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>Maintain BUY. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior forecast, which has increased our confidence in its profitability in FY24E.</li><li>We raise our FY24E net profit forecast by 25% to RMB9.9bn.</li><li>We believe Great Wall still needs a high-volume NEV in the mainstream market to boost investors’ confidence in its electrification transformation.</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. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior forecast, which has increased our confidence in its profitability in FY24E.We raise our FY24E net profit forecast by 25% to RMB9.9bn.We believe Great Wall still needs a high-volume NEV in the mainstream market to boost investors’ confidence in its electrification transformation.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.

Great Wall Motor (2333 HK) - 1Q24 NP Beat Provides Room for Transformation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND's consecutive buying streak ended on Monday 25-March, then started again. NORTHBOUND has been selling recently (this week and last buying semi tech, selling renewables)</li>
<li>Hs fell sharply vs As. AH Premia very wide. Alpha on portfolio vs straight H vs A but a bad week as liquid Hs underperformed liquid As by 2.5+%.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND's consecutive buying streak ended on Monday 25-March, then started again. NORTHBOUND has been selling recently (this week and last buying semi tech, selling renewables)
Hs fell sharply vs As. AH Premia very wide. Alpha on portfolio vs straight H vs A but a bad week as liquid Hs underperformed liquid As by 2.5+%.


A/H Premium Tracker (To 19 Apr 2024):  Liquid AH Premia Even Higher; Lots Of "Carry" In The Market

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.4% as of Apr 12th.</li>
<li>The average A-H premium changed by -9.4ppt week-on-week, led by health care, utilities, information technology and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for GWM, Beigene, Cansino, First Tractor.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.4% as of Apr 12th.
The average A-H premium changed by -9.4ppt week-on-week, led by health care, utilities, information technology and offset by consumer staples.
We highlight weekly changes in A-H premium for GWM, Beigene, Cansino, First Tractor.


A-H Premium Weekly (Apr 12th): GWM, Beigene, Cansino, First Tractor

Thematic (Sector/Industry)

<ul><li>We summarize the Mar 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.</li><li>On the surface, the industrywide average discounts remained flat MoM in Mar 2024. </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 summarize the Mar 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.On the surface, the industrywide average discounts remained flat MoM in Mar 2024. 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.

Auto - New models with lower MSRPs made discounts artificially stable

<ul><li>Maintain BUY. We are of the view that the Tank brand, pick-up trucks and exports will continue to support Great Wall’s earnings in FY24E.</li><li>Great Wall’s success in the off-road style SUVs has helped its PHEV sales volume and brought higherthan-expected margins, although it is difficult to extend it into BEVs in the short term.</li><li>We project FY24E sales volume to increase 10% YoY to 1.35mn units and net profit to rise 13% YoY to RMB 7.9bn</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 are of the view that the Tank brand, pick-up trucks and exports will continue to support Great Wall’s earnings in FY24E.Great Wall’s success in the off-road style SUVs has helped its PHEV sales volume and brought higherthan-expected margins, although it is difficult to extend it into BEVs in the short term.We project FY24E sales volume to increase 10% YoY to 1.35mn units and net profit to rise 13% YoY to RMB 7.9bnContent 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.

Great Wall Motor (2333 HK) - PHEVs Key to FY24; Earnings Likely Still Resilient

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs. Great Wall Motor conducts business in China, USA, Japan, Canada, Korea, and other regions.

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Great Wall Motor (601633 CH)

Great Wall Motor (2333 HK) - 1Q24 NP Beat Provides Room for Transformation

Maintain BUY. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior forecast, which has increased our confidence in its profitability in...

CMB International

A/H Premium Tracker (To 19 Apr 2024): Liquid AH Premia Even Higher; Lots Of "Carry" In The Market

Significant weakness in H vs A suggests arb/relval unwinding as As are up on the week, HK indices down, and H discounts to A widen sharply.

Travis Lundy

A-H Premium Weekly (Apr 12th): GWM, Beigene, Cansino, First Tractor

We analyzed A-H premium changes in the past week and highlight A-H premium changes for GWM, Beigene, Cansino, First Tractor.

Ke Yan, CFA, FRM

Auto - New models with lower MSRPs made discounts artificially stable

Note that such discounts for each automaker are calculated based on the weighted average of Feb 2024 retail sales volume for each model

CMB International

Great Wall Motor (2333 HK) - PHEVs Key to FY24; Earnings Likely Still Resilient

Maintain BUY. We are of the view that the Tank brand, pick-up trucks and exports will continue to support Great Wall’s earnings in FY24E.

CMB International

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