M N 28 Mar 2024 CMB International Global Markets | Equity Research | Company Update WuXi Biologics (2269 HK) Expand overseas capacity to mitigate risks Target Price HK$18.32 WuXi Biologics (Wuxi Bio) reported 2023 revenue of RMB17.03bn, up 11.6% (Previous TP HK$39.65) YoY, attributable net income of RMB3.40bn, down 23.1% YoY, and adjusted Up/Downside 33.1% attributable net income of RMB4.70bn, down 4.6% YoY. Both revenue and Current Price HK$13.76 adjusted attributable net income were in-line with our forec ...

28 Mar 2024 CMB International Global Markets | Equity Research | Company Update New Hope Services (3658 HK) 12% dividend yield with cash balance > mkt cap; Maintain BUY New Hope Services reported industry-average-level earnings with NP up 6% YoY in FY23. The company raised its dividend payout ratio to 60% from 48% in FY22, representing a yield of 12%, which boosted the share price by 6% in two days after announcement. We like the company for its clear strategy, high business concentration, high dividend yie ...

27 Mar 2024 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk1 | --- | --- | --- | --- | --- | --- | |--------------------------|---------|--------|---------|---------|---------| | (YE 31 Dec) | FY22A | FY23A | FY24E | FY25E | FY26E | | Net profit (RMB mn) | 111,008 | 85,665 | 123,014 | 139,361 | 152,730 | | EPS (Reported)(RMB) | 4.8 | 4.8 | 6.9 | 7.9 | 8.6 | | Consensus (RMB) | n.a | n.a | 6.8 | 7.8 | 8.4 | | Group ...

28 Mar 2024 CMB International Global Markets | Equity Research | Company Updates DPC Dash (1405 HK) BUY (Maintain) Sales beats as new markets continue to succeed Target Price HK$73.05 (Previous TP HK$75.51) Up/Downside +25.2% While the FY23 results of DPC Dash (DPC) were roughly inline, we do find its GP Current Price HK$53.50 margin and sales per store growth very decent and should support a better outlook in FY24E. DPC remains our top pick in the catering sector, thanks to its China Catering Sector value ...

M N 27 Mar 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (000338 CH) Key takeaways from post-results call Target Price RMB20.40 During the post-results call yesterday, Weichai expected the industry HDT (Previous TP RMB20.40) demand in 2024E will be ~900k units (-2% YoY). Of this, China demand is Up/Downside 23.6% expected to fall by 10% YoY to 600k units while exports are expected to grow Current Price RMB16.51 20% YoY to 300k units. Weichai expects the LNG price to ...

M N 27 Mar 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (000338 CH) Key takeaways from post-results call Target Price RMB20.40 During the post-results call yesterday, Weichai expected the industry HDT (Previous TP RMB20.40) demand in 2024E will be ~900k units (-2% YoY). Of this, China demand is Up/Downside 23.6% expected to fall by 10% YoY to 600k units while exports are expected to grow Current Price RMB16.51 20% YoY to 300k units. Weichai expects the LNG price to ...

27 Mar 2024 CMB International Global Markets | Equity Research | Company Update Kelun-Biotech (6990 HK) Intense data release to further validate the global potential of SKB264 Kelun-Biotech recorded RMB1.54bn revenue in FY23, primarily from licensing and collaboration agreements with MSD. In Mar 2023, SKB received around RMB1.21bn upfront payment from MSD for out-licensing certain pre-clinical ADC assets, a portion of which was recognized in FY23. Additionally, Kelun-Biotech received RMB215mn milestone paym ...

M N 27 Mar 2024 CMB International Global Markets | Equity Research | Company Update Zhihu (ZH US) Prioritizing breakeven target Target Price US$1.8 Zhihu’s 4Q23 results were better-than-feared, with strong vocational training and (Previous TP US$2.0) narrowing loss. For FY24E, mgmt. emphasized more on margin improvement Up/Downside 153.5% with disciplined expenses, and restated its quarterly breakeven target by 4Q24E. Current Price US$0.71 With shrinking S&M investment, we expect prudent user trend and top ...

M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (000338 CH) 4Q23 net profit +58% YoY; Payout increased to 50%; Higher earnings forecast on margin Target Price RMB20.40 Weichai’s net profit in 2023 surged 84% YoY to RMB9bn, which is in line with (Previous TP RMB17.80) the profit range of RMB8.58-9.32bn announced in Jan. In 4Q23, net profit grew Up/Downside 25.4% 58% YoY to RMB2.5bn. It’s worth noting that Weichai has declared a final Current Price RMB16.27 di ...

M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update Weichai Power (000338 CH) 4Q23 net profit +58% YoY; Payout increased to 50%; Higher earnings forecast on margin Target Price RMB20.40 Weichai’s net profit in 2023 surged 84% YoY to RMB9bn, which is in line with (Previous TP RMB17.80) the profit range of RMB8.58-9.32bn announced in Jan. In 4Q23, net profit grew Up/Downside 25.4% 58% YoY to RMB2.5bn. It’s worth noting that Weichai has declared a final Current Price RMB16.27 di ...