Equity Research

Market Report
EXPRESS DAILY 13 July 2022

ICBCI Research
Sector Update (852) 2683 3888
Financials research@icbci.icbc.com.cn

CBIRC: Promote the high-quality development of financial services for

manufacturing industry
The General Office of the CBIRC issued the Notice on Further Promoting the
High-Quality Development of Financial Services for the Manufacturing Industry on
July 11, clearly stating that the CBIRC and banking and insurance institutions should
raise their awareness, further increase financial support for the manufacturing industry,
optimize financial services in key areas, innovate financial products and services,
succeed the financial policies that support the resumption of development of small and
medium-sized micro enterprises in the manufacturing industry, strengthen insurance to
They should strengthen the level of risk protection for manufacturing enterprises,
provide long-term stable financial support for the development of advanced
manufacturing industries and strategic emerging industries, improve the level of
specialization of financial services, enhance the ability to prevent and resolve financial
risks, and strengthen financial supervision and policy coordination.
Source: Gov
http://www.gov.cn/zhengce/zhengceku/2022-07/12/content_5700511.htm
Comment: The content of the Notice includes: effectively raising awareness, further
increasing financial support, optimizing financial services in key areas, innovating
financial products and services, continuing financial policies that support recovery,
strengthening insurance risk protection and capital utilization, improving the level of
specialization of financial services, enhancing financial risk prevention and resolution
capabilities, and strengthening financial supervision and policy coordination. We
believe that the launch of the notice is conducive to guiding the financial sector to
serve the real economy, especially manufacturing enterprises and SMEs. This will
benefit the high-quality development of the manufacturing industry. However, in this
process, it is worthwhile for the relevant institutions to focus on how banks and
insurance institutions can do a good job of risk control and grasp the risks of loans and
investments.
Analyst: Kenneth Wu
Renewables & Environmental
Continued high temperature combined with economic recovery, Zhejiang's daily
electricity load reached over 100 million kw
According to the Zhejiang Provincial Energy Bureau of Statistics, on July 11, the
highest electricity load reached 101.9 million kw, a record high, increased by 1.68
million kw yoy. Recently, after the improvement in the economy from the effective
pandemic control, the electricity load has soared. Currently, the industrial power
consumption has basically recovered to the pre-pandemic level this March, and the
cumulative growth in power consumption in Zhejiang province from January to June
has rebounded to +4.1% yoy. According to the preliminary forecast, the highest
electricity load in the Zhejiang will reach 106-107 million kw, implying +5.8%-6.8%
yoy.
Source: Sohu
Link:https://www.sohu.com/a/566696473_260616
Comments: We expect overall power consumption growth in China to exhibit rapid
recovery during this summer peak power demand season. According to the China
Electricity Council, they forecast this year's national power consumption growth to

For further product information please contact ICBC International Research Limited at (852) 2683 3888
Please read the important notice on last page
 Equity Research

reach 5-6% yoy (vs.5M2022 at2.5% yoy), which we believe such target is achievable
if the pandemic situation remains under control for the rest of the year.
Analyst: Eric Siu

Reports
China Property Monitor - Market sentiment remained low Li Xingwen
(852) 2683 3226
Summary: After rapid growth of property sales in Jun, the market saw overall sales
Xingwen.li@icbci.icbc.com.cn
decrease of primary commodity residential property and secondary property sales also
declined. The land market also remained weak with land premium rate down to 2.7%, Lily Liu
compared with average land premium rate of 12% for 2021. The weighted price index (852) 2683 3223
for 12 developers we track also weakened last week and underperformed the lily.liu@icbci.icbc.com.cn
HSI/HSCEI. As the market sentiment remained low, we expect the property easing to
continue and local government would focus on how to support housing demand and
improve housing affordability in following months.

Anta Sports (2020.HK) - 2Q22 RSV recorded mild YoY decline, expecting 1H22E Nelson Lee, CFA, FRM
earnings to fall 17% YoY, OUTPERFORM, TP HKD 118.5 (852) 2206 8357
nelson.lee@icbci.icbc.com.cn
Summary: We think Anta’s 2Q22 operating data is not too bad – the core brand RSV
only fell mid-single digit despite the impact from pandemic and the high base last Tengzi Wu, CFA
year, while Fila is more vulnerable with RSV fell by high-single digit in 2Q22. Both (852) 2683 3969
brands were under recovery especially the core brand, which recorded double digit tengzi.wu@icbc.icbci.com.cn
RSV growth in June. Inventory and discount remained higher than normal but is at
manageable level. We estimate Anta’s 1H22E earnings to fall 17% YoY to RMB
3.2bn, higher than the mkt. estimates of RMB 3.0bn. We also revised down our
2022E-2024E earnings estimates by 2% as we apply a more conservative top-line
growth to factor in the RSV in 1H22 as well as the uncertainties in 2H22. The stock is
now trading at 28x 2022E PE, which is below its 5-yr mean of 30x based on our
conservative earnings estimates. We maintain our OUTPERFORM rating with TP of
HKD 118.5, representing 28x 2023E PE.

JD.com (JD.US/9618.HK) - Scaled down new initiatives to drive margin Zeping Zhao, CFA
improvement, OUTPERFORM, TP USD 70.6/HKD 277.1 (852) 2683 3212
zeping.zhao@icbci.icbc.com.cn
Summary: We maintain our previous forecasts for JD’s 2Q22E with total revenue to
reach RMB 258.5bn (+1.8% YoY) and adjusted net margin of 1.8%. As the pandemic Kenneth Zhang
situation escalated in April in mainland China, we have seen strict pandemic (852) 2683 3965
prevention measures in place and cross regional logistics were negatively impacted. kenneth.zhang@icbci.icbc.com.cn
The disruptions in logistics also caused order delays and cancellations, weighing on
the overall online retail demand for JD. Despite the challenges, this year’s 618 Jason Zhang
performance was actually rather resilient and growth was able to sustain after the (852) 2683 3360
shopping carnival, according to our channel check. For 2H22, we think JD’s revenue jason.zhang1@icbci.icbc.com.cn
performance will largely depend on the overall pandemic situation and its
advantageous categories including home appliances and supermarket products will
serve as its fundamental growth driver. Maintain OUTPERFORM and raise TP to
USD 70.60 / HKD 277.10.

EXPRESS DAILY - 13 July 2022 2

 Equity Research

ICBCI Recent Research Report List

Date Reports
12-Jul-22 JD.com (JD.US/9618.HK) - Scaled down new initiatives to drive margin improvement, OUTPERFORM, TP USD 70.6/HKD 277.1
12-Jul-22 China Property Monitor - Market sentiment remained low
12-Jul-22 Anta Sports (2020.HK) - 2Q22 RSV recorded mild YoY decline, expecting 1H22E earnings to fall 17% YoY, OUTPERFORM, TP HKD
118.5
11-Jul-22 工银国际研究周报 - 2022 年 7 月 11 日
11-Jul-22 固定收益周报 - 强劲的非农数据推动美债收益率低位反弹
11-Jul-22 Chinese Credit Monthly - Staying defensive on Chinese USD bonds
11-Jul-22 每周市场观察 - 强非农缓解衰退担忧
11-Jul-22 宏观经济深度研究 - 中国数字经济的务实之路
11-Jul-22 宏观经济周报 - 2022 年第二十九周
8-Jul-22 Consumer Sector - Major takeaways from ICBCI 2022 Consumer Investment Conference
6-Jul-22 港股通 ETF 带来长期稳定资金
6-Jul-22 宏观经济深度研究 - 美国衰退，概率几何？
5-Jul-22 Alibaba (BABA.US/9988.HK) - Online retail demand gradually picks up, OUTPERFORM, TP USD 138.0/HKD 135.4
4-Jul-22 工银国际研究周报 - 2022 年 7 月 4 日
4-Jul-22 固定收益周报 - 衰退担忧加大推动美债利率大幅回落
4-Jul-22 港股策略月报 - 港股持续估值修复空间仍在
4-Jul-22 每周市场观察 - 经济 V 型反弹，估值继续修复
4-Jul-22 宏观经济周报 - 2022 年第二十八周
29-Jun-22 China Water Affairs (855.HK) - FY22 earnings slightly missed, on track development of direct drinking water business, OUTPERFORM,
TP HKD 11.0
28-Jun-22 Trip.com Group (TCOM.US) - Overseas revenue contribution increased, OUTPERFORM, TP USD 30.0
28-Jun-22 2022 下半年全球经济展望及投资策略 Global Economic Outlook and Investment Strategy in 2H2022
28-Jun-22 China Gas (384.HK) - Weakened FY22 results in line with expectation; Eyes on positive free cash flow in FY23E, OUTPERFORM, TP
HKD 14.60
27-Jun-22 工银国际研究周报 - 2022 年 6 月 27 日
27-Jun-22 固定收益周报 - 美债收益率转跌舒缓投资级美元债压力
27-Jun-22 每周市场观察 - 衰退交易蔓延，港股影响有限
27-Jun-22 Bosideng (3998.HK) - Premiumization progress on track, FY22 revenue and earnings grew low-twenties, OUTPERFORM, TP HKD 5.5
27-Jun-22 宏观经济周报 - 2022 年第二十七周
24-Jun-22 Insurance Sector - Wait for spring
24-Jun-22 房地产行业 - 政策全面发力，行业稳字当头
24-Jun-22 中国汽车及零部件行业 - 行业政策密集出台，汽车消费逐渐回暖
24-Jun-22 医药行业 - 2022 年下半年展望：行则将至，未来可期
24-Jun-22 银行行业 - 风虽继续吹，谨慎选股追
24-Jun-22 证券行业 - 政策扶持估值见底，下半年有望反弹
23-Jun-22 宏观经济深度研究 - 稳复苏的多重发力——2022 年下半年香港经济展望
22-Jun-22 Renewable Power Sector - Favourable policies from China, US and EU + potential decrease in material price will drive more demand in
2H22
22-Jun-22 Environmental Sector - Expected continuous marketization process in sanitation industry, while more market opportunities in water supply
industry
22-Jun-22 Consumer Sector - The worst is over, post-pandemic supportive policies to drive recovery in 2H22
21-Jun-22 云计算及软件服务行业 - 追求高质量增长
21-Jun-22 互联网及传媒行业 - 巩固政策底认知，静待基本面改善
20-Jun-22 工银国际研究周报 - 2022 年 6 月 20 日
20-Jun-22 固定收益周报 - 内地经济数据反弹 有望改善企业信用风险
20-Jun-22 China Oil and Gas Sector - Oil price to hover at high level underpinned by tight supply
20-Jun-22 每周市场观察 - 宏观数据反弹，估值修复延续
20-Jun-22 宏观经济周报 - 2022 年第二十六周
17-Jun-22 债券市场 2022 下半年展望 - 关注投资级债券配置机会
17-Jun-22 2022 年下半年股市策略 - 潮水落 东方白
17-Jun-22 宏观经济深度研究 - 稳大盘的四重助力——2022 年下半年中国经济展望

EXPRESS DAILY - 13 July 2022 3

 Equity Research

Research Team
Sector Tel Email
Cheng Shi, PhD Head of Research, Chief Economist 2683 3231 shi.cheng@icbci.icbc.com.cn
Jack Wang, PhD Principal Economist 2206 8252 jack.wang@icbci.icbc.com.cn
Andy Zhang, PhD Principal Economist 2206 8351 andy.zhang1@icbci.icbc.com.cn
Happy Gao Macro-Economics & Fintech 2683 3233 happy.gao@icbci.icbc.com.cn
Angus To, CFA Deputy Head of Research, Fixed Income 2683 3227 angus.to@icbci.icbc.com.cn
Li Yue Fixed Income 2683 3708 yue.li@icbci.icbc.com.cn
Grace Zhou Financials 2683 3790 grace.zhou@icbci.icbc.com.cn
Qiu Zhicheng, CFA Financials 2683 3216 zhicheng.qiu@icbci.icbc.com.cn
Kenneth Wu Financials 2683 3782 kenneth.wu@icbci.icbc.com.cn
Li Xingwen Real Estate 2683 3226 xingwen.li@icbci.icbc.com.cn
Zhao Zeping, CFA TMT & Education 2683 3212 zeping.zhao@icbci.icbc.com.cn
Dongchen Zhao Raw Materials 2683 3766 dongchen.zhao@icbci.icbc.com.cn
Nelson Lee, CFA, FRM Renewable Energy, Power & Power Equipment & Consumer 2206 8357 nelson.lee@icbci.icbc.com.cn
Anson Tang Renewable Energy, Power & Power Equipment & Consumer 2683 3225 anson.tang@icbci.icbc.com.cn
Anna Yu Oil, Gas & Manufacture 2683 3620 anna.yu@icbci.icbc.com.cn
Laurence Zhu Industrials & Auto 2683 3803 laurence.zhu@icbci.icbc.com.cn

EXPRESS DAILY - 13 July 2022 4

Sales Research
Telephone: (852) 2683 3888 Fax: (852) 2683 3881 Telephone: (852) 2683 3888 Fax: (852) 2683 3222

Important Disclosures
ICBCI Ratings
OUTPERFORM : Total stock return (including dividends) expected to exceed relevant market index by more than 20% over next 12 months
NEUTRAL : Total stock return (including dividends) expected to perform in line with relevant market index to within +/-20% over next 12
months
UNDERPERFORM : Total stock return (including dividends) expected to trail relevant market index by more than 20% over next 12 months
UNDER REVIEW : Analyst currently does not have adequate conviction about total stock return (including dividends) relative to relevant market index
over next 12 months

ICBCI is the wholly owned subsidiary of Industrial and Commercial Bank of China
Additional information is available upon request.
The views expressed in this report accurately reflect the personal views of the analyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was,
is, or will be, directly or indirectly, related to the inclusion of specific recommendations or views in this report.

ICBC International Research Limited

Address: 37/F., ICBC Tower, 3 Garden Road, Central, Hong Kong Tel: (852) 2683 3888 Fax: (852) 2683 3900

General Disclosures
The analyst(s) primarily responsible for the preparation in all or in part of the research report contained hereby certified that: (i) the views expressed in this research report
accurately reflect the personal views of such analyst(s) about the subject securities and issuers; and (ii) no part of the analyst(s)’ compensation was, is or will be directly or
indirectly, related to the specific views expressed in this research report.
The information herein is prepared and published by ICBC International Research Limited. This research report is not directed at, or intended for distribution to, or use by, any
person or entity in any jurisdiction where such distribution, publishing, provision or use would be contrary to law or regulation or which would subject ICBC International
Research Limited, its group members and/or its affiliates (collectively, “ICBCI” or “we”) to any registration or licensing requirement in such jurisdiction which we do not hold
the relevant registration or licence. This research report shall not be of itself considered as an offer or invitation to buy or sell any securities described herein.
This research report is (i) for your private information; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such
offer or solicitation would be illegal; and (iii) based upon information from sources that we consider reliable, but has not been independently verified by ICBCI. This research
report provides general information only. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial
situation and the particular needs of any specific person. In preparing this r esearch report, ICBCI has not taken any steps to ensure that the securities referred to in this research
report are suitable for any particular investor. You shall make your own decision with respect to all transactions involving securities referred to in this research report and assess
whether each transaction is suitable for you in light of your financial situation, investment experience and investment objectives.
This research report may contain information obtained from third parties, including ratings from credit ratings agencies and the distribution of third party content in any form is
prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability
of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use
of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability of fitness for a particular
purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings. Credit ratings are statements
of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities
for investment purposes, and should not be relied on as investment advice of the third party content providers.
Figures presented herein may refer to past performance or simulations based on past performance which are not reliable indicators of future performance. Where the information
contains an indication of future performance, such forecasts may not be reliable indicator of future performance. Moreover, simulations are based on models and simplifying
assumptions which may oversimplify and not reflect the future distribution of returns.
The facts described in this research report, as well as the views, estimates, forecasts and projections expressed in it are as of the date hereof and are subject to change without
notice. No representation or warranty, express or implied, is made as to and unless otherwise agreed by ICBCI no reliance should be placed on information contained in this
research report. ICBCI accepts no liability whatsoever for any direct, indirect or consequential losses or damages arising from or in connection with the use or reliance of this
research report or its contents to the extent that it is not inconsistent with the obligations applicable to ICBCI that it may otherwise be subject to under the Code of Conduct for
Persons Licensed by or Registered with the Securities and Futures Commission as may be amended, varied or replaced from time to time. This research report is not intended to
provide, and should not be relied upon as personal professional advice (including without limitation, accounting, legal or tax advice or investment recommendations) and is not to
be taken in substitution for your exercise of judgment. Unless otherwise agreed by ICBCI, ICBCI does not act as your adviser and assumes no fiduciary responsibility or liability
for any consequences, financial or otherwise. Investors shall consider whether any information or views in this research report is suitable for their particular circumstances and, if
appropriate, seek professional advice, including tax advice.
The report should not be viewed as identifying or suggesting all risks, direct or indirect, that may be associated with any investment decision. ICBCI produces a number of
different types of research product including, among others, fundamental analysis, quantitative analysis and short term trading ideas; views contained in one type of research
product differ from views contained in other types of research product, whether as a result of differing time horizons, methodologies or otherwise.
The compensation of analysts who prepared this research report is determined solely by the management of research department and senior management of ICBCI.
Analysts’ compensation is not decided based on revenue of ICBCI’s corporate finance business but may be linked with overall revenue of its corporate finance business as a
whole, of which corporate finance, sales and trading are a part.
If this research report is distributed by a financial institution or an entity, including without limitation any information provider, other than ICBCI, that financial institution or
entity is solely responsible for its distribution. Clients of the distributing financial institution should contact that institution if they decide to effect a transaction in the relevant
securities. Clients of the distributing financial institution or entity should also contact such institution or entity directly if they require further information on the securities
mentioned in this research report. This research report does not constitute investment advice by ICBCI to the clients of the distributing financial institution or entity (who are not
clients of ICBCI), and neither ICBCI nor its respective officers, directors and employees will accept any liability whatsoever for any direct or consequential loss arising from
their use of this research report or its content. ICBCI manages conflicts with respect to the production of research through its compliance policies and procedures (including, but
not limited to, Conflicts of Interest, Chinese Wall and Confidentiality policies) as well as through the maintenance of Chinese walls and employee training.
THIS RESEARCH REPORT HAS BEEN FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED ANY
PART OF THIS RESEARCH REPORT IN ANY MANNER TO ANY OTHER PERSON WITHOUT PRIOR WRITTEN CONSENT OF ICBCI.
UK
This communication is sent on behalf of ICBC International Research Limited, being a subsidiary of ICBC International Holdings Limited, a limited liability company
incorporated in Hong Kong (collectively with other subsidiaries of ICBC International Holdings Limited, the “ICBCI Group”). Members of the ICBCI Group are not authorised
or regulated by the FCA or the PRA.
The communication of this research document by the ICBCI Group is exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000, which
prohibits the communication of an invitation or inducement to engage in investment activity, on the grounds that the communication of this document is directed at, and the
services and activities described herein are available only to, the following persons in the United Kingdom, namely (i) persons falling within any of the categories of “Investment
Professionals” as defined in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”), (ii) persons
falling within any of the categories of persons described in article 49(2) of the Financial Promotion Order, and (iii) any person to whom it may otherwise lawfully be made.
Persons not falling under the indicated recipients are strictly prohibited from acting upon this document.
Members of the ICBCI Group are able to conduct certain business for UK clients on a cross-border basis in reliance on certain exclusions to authorisation requirements. As a
result of ICBCI Group's unauthorised status, UK clients of ICBCI Group will not benefit from the protections and rights afforded to clients of firms that are authorised in the UK,
including but not limited to the Financial Services Compensation Scheme, Financial Ombudsman Service and protections afforded under the FCA's and PRA's rules and
requirements.
Persons who do not have professional experience in matters relating to investments should not rely on this research.
Singapore
NOTE: For Singapore, research reports may only be provided to investors who have been confirmed and verified as institutional investors (within the definition of the Singapore
Securities and Futures Act (Cap. 289)).
The analyst(s) primarily responsible for the preparation in all or in part of the research report contained hereby certified that: (i) the views expressed in this research report
accurately reflect the personal views of such analyst(s) about the subject securities and issuers; and (ii) no part of the analyst(s)’ compensation was, is or will be directly or
indirectly, related to the specific views expressed in this research report.
The information herein is prepared and published by ICBC International Research Limited. This research report is not directed at, or intended for distribution to, or use by, any
person or entity in any jurisdiction where such distribution, publishing, provision or use would be contrary to law or regulation or which would subject ICBC International
Research Limited, its group members and/or its affiliates (collectively, “ICBCI” or “we”) to any registration or licensing requirement in such
jurisdiction which we do not hold the relevant registration or licence. This research report shall not be of itself considered as an offer or invitation to buy or sell any securities
described herein.
This research report is (i) for your private information; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such
offer or solicitation would be illegal; and (iii) based upon information from sources that we consider reliable, but has not been independently verified by ICBCI. This research
report provides general information only. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial
situation and the particular needs of any specific person. In preparing this research report, ICBCI has not taken any steps to ensure that the securities referred to in this research
report are suitable for any particular investor. You shall make your own decision with respect to all transactions involving securities referred to in this research report and assess
whether each transaction is suitable for you in light of your financial situation, investment experience and investment objectives.
This research report may contain information obtained from third parties, including ratings from credit ratings agencies and the distribution of third party content in any form is
prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability
of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use
of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability of fitness for a particular
purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings. Credit ratings are statements
of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities
for investment purposes, and should not be relied on as investment advice of the third party content providers.
Figures presented herein may refer to past performance or simulations based on past performance which are not reliable indicators of future performance. Where the information
contains an indication of future performance, such forecasts may not be reliable indicator of future performance. Moreover, simulations are based on models and simplifying
assumptions which may oversimplify and not reflect the future distribution of returns.
The facts described in this research report, as well as the views, estimates, forecasts and projections expressed in it are as of the date hereof and are subject to change without
notice. No representation or warranty, express or implied, is made as to and unless otherwise agreed by ICBCI no reliance should be placed on information contained in this
research report. ICBCI accepts no liability whatsoever for any direct, indirect or consequential losses or damages arising from or in connection with the use or reliance of this
research report or its contents to the extent that it is not inconsistent with the obligations applicable to ICBCI that it may otherwise be subject to under the Code of Conduct for
Persons Licensed by or Registered with the Securities and Futures Commission as may be amended, varied or replaced from time to time. This research report is not intended to
provide, and should not be relied upon as personal professional advice (including without limitation, accounting, legal or tax advice or investment recommendations) and is not to
be taken in substitution for your exercise of judgment. Unless otherwise agreed by ICBCI, ICBCI does not act as your adviser and assumes no fiduciary responsibility or liability
for any consequences, financial or otherwise. Investors shall consider whether any information or views in this research report is suitable for their particular circumstances and, if
appropriate, seek professional advice, including tax advice.
The report should not be viewed as identifying or suggesting all risks, direct or indirect, that may be associated with any investment decision. ICBCI produces a number of
different types of research products including, among others, fundamental analysis, quantitative analysis and short term trading ideas; views contained in one type of research
product may differ from views contained in other types of research product, whether as a result of differing time horizons, methodologies or otherwise.
The compensation of analysts who prepared this research report is determined solely by the management of research department and senior management of ICBCI.
Analysts’ compensation is not decided based on revenue of ICBCI’s corporate finance business but may be linked with overall revenue of its corporate finance business as a
whole, of which corporate finance, sales and trading are a part.
If this research report is distributed by a financial institution or an entity, including without limitation any information provider, other than ICBCI, that financial institution or
entity is solely responsible for its distribution. Clients of the distributing financial institution should contact that institution if they decide to effect a transaction in the relevant
securities. Clients of the distributing financial institution or entity should also contact such institution or entity directly if they require further information on the securities
mentioned in this research report.
This research report does not constitute investment advice by ICBCI to the clients of the distributing financial institution or entity (who are not clients of ICBCI), and neither
ICBCI nor its respective officers, directors and employees will accept any liability whatsoever for any direct or consequential loss arising from their use of this research report or
its content. ICBCI manages conflicts with respect to the production of research through its compliance policies and procedures (including, but not limited to, Conflicts of Interest,
Chinese Wall and Confidentiality policies) as well as through the maintenance of Chinese walls and employee training.
If you are a recipient of this report in Singapore, you have only been provided with this report on the basis that you are and you have represented and confirmed that you are an
institutional investor as defined under the Singapore Securities and Futures Act (Cap. 289) and its attendant regulations as may be amended from time to time ("Institutional
Investor"). You acknowledge that ICBCI may request for additional supporting documentation and information in order to verify your status as an Institutional Investor prior to
providing you with such report and before continuing to provide you with any further reports or any other services and you agree to provide such documentation and information
on a timely basis. If you are not an Institutional Investor or there has been a change in your status such that you are no longer an Institutional Investor, please inform ICBCI
immediately.
THIS RESEARCH REPORT HAS BEEN FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED ANY
PART OF THIS RESEARCH REPORT IN ANY MANNER TO ANY OTHER PERSON WITHOUT PRIOR WRITTEN CONSENT OF ICBCI.
Malaysia
This document is provided to you only at your request, and is not an offer, invitation or agreement by ICBC International Research Limited and/or group members under ICBC
International Holdings Limited (collectively “ICBCI group”) to enter into any transaction with you on its or any other terms. ICBC International Research Limited is not licensed
by or registered with Securities Commission Malaysia to carry on business in any regulated activity under the Capital Markets and Services Act 2007. ICBCI group is not able to
and does not provide advice or services that constitute regulated activity in Malaysia, except in the circumstances permitted by Securities Commission Malaysia for unlicensed
foreign capital market intermediaries.
ICBCI group is not able to and does not conduct banking business or investment banking business in Malaysia or provide advice or services in Malaysia that constitute banking
business or investment banking in Malaysia.
Although the document is prepared by ICBC International Research Limited, the document is being distributed by the Malaysian licensed partner pursuant to an arrangement
entered into with such partner.
Should you need advice or a service that is banking business or investment banking business in Malaysia you need to seek the assistance of an appropriately licensed person.
Receipt of this research report constitutes your acknowledgement and agreement to the above terms.
Copyright 2022 ICBC International Research Limited. All rights reserved.