External broker reports(aggregated public sources), CMB International

CMB International

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.

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