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

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul><li>We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from the preliminary rate of 31.3% and is now the lowest among all Chinese manufacturers.</li><li>This suggests that, in EU, Dingli will enjoy competitive advantage among Chinese players.</li><li>This decision, together with the finalisation of AD duties in the US (reduced from 31.54% to 12.39%) earlier, implies that the overall duties will be reduced going forward, which offers a buffer for the potential tariff increase suggested by the president-elect in the US. </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 finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from the preliminary rate of 31.3% and is now the lowest among all Chinese manufacturers.This suggests that, in EU, Dingli will enjoy competitive advantage among Chinese players.This decision, together with the finalisation of AD duties in the US (reduced from 31.54% to 12.39%) earlier, implies that the overall duties will be reduced going forward, which offers a buffer for the potential tariff increase suggested by the president-elect in the US. 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.

Zhejiang Dingli (603338 CH) - Competitive Advantage in Place with Reduced AD Duties in EU

<ul><li>Zhejiang Dingli’s (Dingli) EBIT in 3Q24 grew 20% YoY to RMB672mn, driven by a 38% revenue growth (YoY) that offset the 4.8ppt YoY decrease in gross margin due mainly to an exceptional high base in 3Q23.</li><li>Reported net profit grew 38% YoY to RMB636mn, helped by an increase in net finance income (FX gains).</li><li>The results suggest Dingli’s strong execution in expanding overseas. </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.

Zhejiang Dingli’s (Dingli) EBIT in 3Q24 grew 20% YoY to RMB672mn, driven by a 38% revenue growth (YoY) that offset the 4.8ppt YoY decrease in gross margin due mainly to an exceptional high base in 3Q23.Reported net profit grew 38% YoY to RMB636mn, helped by an increase in net finance income (FX gains).The results suggest Dingli’s strong execution in expanding overseas. 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.

Zhejiang Dingli (603338 CH) - 3Q24 Net Profit +38% YoY, Beat Expectations

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the 3Q2024 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 3Q were US$7,684 million and holdings were USD340bn.</li>
<li>We highlight flows for Midea, Moutai, Ping An Insurance, Catl, Yangtze Power.</li>
</ul>


We analyze the 3Q2024 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 3Q were US$7,684 million and holdings were USD340bn.
We highlight flows for Midea, Moutai, Ping An Insurance, Catl, Yangtze Power.


Northbound Flows (3Q2024): Wait and See Mode

Thematic (Sector/Industry)

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Sep.</li><li>For exports, volume growth remained strong in general, in particular for tower cranes, truck cranes and forklifts.</li><li>In China, on the contrary, sales declined across all major products (except excavators), due largely to the weakness of overall economy, in particular property construction activities. </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.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Sep.For exports, volume growth remained strong in general, in particular for tower cranes, truck cranes and forklifts.In China, on the contrary, sales declined across all major products (except excavators), due largely to the weakness of overall economy, in particular property construction activities. 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.

Capital Goods - Decent Export Growth; Weak Demand in China

<ul><li>China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Aug 2024.</li><li>For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).</li><li>In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. </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.

China Construction Machinery Association (CCMA) released a full set of construction machinery sales data for Aug 2024.For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).In China, except for excavators and wheel loaders (data released last week [link]), major machinery sales decline further deteriorated, given the continuous decline in property construction activities and growth concern over other downstream segments. 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.

Capital Goods - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

China

Zhejiang Dingli Machinery Co Ltd designs and manufactures industrial lifts. The Company's main products include scissor lifts and boom lifts. Zhejiang Dingli distributes their products worldwide.

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Zhejiang Dingli Machinery L (603338 CH)

Zhejiang Dingli (603338 CH) - Competitive Advantage in Place with Reduced AD Duties in EU

We believe the finalization of Dingli’s anti-dumping (AD) duties (in EU) at 20.7% is a better-than-feared result, given that such rate reduced from...

CMB International

Zhejiang Dingli (603338 CH) - 3Q24 Net Profit +38% YoY, Beat Expectations

Zhejiang Dingli’s (Dingli) EBIT in 3Q24 grew 20% YoY to RMB672mn, driven by a 38% revenue growth (YoY) that offset the 4.8ppt YoY

CMB International

Northbound Flows (3Q2024): Wait and See Mode

We analyzed Northbound connect data for 3Q2024 and highlight flows for Moutai, Midea, Wuliangye, Catl, Gree Electric Appliances.

Ke Yan, CFA, FRM

Capital Goods - Decent Export Growth; Weak Demand in China

We still see some downside risks for our BUY-rated Zoomlion (1157 HK / 000157 CH) due to the deterioration of China’s crane demand that could...

CMB International

Capital Goods - Construction Machinery Sales in Aug: Resilient for Export, Deterioration in China

For export, overall speaking, sales remained resilient with growth across the major products (except tower crane and crawler crane).

CMB International

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