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 summarize the Jun 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li>
<li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.</li>
<li>We are of the view that Tesla is still resilient, while NIO’s key metrics in Jun were below our expectation.</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 summarize the Jun 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.
Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.
We are of the view that Tesla is still resilient, while NIO’s key metrics in Jun were below our 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.

China Auto Sector – Jun leading indicators: NIO weaker than expected

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.</li><li>Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.</li><li>Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. </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>

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec.Wholesale volume rose 10% YoY in 2022, aided by exports and inventory restocking.Automakers cut about 0.49mn units of inventories in their dealers’ showrooms in Dec 2022, lower than our expectation, as new-energy vehicle (NEV) makers only cut their inventories by 17,000 units in Dec. 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.

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.</li><li>Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.</li><li>It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.</li></ul>

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak.Market worries that the global EV leader cannot sustain its competitive advantage and maintain its market shares.It’s market position is challenged by newcomers including traditional OEMs and EV start-ups.

Trade Idea - Competition Heats up in the BEV Market Globally

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.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways, with the support at 1,612/1,600 points and the resistance at 1,630/1,635 points.</li><li>We recommend trading buy on selective domestic plays, with the stock picks today being BEM, JMT and KTC.</li><li>The Consumer Confidence Index in November marked at 47.9, gaining for the sixth consecutive month and marking a 20-month high.</li></ul>

The SET Index is expected to move sideways, with the support at 1,612/1,600 points and the resistance at 1,630/1,635 points.We recommend trading buy on selective domestic plays, with the stock picks today being BEM, JMT and KTC.The Consumer Confidence Index in November marked at 47.9, gaining for the sixth consecutive month and marking a 20-month high.

<div><div><div><div><ul><li>Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.</li><li>4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.</li><li>Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.</li></ul></div></div></div></div><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>

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.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.

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

China Auto Sector – Jun leading indicators: NIO weaker than expected

We summarize the Jun 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

China Auto Sector – Weak ending of 2022 provides a glimpse of hope

China’s passenger-vehicle (PV) retail sales volume fell 3% YoY in 2022 with weaker-than-expected sales in Nov and Dec. Wholesale volume rose 10%...

CMB International

Trade Idea - Competition Heats up in the BEV Market Globally

Tesla’s share price has plunged by more than 75% from its Nov 2021 peak. Market worries that the global EV leader cannot sustain its competitive...

Quam Securities

Market Outlook and Investment Strategy

The SET Index is expected to move sideways, with the support at 1,612/1,600 points and the resistance at 1,630/1,635 points. We recommend trading...

Krungthai XSpring

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.

CMB International

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