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

Zhejiang Dingli Machinery  L / Equity Bottom-Up

<ul><li>We believe the US’s newly proposed tariff on China will place Dingli into a challenging situation, given that the US has long been the most important market for Dingli (close to 30% of total revenue in 2024E, based on our estimates).</li><li>We see several downside risks: (1) the policy uncertainties will likely affect the capex plan of AWP operators in the US, thereby affecting the procurement for AWPs; (2) the proposed 34% incremental tariff on China’s exports exceeds the 19% reduction of anti-dumping (AD) duties approved by the US last year.</li><li>While we understand that Dingli will potentially expand the manufacturing capacity in the US, we believe it will take time to see the actual impact.  </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 US’s newly proposed tariff on China will place Dingli into a challenging situation, given that the US has long been the most important market for Dingli (close to 30% of total revenue in 2024E, based on our estimates).We see several downside risks: (1) the policy uncertainties will likely affect the capex plan of AWP operators in the US, thereby affecting the procurement for AWPs; (2) the proposed 34% incremental tariff on China’s exports exceeds the 19% reduction of anti-dumping (AD) duties approved by the US last year.While we understand that Dingli will potentially expand the manufacturing capacity in the US, we believe it will take time to see the actual impact.  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.

Zhejiang Dingli (603338 CH) - Challenging Situation with Pressure from Both End Demand and US Tariff