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>What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.</li><li>Exports of both excavators and loaders grew 21% YoY. Domestic sales of excavators grew 7% YoY, improving from ~4% growth in Jul and Aug.</li><li>Domestic sales of wheel loaders grew 14% YoY in Sep, with growth rate similar to that in Aug. </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.

What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.Exports of both excavators and loaders grew 21% YoY. Domestic sales of excavators grew 7% YoY, improving from ~4% growth in Jul and Aug.Domestic sales of wheel loaders grew 14% YoY in Sep, with growth rate similar to that in Aug. 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 of Earth-Moving Machinery in Sep...

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>The market is underestimating <a href="https://www.smartkarma.com/entities/lonking-holdings-limited" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking (3339 HK)</a>'s earnings, with consensus forecasts pointing to an 8.5% decline in 2H26. Instead, industry wheel loader sales grew 30.8% in Jul. </li>
<li>Its net cash surged 2.8x in the last ten years, and by end-FY26, it will reach Rmb8.2bn, or 73.9% of its current market capitalisation.</li>
<li>FY26-28F average ROE will reach 12.4%, the highest in the last five years, justifying its 0.9x P/B. Ex-net cash, its FY25 ROE will instead be 23.5%.</li>
</ul>


The market is underestimating Lonking (3339 HK)'s earnings, with consensus forecasts pointing to an 8.5% decline in 2H26. Instead, industry wheel loader sales grew 30.8% in Jul. 
Its net cash surged 2.8x in the last ten years, and by end-FY26, it will reach Rmb8.2bn, or 73.9% of its current market capitalisation.
FY26-28F average ROE will reach 12.4%, the highest in the last five years, justifying its 0.9x P/B. Ex-net cash, its FY25 ROE will instead be 23.5%.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>'s positive profit alert suggested that FY24 earnings will beat the market consensus by a significant 25.8-34.6%. </li>
<li>Better profitability indicates that it will further accumulate net cash. At an unchanged 50% payout ratio, it yields 7.8%, but at a higher payout of 70%, it will be 10.9%.</li>
<li>Trading on 0.59x P/B, it is at the historical average valuation. If 1SD above average, there will be a 20% upside. It will go to HK$2.20 if 2SD above.</li>
</ul>



Lonking Holdings (3339 HK)'s positive profit alert suggested that FY24 earnings will beat the market consensus by a significant 25.8-34.6%. 
Better profitability indicates that it will further accumulate net cash. At an unchanged 50% payout ratio, it yields 7.8%, but at a higher payout of 70%, it will be 10.9%.
Trading on 0.59x P/B, it is at the historical average valuation. If 1SD above average, there will be a 20% upside. It will go to HK$2.20 if 2SD above.


Lonking (3339 HK): A (Massive) Positive Profit Alert

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/zoomlion-heavy-industry-science-technology-co-ltd-class-h">Zoomlion</a> is a leading Chinese manufacturer of construction and agricultural machinery, poised to benefit from domestic infrastructure spending and a robust international expansion strategy.</li>
 <li>The company is demonstrating strong overseas revenue growth, particularly in emerging markets, by focusing on a localization strategy that includes local assembly, supply chains, and service capabilities.</li>
 <li>While heavily tied to the cyclical nature of China's construction and real estate sectors, <a href="https://smartkarma.com/entities/zoomlion-heavy-industry-science-technology-co-ltd-class-h">Zoomlion</a> is diversifying its product portfolio into agricultural and environmental machinery to mitigate risks and capture new growth opportunities.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Zoomlion is a leading Chinese manufacturer of construction and agricultural machinery, poised to benefit from domestic infrastructure spending and a robust international expansion strategy.
  The company is demonstrating strong overseas revenue growth, particularly in emerging markets, by focusing on a localization strategy that includes local assembly, supply chains, and service capabilities.
  While heavily tied to the cyclical nature of China's construction and real estate sectors, Zoomlion is diversifying its product portfolio into agricultural and environmental machinery to mitigate risks and capture new growth opportunities.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Zoomlion Heavy Industry S A / Equity Bottom-Up

<ul>
 <li>Zoomlion is a leading Chinese construction machinery manufacturer, demonstrating a strong pivot towards international markets to counterbalance domestic cyclicality, with overseas revenue now accounting for a majority of its total income.</li>
 <li>The company is aggressively expanding into emerging high-growth sectors such as earthmoving machinery, mining equipment, and aerial work platforms, which are showing significant revenue increases and diversifying its income streams.</li>
 <li>A strategic focus on technological innovation, including intelligent and green machinery, alongside a build-out of a global manufacturing and service network, positions the company to capture future growth in high-end markets.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Zoomlion is a leading Chinese construction machinery manufacturer, demonstrating a strong pivot towards international markets to counterbalance domestic cyclicality, with overseas revenue now accounting for a majority of its total income.
  The company is aggressively expanding into emerging high-growth sectors such as earthmoving machinery, mining equipment, and aerial work platforms, which are showing significant revenue increases and diversifying its income streams.
  A strategic focus on technological innovation, including intelligent and green machinery, alongside a build-out of a global manufacturing and service network, positions the company to capture future growth in high-end markets.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Zoomlion Heavy Industry S A (000157 CH) - Aug 2026

China

Zoomlion Heavy Industry Science & Technology Co., Ltd. is a Chinese manufacturer primarily engaged in the research, development, manufacturing, and sales of high-tech equipment, including construction machinery, agricultural machinery, and environmental industry equipment. Its key products encompass cranes, excavators, concrete machinery, and tractors. The company was founded in 1992 and is headquartered in Changsha, Hunan, China.

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Zoomlion (1157 HK)

Capital Goods - Decent Export Growth of Earth-Moving Machinery in Sep...

What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.

CMB International

Lonking (3339 HK): Ballooning Cash

Lonking's 1H26 earnings of Rmb773.1m are at the high end of its profit alert range, implying a 22.4% growth. Gross margin expanded an encouraging...

Osbert Tang, CFA

Lonking (3339 HK): A (Massive) Positive Profit Alert

Lonking's net profit reached Rmb1.02bn in FY24, a 57.8% growth. For 2H24, net profit surged 65.7%, with gross margin expanding 2pp. A final DPS of...

Osbert Tang, CFA

Primer: Zoomlion (1157 HK) - Aug 2026

Zoomlion is a leading Chinese manufacturer of construction and agricultural machinery, poised to benefit from domestic infrastructure spending...

αSK Primers

Primer: Zoomlion Heavy Industry S A (000157 CH) - Aug 2026

Zoomlion is a leading Chinese construction machinery manufacturer, demonstrating a strong pivot towards international markets to counterbalance...

αSK Primers

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