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>Yancoal’s (YAL) net profit in 2025 came in at A$440mn (-64% YoY), which is 15% below Bloomberg consensus but 20% above our estimates due to the high earnings sensitivity to the unit cash margin.</li><li>YAL declared a final dividend of A$0.122/shr.</li><li>This, together with the interim dividend of A$0.062/shr, implies a pay-out ratio of 55% which is in line with YAL’s dividend policy. </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>

Yancoal’s (YAL) net profit in 2025 came in at A$440mn (-64% YoY), which is 15% below Bloomberg consensus but 20% above our estimates due to the high earnings sensitivity to the unit cash margin.YAL declared a final dividend of A$0.122/shr.This, together with the interim dividend of A$0.062/shr, implies a pay-out ratio of 55% which is in line with YAL’s dividend policy. 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.

Yancoal Australia (3668 HK) - Resilient Coal Price to Support 2026 Earnings