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

<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

<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

<ul><li>We have updated with the management after its FY23 results last week and believe recovery is here but the pace could be slightly slower than expected (as SSSG in FY23 was just 1-2%, missed CMBI est. of 4%).</li><li>While the management is still keeping their 3-year target (HSD pre-tax margin by FY25E), we are more prudent than them.</li><li>We maintain BUY but cut TP to HK$ 12.32, just because of the turnaround and relatively high dividend yield of 5%. </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 FY23 results last week and believe recovery is here but the pace could be slightly slower than expected (as SSSG in FY23 was just 1-2%, missed CMBI est. of 4%).While the management is still keeping their 3-year target (HSD pre-tax margin by FY25E), we are more prudent than them.We maintain BUY but cut TP to HK$ 12.32, just because of the turnaround and relatively high dividend yield of 5%. 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) – Turnaround Is Here but Weaker than Expected

<ul><li>We updated with management and believe SSS should return to growth and margin should further improve in 2H3/23E, despite the weak economic growth in HK and massive covid-19 outbreaks in GZ in Nov 2022.</li><li>We maintain BUY but cut TP to HK$ 15.12, based on 22x FY3/24E P/E (up from 20x), vs 5-year avg. of 20x, as we believe the worst has passed for HK retail industry.</li><li>Outperformed in HK and we are more positive about 2H3/23E.</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 updated with management and believe SSS should return to growth and margin should further improve in 2H3/23E, despite the weak economic growth in HK and massive covid-19 outbreaks in GZ in Nov 2022.We maintain BUY but cut TP to HK$ 15.12, based on 22x FY3/24E P/E (up from 20x), vs 5-year avg. of 20x, as we believe the worst has passed for HK retail industry.Outperformed in HK and we are more positive about 2H3/23E.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) – Light at the end of the tunnel

Hong Kong

Cafe de Coral Holdings Ltd. operates quick-service restaurants and casual dining chains, including brands like Café de Coral, Super Super Congee & Noodles, and The Spaghetti House. The company also provides institutional catering services and is involved in food processing and distribution. It was founded in 1968 and is headquartered in Fo Tan, Hong Kong.

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Cafe de Coral (341 HK)