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>Orient Group (600811 CH, NR) announced last week that it was not able to withdraw deposits from Orient Finance, a sister company of Orient Group, as Orient Finance is facing financial difficulties.</li><li>As at 17 Jun 2024, Orient Group’s total deposit amount in Orient Finance was RMB1.64bn while the total borrowing was RMB666mn (net deposit: RMB974mn).</li><li>ZHANG Hong Wei, the major shareholder of the Orient Group, Orient Finance as well as United Energy (UEG), agreed to improve the financial condition of Orient Finance, through the disposal of UEG’s shares over the coming 3-6 months.</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.

Orient Group (600811 CH, NR) announced last week that it was not able to withdraw deposits from Orient Finance, a sister company of Orient Group, as Orient Finance is facing financial difficulties.As at 17 Jun 2024, Orient Group’s total deposit amount in Orient Finance was RMB1.64bn while the total borrowing was RMB666mn (net deposit: RMB974mn).ZHANG Hong Wei, the major shareholder of the Orient Group, Orient Finance as well as United Energy (UEG), agreed to improve the financial condition of Orient Finance, through the disposal of UEG’s shares over the coming 3-6 months.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.

United Energy (467 HK) - Overhang on Share Price Due to Uncertain Financial Condition

<ul><li>We believe the low volume growth in 2023 and the impairment of Iraq assets have been gradually digested by the market.</li><li>We slash our 2024E/25E earnings forecast by 26%/28% due to lower oil &amp; gas output and higher production cost assumptions.</li><li>On the positive side, we expect the commencement of major central processing facilities in Iraq Block 9 in late Apr will boost the daily designed output capacity in Iraq’s Block 9 to 100k/boed this year (currently ~75k).</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 believe the low volume growth in 2023 and the impairment of Iraq assets have been gradually digested by the market.We slash our 2024E/25E earnings forecast by 26%/28% due to lower oil &amp; gas output and higher production cost assumptions.On the positive side, we expect the commencement of major central processing facilities in Iraq Block 9 in late Apr will boost the daily designed output capacity in Iraq’s Block 9 to 100k/boed this year (currently ~75k).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.

United Energy (467 HK) - Expect Volume Growth to Accelerate in 2024E

Hong Kong

United Energy Group is an investment holding company primarily engaged in the exploration, development, and production of crude oil and natural gas, alongside clean energy and energy trading businesses. The company also trades energy products, including petrochemicals, and constructs and operates solar power generation facilities. It operates across Pakistan, South Asia, the Middle East, and North Africa. Headquartered in Central, Hong Kong, the company was incorporated in 1992.

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United Energy Group (467 HK)

United Energy (467 HK) - Expect Volume Growth to Accelerate in 2024E

We believe the low volume growth in 2023 and the impairment of Iraq assets have been gradually digested by the market. We slash our 2024E/25E...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

United Energy (467 HK) - Overhang on Share Price Due to Uncertain Financial Condition

Orient Group (600811 CH, NR) announced last week that it was not able to withdraw deposits from Orient Finance, a sister company of Orient Group,...

CMB International

United Energy (467 HK) - Expect Volume Growth to Accelerate in 2024E

We believe the low volume growth in 2023 and the impairment of Iraq assets have been gradually digested by the market. We slash our 2024E/25E...

CMB International