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>Yancoal’s (YAL) 3Q25 attributable production/ sales volume -9%/+3% YoY.</li><li>The decline in production was due to rainfall, while the increase in sales volume was due to the improvement of previous shipping delays.</li><li>Blended ASP dropped 18% YoY in 3Q25, largely in-line with market trend. </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) 3Q25 attributable production/ sales volume -9%/+3% YoY.The decline in production was due to rainfall, while the increase in sales volume was due to the improvement of previous shipping delays.Blended ASP dropped 18% YoY in 3Q25, largely in-line with market trend. 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) - Production Volume in 3Q25 Affected by Unfavourable Weather

<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

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

Australia

Yancoal Australia Limited provides coal mining services. The Company mines, processes, and sells pure-coal, metallurgical coal, and more. Yancoal Australia also exports its products.

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Yancoal Australia (3668 HK)