn under our assumption of 1.53mn units (vs. the company’s target of 1.65mn units).We also forecast Geely’s new-energy vehicle’s (NEV) sales volume to surge 74% YoY in FY23E, which could be a positive catalyst for its share price.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.

Geely Automobile (175 HK) – 2H22E net profit to almost double HoH

<ul><li>Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year, which could boost its NEV sales to about 40% of total sales volume in FY23, on our estimates.</li><li>We value Zeekr slightly higher than Xpeng’s current market cap and Geely’s other businesses at 15x our FY23E P/E.</li><li>Zeekr is likely to end the year of 2022 with its sales target of 70,000 units achieved, which exceeds many investors’ initial expectation.</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.

Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year, which could boost its NEV sales to about 40% of total sales volume in FY23, on our estimates.We value Zeekr slightly higher than Xpeng’s current market cap and Geely’s other businesses at 15x our FY23E P/E.Zeekr is likely to end the year of 2022 with its sales target of 70,000 units achieved, which exceeds many investors’ initial expectation.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.

Geely Automobile (175 HK) – PHEV could be a positive surprise in FY23

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

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Geely Auto (175 HK)

Geely Automobile (175 HK) – Expect 2H23E Net Profit to Double HoH

We project Geely’s 2H23E net profit to double HoH to RMB3.2bn amid all-timehigh half-year sales volume and declining raw-material prices, probably...

CMB International

Partnership with Proton Malaysia

We upgrade our rating to Buy (from Outperform) thanks to the improvement of the tactical view to "limited downside risk" from "neutral" previously...

Krungthai XSpring

Geely Automobile (175 HK) – FY22 core earnings miss; PHEV still the key

Maintain BUY. Geely’s core net profit in FY22 missed our prior forecast despite its all-time high revenue. All eyes should be on its first Galaxy...

CMB International

Geely Automobile (175 HK) – 2H22E net profit to almost double HoH

We estimate Geely’s FY23E net profit to rise 21% YoY to RMB 5.5bn under our assumption of 1.53mn units (vs. the company’s target of 1.65mn units).

CMB International

Geely Automobile (175 HK) – PHEV could be a positive surprise in FY23

Upgrade to BUY. We upgrade Geely Automobile to BUY from Hold as we see progressive improvement at Zeekr and more PHEV model rollouts next year...

CMB International

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