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>We think the sales trend in 2Q25E has been weaker than expected (esp. online sales in the US and China) and hence it has become even more challenging for the Company to achieve its 30% sales growth target in FY25E.</li><li>Moreover, the recent climb in US tariffs (from 25% to 50%) on steel- and aluminium-based products could bring a drastic impact on overall GP margin.</li><li>With these underlying changes, we downgrade our rating from Buy to HOLD and cut TP to HK$ 4.64, based on 10x FY25E P/E. It is now trading at 11x FY25E P/E.</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 think the sales trend in 2Q25E has been weaker than expected (esp. online sales in the US and China) and hence it has become even more challenging for the Company to achieve its 30% sales growth target in FY25E.Moreover, the recent climb in US tariffs (from 25% to 50%) on steel- and aluminium-based products could bring a drastic impact on overall GP margin.With these underlying changes, we downgrade our rating from Buy to HOLD and cut TP to HK$ 4.64, based on 10x FY25E P/E. It is now trading at 11x FY25E P/E.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.

Carote Ltd (2549 HK) - Macro Risks Are Manifold and Have Intensified

<ul><li>Carote is a global kitchenware brand in the online marketplace.</li><li>It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online marketplaces (Amazon, Walmart, Tmall, etc.).</li><li>Thanks to the Company’s nearly two decades of industry experience and consumer insights, and its focus on the online channel and the asset-light model (cooperation with contract manufacturers), it generated RMB 1.58bn sales/ RMB 237mn net profit in FY23 and managed to deliver an impressive CAGR of 53%/ 173% during FY21-23.</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.

Carote is a global kitchenware brand in the online marketplace.It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online marketplaces (Amazon, Walmart, Tmall, etc.).Thanks to the Company’s nearly two decades of industry experience and consumer insights, and its focus on the online channel and the asset-light model (cooperation with contract manufacturers), it generated RMB 1.58bn sales/ RMB 237mn net profit in FY23 and managed to deliver an impressive CAGR of 53%/ 173% during FY21-23.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.

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

Hong Kong

Carote Ltd is a distributor of kitchenware products.  Initially engaged to provide original equipment manufacturing (OEM) overseas, the firm has since ventured into the online retail sector, introducing kitchenware products under its own brand name “CAROTE”.

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Carote Ltd (CARO HK)

Carote Ltd (2549 HK) - Macro Risks Are Manifold and Have Intensified

With these underlying changes, we downgrade our rating from Buy to HOLD and cut TP to HK$ 4.64, based on 10x FY25E P/E. It is now trading at 11x...

CMB International

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online...

CMB International

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