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

Yuexiu Transport Infrastructure / Equity Bottom-Up

Yuexiu Transport Infrastructure (1052 HK)

<ul><li>We believe the strategy of “business incubation (at parent company level) + asset injection (to Yuexiu Transport)”, followed by the spin-off of mature projects through the listing of REITs, will enable Yuexiu Transport to fully capture the most profitable stage of toll road operations.</li><li>We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset transaction.</li><li>As a pure expressway operator in Guangdong and Hubei, Yuexiu Transport is set to benefit from the strong recovery of traffic volume after economy reopening. </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 believe the strategy of “business incubation (at parent company level) + asset injection (to Yuexiu Transport)”, followed by the spin-off of mature projects through the listing of REITs, will enable Yuexiu Transport to fully capture the most profitable stage of toll road operations.We like the Company’s excellent track record of dividend payment (continuous distribution since listing in 1997) and good execution on asset transaction.As a pure expressway operator in Guangdong and Hubei, Yuexiu Transport is set to benefit from the strong recovery of traffic volume after economy reopening. 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.

Yuexiu Transport (1052 HK) – Growth Formula: Organic Growth + Asset Injection ...