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.

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Yuexiu Transport Infrastructure / Equity Bottom-Up

Yuexiu Transport Infrastructure (1052 HK)

<ul><li>Yuexiu Transport’s net profit in 1H24 dropped 27% YoY to RMB314mn, 14% below our estimate.</li><li>The miss was due to (1) lower-than-expected gross margin and (2) share of loss insured (RMB20mn) due to the expiration of concession right of Northern Ring Road starting from Mar 2024.</li><li>Yuexiu Transport proposed interim dividend of HK$0.12/share, implying 58.5% dividend payout ratio (1H23: 53.8%). </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.

Yuexiu Transport’s net profit in 1H24 dropped 27% YoY to RMB314mn, 14% below our estimate.The miss was due to (1) lower-than-expected gross margin and (2) share of loss insured (RMB20mn) due to the expiration of concession right of Northern Ring Road starting from Mar 2024.Yuexiu Transport proposed interim dividend of HK$0.12/share, implying 58.5% dividend payout ratio (1H23: 53.8%). 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.

Yuexiu Transport (1052 HK) - 1H24 Earnings Down 27% YoY Below Our Expectation

<ul><li>Yuexiu Transport will report its 1H24 results next Tue (6 Aug).</li><li>Given the decline in both traffic volume and revenue as a result of traffic diversion in 5M24, we forecast its net profit in 1H24E to drop 14% YoY to RMB366mn.</li><li>We revise down our 2024E-26E earnings forecast by 17-19%, as we expect traffic diversion on some key expressways will continue. </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.

Yuexiu Transport will report its 1H24 results next Tue (6 Aug).Given the decline in both traffic volume and revenue as a result of traffic diversion in 5M24, we forecast its net profit in 1H24E to drop 14% YoY to RMB366mn.We revise down our 2024E-26E earnings forecast by 17-19%, as we expect traffic diversion on some key expressways will continue. 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.

Yuexiu Transport (1052 HK) - Expect Net Profit To -14% YoY Due to Traffic Diversion

<ul><li>Yuexiu Transport’s net profit in 2023 grew 69% YoY to RMB765mn.</li><li>Adjusted for RMB100mn of non-cash impairment on Shantou Bay Bridge, the core net profit would be RMB865mn (+91% YoY), 10%/8% below our/consensus forecast as the gross margin is below expectation.</li><li>Yuexiu Transport proposed final dividend of HK$0.15/share. </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.

Yuexiu Transport’s net profit in 2023 grew 69% YoY to RMB765mn.Adjusted for RMB100mn of non-cash impairment on Shantou Bay Bridge, the core net profit would be RMB865mn (+91% YoY), 10%/8% below our/consensus forecast as the gross margin is below expectation.Yuexiu Transport proposed final dividend of HK$0.15/share. 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.

Yuexiu Transport (1052 HK) - 2023 Core Profit +91% YoY but Below Estimates

<ul><li>Yuexiu Transport’s net profit in 1H23 surged 45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense.</li><li>Yuexiu Transport proposed interim dividend of HK$0.15/share, implying 53.8% dividend payout ratio (1H22: 48.8%).</li><li>The Company is confident of maintaining a full year payout target of 50-60%. </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.

Yuexiu Transport’s net profit in 1H23 surged 45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense.Yuexiu Transport proposed interim dividend of HK$0.15/share, implying 53.8% dividend payout ratio (1H22: 48.8%).The Company is confident of maintaining a full year payout target of 50-60%. 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.

Yuexiu Transport (1052 HK) – 1H23 Earnings +45% YoY with Solid Div Payout

<ul><li>We believe the strategy of “business incubation (at parent company level) + asset injection (to Yuexiu Transport)”, followed by the spin-off of mature projects through the listing of REITs, will enable Yuexiu Transport to fully capture the most profitable stage of toll road operations.</li><li>We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset transaction.</li><li>As a pure expressway operator in Guangdong and Hubei, Yuexiu Transport is set to benefit from the strong recovery of traffic volume after economy reopening. </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 strategy of “business incubation (at parent company level) + asset injection (to Yuexiu Transport)”, followed by the spin-off of mature projects through the listing of REITs, will enable Yuexiu Transport to fully capture the most profitable stage of toll road operations.We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset transaction.As a pure expressway operator in Guangdong and Hubei, Yuexiu Transport is set to benefit from the strong recovery of traffic volume after economy reopening. 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.

Yuexiu Transport (1052 HK) – Growth Formula: Organic Growth + Asset Injection ...

Hong Kong

Yuexiu Transport Infrastructure Limited is primarily engaged in the investment, construction, development, operation, and management of toll expressways, bridges, and port facilities. The company also leases service areas and fuel stations across various high-growth provinces in the People's Republic of China. It was founded in 1996 and is headquartered in Wan Chai, Hong Kong.

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Yuexiu Transport Infrastructure (1052 HK)

Yuexiu Transport (1052 HK) - 1H24 Earnings Down 27% YoY Below Our Expectation

We are still positive on Yuexiu Transport, and expect asset injection from parent company to serve as a catalyst this year.

CMB International

Yuexiu Transport (1052 HK) - Expect Net Profit To -14% YoY Due to Traffic Diversion

Given the decline in both traffic volume and revenue as a result of traffic diversion in 5M24, we forecast its net profit in 1H24E to drop 14% YoY...

CMB International

Yuexiu Transport (1052 HK) - 2023 Core Profit +91% YoY but Below Estimates

Adjusted for RMB100mn of non-cash impairment on Shantou Bay Bridge, the core net profit would be RMB865mn (+91% YoY), 10%/8% below our/consensus...

CMB International

Yuexiu Transport (1052 HK) – 1H23 Earnings +45% YoY with Solid Div Payout

Yuexiu Transport’s net profit in 1H23 surged 45% YoY to RMB427mn, driven by the recovery of tariff volume and reduction of finance expense.

CMB International

Yuexiu Transport (1052 HK) – Growth Formula: Organic Growth + Asset Injection ...

We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset...

CMB International

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