Cont. Amperex Technology Co Ltd

Profits are expected to rise by as much as 33%, which we believe is not accounted for in the present share price. The world’s largest maker of batteries for electric vehicles is expected to benefit from higher battery prices, lower lithium costs and a sustainable recovery for electric-vehicle sales. A further driver of the share price appreciation could come from a reduction in raw-material input costs which we expect to unfold in the second half of 2023.