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>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Aussie gold and copper explorer <a href="https://www.smartkarma.com/entities/gbm-resources-ltd" target="_blank" data-smartkarma-citation="entities:16326:1" rel="noopener">GBM Resources (GBZ AU)</a> has announced plans to seek a secondary listing in Hong Kong.</li>
<li>GBM has entered a memorandum of understanding with its major shareholder, Wise Walkers Limited, which will fund all listing-related expenses - to be repaid upon a successful listing.</li>
<li>The listing is, ostensibly, to "broaden its investor base"; however <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s barnstorming IPO debut probably spurred on this development. </li>
</ul>


Aussie gold and copper explorer GBM Resources (GBZ AU) has announced plans to seek a secondary listing in Hong Kong.
GBM has entered a memorandum of understanding with its major shareholder, Wise Walkers Limited, which will fund all listing-related expenses - to be repaid upon a successful listing.
The listing is, ostensibly, to "broaden its investor base"; however Zijin Gold (2259 HK)'s barnstorming IPO debut probably spurred on this development. 


GBM Resources (GBZ AU)'s Proposed Secondary Listing In Hong Kong

Equity Bottom-Up

<ul><li>Yancoal’s (YAL) net profit came in at A$163mn in 1H25 (-61% YoY) which is slightly below our expectation due to higher-than-expected effective tax rate.</li><li>YAL proposes interim dividend of A$0.062/shr, implying ~50% payout ratio which is consistent with YAL’s dividend policy.</li><li>Meanwhile, YAL maintains the full-year guidance on sales volume, unit cost and capex. </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.

Yancoal’s (YAL) net profit came in at A$163mn in 1H25 (-61% YoY) which is slightly below our expectation due to higher-than-expected effective tax rate.YAL proposes interim dividend of A$0.062/shr, implying ~50% payout ratio which is consistent with YAL’s dividend policy.Meanwhile, YAL maintains the full-year guidance on sales volume, unit cost and capex. 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.

Yancoal Australia (3668 HK) - Weak Earnings but Largely Anticipated

<ul><li>YAL’s net profit in 2024 came in at A$1.2bn, down 33% YoY but 8% above our estimates due to a higher-than-expected FX gain (A$149mn).</li><li>YAL declared a final dividend of A$0.52/share, which is long-awaited by the market.</li><li>The payout ratio of 56% is in line with YAL’s dividend policy, which we believe will enhance investors’ confidence. </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.

YAL’s net profit in 2024 came in at A$1.2bn, down 33% YoY but 8% above our estimates due to a higher-than-expected FX gain (A$149mn).YAL declared a final dividend of A$0.52/share, which is long-awaited by the market.The payout ratio of 56% is in line with YAL’s dividend policy, which we believe will enhance investors’ confidence. 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.

Yancoal Australia (3668 HK) - Dividend Resumed with 56% Pay-Out Ratio

<ul><li>Yancoal’s (YAL) 4Q24 volume data are in-line with the guidance and our expectation, with attributable production/ sales volume increasing 0%/3% YoY.</li><li>Blended ASP, however, dropped 10% YoY in 4Q24 as the thermal coal ASP tracked closely with the market price of API5 (5500kCal).</li><li>We estimate Yancoal delivered ~A$1.84bn of revenue in 4Q24 (-7% YoY; +3% QoQ). </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.

Yancoal’s (YAL) 4Q24 volume data are in-line with the guidance and our expectation, with attributable production/ sales volume increasing 0%/3% YoY.Blended ASP, however, dropped 10% YoY in 4Q24 as the thermal coal ASP tracked closely with the market price of API5 (5500kCal).We estimate Yancoal delivered ~A$1.84bn of revenue in 4Q24 (-7% YoY; +3% QoQ). 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.

Yancoal Australia (3668 HK) - Potential Dividend Resumption a Catalyst

Australia

Yancoal Australia Ltd. is a prominent Australian coal mining company engaged in the exploration, development, production, and marketing of metallurgical and thermal coal. It supplies thermal coal for electricity generation and metallurgical coal for steel manufacturing to international markets, primarily in the Asia-Pacific region. The company was founded in 2004 and is headquartered in Sydney, Australia.

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Yancoal Australia (3668 HK)

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

GBM Resources (GBZ AU)'s Proposed Secondary Listing In Hong Kong

There is no specific/hard catalyst here. I don't have a strong conviction on the underlying ops. But kudos for exploring this avenue - there may...

David Blennerhassett