External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Cafe De Coral Holdings / Equity Bottom-Up

<ul><li>CDC’s FY25 results were below our expectation, especially the dividend.</li><li>Since recent figures are still under pressure (SSS still falling in Apr and May 2025), and the industry environment is not quite favourable for CDC (HK people travelling more to overseas and mainland China, rising competition from two/ three-dish rice, limited room for ASP hike etc.), plus CDC’s FY26E yield is not so attractive, we downgrade the rating to HOLD.</li><li>The stock is currently trading at 17x FY26E P/E and 6% FY26 yield.</li></ul>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.

CDC’s FY25 results were below our expectation, especially the dividend.Since recent figures are still under pressure (SSS still falling in Apr and May 2025), and the industry environment is not quite favourable for CDC (HK people travelling more to overseas and mainland China, rising competition from two/ three-dish rice, limited room for ASP hike etc.), plus CDC’s FY26E yield is not so attractive, we downgrade the rating to HOLD.The stock is currently trading at 17x FY26E P/E and 6% FY26 yield.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.

Cafe De Coral (341 HK) - More Time Is Needed for Industry Turnaround

<ul><li>1H25 results were inline with profit warning, but still much weaker than we previously expected.</li><li>As we see no material improvements in economic environment and consumer behaviours, we may only expect flattish to small SSSG and profit growth in 2H24E and FY25E.</li><li>We maintain BUY ONLY because of its relatively high dividend yield (~7%) and defensive business nature.</li></ul>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.

1H25 results were inline with profit warning, but still much weaker than we previously expected.As we see no material improvements in economic environment and consumer behaviours, we may only expect flattish to small SSSG and profit growth in 2H24E and FY25E.We maintain BUY ONLY because of its relatively high dividend yield (~7%) and defensive business nature.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.

Cafe De Coral (341 HK) - Disappointing Results Salvaged by Flat Dividend

<ul><li>FY24 results were decent. However, given such macro weakness (CDC has actually outperformed the industry), we have to trim our earnings forecast.</li><li>But because of our high hope of the new management, CDC’s defensive nature and its attractive dividend yield, we maintain BUY.</li><li>HK market: While the industry recovery is slower than expected, CDC has outperformed, but we have become slightly more prudent about margins.</li></ul>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.

FY24 results were decent. However, given such macro weakness (CDC has actually outperformed the industry), we have to trim our earnings forecast.But because of our high hope of the new management, CDC’s defensive nature and its attractive dividend yield, we maintain BUY.HK market: While the industry recovery is slower than expected, CDC has outperformed, but we have become slightly more prudent about margins.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.

Cafe De Coral (341 HK) - Gaining Market Share Under a Weak Macro

Thematic (Sector/Industry)

<ul><li>A mixed CNY, robust topline was likely aided by seasonality while the fall in spending power and price war continued.</li><li>We do agree both passenger flows and overall sales were strong during the CNY holiday, given that the spending power was somewhat diluted by the resumption of outbound tourism.</li><li>But on the other hand, the 2024 CNY holiday was a longer-than-usual one and contained one more Saturday and also the Valentine’s Day, hence the recovery rate after adjustment may just be stable (instead of improvements vs 4Q23).</li></ul>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.

A mixed CNY, robust topline was likely aided by seasonality while the fall in spending power and price war continued.We do agree both passenger flows and overall sales were strong during the CNY holiday, given that the spending power was somewhat diluted by the resumption of outbound tourism.But on the other hand, the 2024 CNY holiday was a longer-than-usual one and contained one more Saturday and also the Valentine’s Day, hence the recovery rate after adjustment may just be stable (instead of improvements vs 4Q23).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.

China Consumer Sector – CNY Was Mixed and We Stay Conservative

<ul><li>We have updated with the management after its positive 1H24 results (ASP hike and strong GP margin expansion) and turned slightly more positive about the company’s outlook.</li><li>While management’s 3-year target is still roughly intact (HSD pre-tax/ net profit margin by FY25E or no later than FY26E), our estimate is more prudent (5.9% pre-tax/ 5% net profit margin in FY25E).</li><li>Therefore, together with its undemanding valuation (13x FY25E P/E and 8% FY25E yield), we maintain our BUY rating and raise TP to HK$14.82. </li></ul>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.

We have updated with the management after its positive 1H24 results (ASP hike and strong GP margin expansion) and turned slightly more positive about the company’s outlook.While management’s 3-year target is still roughly intact (HSD pre-tax/ net profit margin by FY25E or no later than FY26E), our estimate is more prudent (5.9% pre-tax/ 5% net profit margin in FY25E).Therefore, together with its undemanding valuation (13x FY25E P/E and 8% FY25E yield), we maintain our BUY rating and raise TP to HK$14.82. 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.

Cafe De Coral (341 HK) – The First Results Beat in a Long While

Hong Kong

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

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Cafe De Coral Holdings (341 HK)

Cafe De Coral (341 HK) - More Time Is Needed for Industry Turnaround

CDC’s FY25 results were below our expectation, especially the dividend. Since recent figures are still under pressure, (SSS still falling in Apr...

CMB International

Cafe De Coral (341 HK) - Disappointing Results Salvaged by Flat Dividend

As we see no material improvements in economic environment and consumer behaviours, we may only expect flattish to small SSSG and profit growth in...

CMB International

China Consumer Sector – CNY Was Mixed and We Stay Conservative

We do agree both passenger flows and overall sales were strong during the CNY holiday, given that the spending power was somewhat diluted by the...

CMB International

Cafe De Coral (341 HK) – The First Results Beat in a Long While

We have updated with the management after its positive 1H24 results (ASP hike and strong GP margin expansion) and turned slightly more positive...

CMB International

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