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>SANY’s net profit in 2Q23 surged 81% YoY to RMB1.9bn but largely helped by a low base effect as well as an increase in FX gain of RMB487mn.</li><li>While export growth of 36% is impressive and took the overseas revenue ratio to 58% in 1H23, we are concerned about a peak of export, given the weak industry excavator export volume in Jun/Jul (-1%/-14% YoY, according to CCMA).</li><li>We revise down our 2023E/24E earnings forecast by 9%/3% after resetting our volume and expense assumptions. </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>

SANY’s net profit in 2Q23 surged 81% YoY to RMB1.9bn but largely helped by a low base effect as well as an increase in FX gain of RMB487mn.While export growth of 36% is impressive and took the overseas revenue ratio to 58% in 1H23, we are concerned about a peak of export, given the weak industry excavator export volume in Jun/Jul (-1%/-14% YoY, according to CCMA).We revise down our 2023E/24E earnings forecast by 9%/3% after resetting our volume and expense assumptions. 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.

SANY Heavy Industry (600031 CH) – 2Q23 Net Profit +81% but Largely Due to Low Base & FX Gain

Sany Heavy Industry

SANY Heavy Industry (600031 CH) – 2Q23 Net Profit +81% but Largely Due to Low Base & FX Gain