External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We project Meidong’s 2H22E net profit to fall 23% YoY amid new-car margin weakness in 4Q22.</li><li>On the other hand, we expect StarChase and after-sales services to aid its profitability with FY23E net profit to surge 76% YoY on our estimates.</li><li>We believe Meidong is still best positioned among Chinese dealers with its strongest management execution and better brand mix than its peers.</li></ul><p><em>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.</em></p>

We project Meidong’s 2H22E net profit to fall 23% YoY amid new-car margin weakness in 4Q22.On the other hand, we expect StarChase and after-sales services to aid its profitability with FY23E net profit to surge 76% YoY on our estimates.We believe Meidong is still best positioned among Chinese dealers with its strongest management execution and better brand mix than its peers.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 Meidong Auto (1268 HK) – We expect 2H22E net profit to fall 23% YoY

China MeiDong Auto

China Meidong Auto (1268 HK) – We expect 2H22E net profit to fall 23% YoY