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

Horizon Construction Development / Equity Bottom-Up

<ul><li>Horizon’s reported net profit in 1H23 came in at RMB237mn, up 49% YoY.</li><li>Excluding the listing expense as well as the interest expense and FX change from the redemption liabilities on pre-IPO investment, core net profit moderately grew 10% YoY to RMB318mn which is in line with our expectation.</li><li>We like Horizon’s disciplined cost management, improved free cash flow through the execution of asset-light model and reduced gearing ratio. </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.

Horizon’s reported net profit in 1H23 came in at RMB237mn, up 49% YoY.Excluding the listing expense as well as the interest expense and FX change from the redemption liabilities on pre-IPO investment, core net profit moderately grew 10% YoY to RMB318mn which is in line with our expectation.We like Horizon’s disciplined cost management, improved free cash flow through the execution of asset-light model and reduced gearing ratio. 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.

Horizon CD (9930 HK) – 1H23 Core Profit +10% YoY

<ul><li>As a leading equipment operation service provider with the strong capability of offering integrated services, nationwide service network and proven digitalization capability, Horizon Construction Development is set to capture the fast-growing aerial work platform (AWP) demand and the rising penetration of equipment operation service market.</li><li>In addition, we believe the successful IPO as well as the gradual shift to asset-light re-rent model will help improve balance sheet over the coming two years.</li><li>We initiate coverage on Horizon Construction with BUY rating and TP of HK$4.80.</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.

As a leading equipment operation service provider with the strong capability of offering integrated services, nationwide service network and proven digitalization capability, Horizon Construction Development is set to capture the fast-growing aerial work platform (AWP) demand and the rising penetration of equipment operation service market.In addition, we believe the successful IPO as well as the gradual shift to asset-light re-rent model will help improve balance sheet over the coming two years.We initiate coverage on Horizon Construction with BUY rating and TP of HK$4.80.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.

Horizon CD (9930 HK) – No.1 Equipment Operation Service Provider

Thematic (Sector/Industry)

<ul><li>What is new? On 23 Nov, SANY AWP (三一高空机械) signed an agreement with the municipal government of Huzhou, Zhejiang (source).</li><li>According to the agreement, SANY AWP will spend &gt;RMB10bn to build a production base for aerial work platform (AWP) and research centre in Wuxing District, Huzhou.</li><li>Upon the completion of the construction, the annual capacity of AWP is expected to reach 150k units, covering various types of boom lift, scissors lift and large-size intelligent AWP models.</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.

What is new? On 23 Nov, SANY AWP (三一高空机械) signed an agreement with the municipal government of Huzhou, Zhejiang (source).According to the agreement, SANY AWP will spend &gt;RMB10bn to build a production base for aerial work platform (AWP) and research centre in Wuxing District, Huzhou.Upon the completion of the construction, the annual capacity of AWP is expected to reach 150k units, covering various types of boom lift, scissors lift and large-size intelligent AWP models.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.

Huge AWP Expansion Plan by SANY Points to Deterioration of Competitive Landscape

China

Horizon Construction Development Limited provides engineering and technical services. The Company provides represent tailor made one stop solutions for different businesses or operation scenarios. Horizon Construction Development also offers operating lease services, platform and other services, and other services.

Horizon Construction Development (9930 HK)

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Horizon CD (9930 HK) – 1H23 Core Profit +10% YoY

We like Horizon’s disciplined cost management, improved free cash flow through the execution of asset-light model and reduced gearing ratio.

CMB International

Horizon CD (9930 HK) – No.1 Equipment Operation Service Provider

As a leading equipment operation service provider with the strong capability of offering integrated services, nationwide service network and proven...

CMB International

Huge AWP Expansion Plan by SANY Points to Deterioration of Competitive Landscape

What is new? On 23 Nov, SANY AWP (三一高空机械) signed an agreement with the municipal government of Huzhou, Zhejiang (source).

CMB International