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

Horizon Construction Development / Equity Bottom-Up

Horizon Construction Development (9930 HK)

<ul><li>As a leading equipment operation service provider with the strong capability of offering integrated services, nationwide service network and proven digitalization capability, Horizon Construction Development is set to capture the fast-growing aerial work platform (AWP) demand and the rising penetration of equipment operation service market.</li><li>In addition, we believe the successful IPO as well as the gradual shift to asset-light re-rent model will help improve balance sheet over the coming two years.</li><li>We initiate coverage on Horizon Construction with BUY rating and TP of HK$4.80.</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>

As a leading equipment operation service provider with the strong capability of offering integrated services, nationwide service network and proven digitalization capability, Horizon Construction Development is set to capture the fast-growing aerial work platform (AWP) demand and the rising penetration of equipment operation service market.In addition, we believe the successful IPO as well as the gradual shift to asset-light re-rent model will help improve balance sheet over the coming two years.We initiate coverage on Horizon Construction with BUY rating and TP of HK$4.80.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.

Horizon CD (9930 HK) – No.1 Equipment Operation Service Provider