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<Research>CLSA's Valuation Forecast Comparison between CATL A Shrs and Peers (Table)
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24
Positive
46
Negative
27
CATL (03750.HK) H-shares debuted yesterday (20th), finishing the day at HKD306.2, up 16.4% from the listing price of HKD263. This morning (21st), the stock price drifted higher, last printing at HKD331.4, up 8.2%, with a turnover of HKD2.675 billion. CATL’s A-shares (300750.SZ) last stood at RMB274.4, up 4.3%.

CLSA published a report yesterday, listing the valuation forecast comparison between CATL A shares and its peers based on the closing price on Monday (19th):

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Chinese and Asian battery manufacturers
Shares│2026E P/E│2026E EV/EBITDA│2026E ROE
CATL (300750.SZ) A shares │14.6 x │ 7.6 x │ 23.5%
BYD COMPANY (01211.HK) H shares │18.2 x │6.5 x │23.6%
BYD (002594.SZ) A shares │ 17.0 x │ 6.2 x │ 23.7%
EVE ENERGY (300014.SZ) │ 13.3 x │ 9.5 x │ 15.2%
GOTION HIGH-TECH (002074.SZ) │ 21.5 x │ 12.6 x │ 6.5%
SUNWODA (300207.SZ) │ 13.1 x │ 8.5 x │ 9.5%
CALB (03931.HK) │12.7 x│-│5.2%
LG Energy Solution (373220.KS) │54.4 x │12 x │5.8%
Samsung SDI (006400.KS) │ 10.4 x │ 6.7 x │ 5.6%
Panasonic (6752.JP) │ 10.7 x │ 5.3 x │ 7.3%

Battery materials and resource manufacturers
Shares│2026E P/E│2026E EV/EBITDA│2026E ROE
TIANQI LITHIUM (09696.HK) │14.8 x │9.7 x │5.1%
GANFENGLITHIUM (01772.HK) │16.3 x │15.7 x │4.4%
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