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

Guangzhou Automobile Group / Equity Bottom-Up

<ul><li>We are of the view that the positive side of GAC’s 2Q24 earnings miss is that the company has started reform to increase synergies between different brands and cope with fast-changing market dynamics, including accelerating the launch of EREVs and PHEVs for Aion and Trumpchi, closer collaboration with Huawei to roll out competitive models.</li><li>These could lay a foundation for GAC to regain traction.</li><li>2Q24 earnings miss on both homegrown brands and JVs. GAC’s 2Q24 revenue fell 30% YoY on lower average selling price (ASP) and sales volume.</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 are of the view that the positive side of GAC’s 2Q24 earnings miss is that the company has started reform to increase synergies between different brands and cope with fast-changing market dynamics, including accelerating the launch of EREVs and PHEVs for Aion and Trumpchi, closer collaboration with Huawei to roll out competitive models.These could lay a foundation for GAC to regain traction.2Q24 earnings miss on both homegrown brands and JVs. GAC’s 2Q24 revenue fell 30% YoY on lower average selling price (ASP) and sales volume.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.

GAC Group (2238 HK) - More EREVs, Tech Partnership to Revive Sales

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 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.
We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.


A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 112.2% as of Aug 16th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by health care, financials, utilities and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 112.2% as of Aug 16th.
The average A-H premium changed by 0.9ppt week-on-week, led by health care, financials, utilities and offset by communication services, real estate.
We highlight weekly changes in A-H premium for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.


A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Guangzhou Automobile Group / Event-Driven

<ul>
<li>Delayed this week because of the long (Japanese holiday, which I took for myself) weekend, as were the <a href="https://www.smartkarma.com/insights/hk-connect-southbound-flows-to-9-aug-2024-tencent-the-big-buy-again" target="_blank" rel="noopener">SOUTHBOUND</a> and <a href="https://www.smartkarma.com/insights/mainland-connect-northbound-flows-to-9-aug-2024-back-to-net-selling-of-renewables-and-consumer" target="_blank" rel="noopener">NORTHBOUND</a> monitors. </li>
<li>SOUTHBOUND inflow strong. Tencent strong inflows. Net buying every day for two weeks. NORTHBOUND outflows large. Record foreign investor outflows from China's capital markets this year.</li>
<li>As expected (with AH 20d Premia returns at multi-year highs last week), AH Premia fell slightly, with narrow premia falling more than wide premia. I'd expect more H-vs-A gains.</li>
</ul>


Delayed this week because of the long (Japanese holiday, which I took for myself) weekend, as were the SOUTHBOUND and NORTHBOUND monitors. 
SOUTHBOUND inflow strong. Tencent strong inflows. Net buying every day for two weeks. NORTHBOUND outflows large. Record foreign investor outflows from China's capital markets this year.
As expected (with AH 20d Premia returns at multi-year highs last week), AH Premia fell slightly, with narrow premia falling more than wide premia. I'd expect more H-vs-A gains.


A/H Premium Tracker (To 9 Aug 2024): Global Market Vol. SB Bought. NB Sold. Premia Down.

<ul>
<li>We analyse the changes of A-H premium on 144 stocks over the last week. The average A-H premium was 112.4% as of Aug 9th.</li>
<li>The average A-H premium changed by 1.5ppt week-on-week, led by consumer discretionary, information technology, energy and offset by utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink, WuXi AppTec, Pharmaron, Hangzhou Tiger.</li>
</ul>


We analyse the changes of A-H premium on 144 stocks over the last week. The average A-H premium was 112.4% as of Aug 9th.
The average A-H premium changed by 1.5ppt week-on-week, led by consumer discretionary, information technology, energy and offset by utilities, health care.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink, WuXi AppTec, Pharmaron, Hangzhou Tiger.


A-H Premium Weekly (Aug 9th): Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink

China

Guangzhou Automobile Group Company Limited manufactures and sells automobiles. The Company vehicles, motorcycles, and other products. Guangzhou Automobile Group also provides automobile parts manufacturing, automotive business services, automotive finance, and other services.

Price Gauge
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Guangzhou Automobile Group (601238 CH)

GAC Group (2238 HK) - More EREVs, Tech Partnership to Revive Sales

GAC’s 2Q24 net profit of RMB300mn was only RMB130mn lower than our estimates due to the fair value gain of RMB1.1bn from Chenqi Tech’s (9680 HK,...

CMB International

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.

Ke Yan, CFA, FRM

A/H Premium Tracker (To 9 Aug 2024): Global Market Vol. SB Bought. NB Sold. Premia Down.

AH Premia 20d returns were at a multi-year high as of 2 August, suggesting they were likely to fall (it's an oscillator), and they did this week....

Travis Lundy

A-H Premium Weekly (Aug 9th): Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Pharm, China Eastern, Air China,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)