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.

Thematic (Sector/Industry)

<ul><li>We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with positive momentum over 2Q.</li><li>Considering the price gap between beer and other alcoholic drinks, and also the growing preference of low alcoholic content, in our view, breweries still offer a multi-year story that looks to be sustainable in the next 4-5 years.</li><li>In the contrary, we continue to see near-term drags in baijiu, dairies and condiments that not only led to a lacklustre 2Q but also a possible slow 2H. </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 had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with positive momentum over 2Q.Considering the price gap between beer and other alcoholic drinks, and also the growing preference of low alcoholic content, in our view, breweries still offer a multi-year story that looks to be sustainable in the next 4-5 years.In the contrary, we continue to see near-term drags in baijiu, dairies and condiments that not only led to a lacklustre 2Q but also a possible slow 2H. 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 Staples – Divergence continues

Equity Bottom-Up

Chongqing Hongjiu Fruit / Equity Bottom-Up

<ul><li>An in-line 2022 reaffirms our belief, and we continue to project Hongjiu to deliver a 40.5% 3-year revenue CAGR between 2022-24E, outgrowing 7.8% of the industry, per CIC.</li><li>In our view, an accelerating branded fruits sales mix, from 75.9% in 2019 to 90.5% in 2024E, drives the outperformance.</li><li>Alternatively, we envisage the growth will be underpinned by faster growth in durian, longan, and mangosteen etc, in which Hongjiu is unchallengedly leading the segment.</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.

An in-line 2022 reaffirms our belief, and we continue to project Hongjiu to deliver a 40.5% 3-year revenue CAGR between 2022-24E, outgrowing 7.8% of the industry, per CIC.In our view, an accelerating branded fruits sales mix, from 75.9% in 2019 to 90.5% in 2024E, drives the outperformance.Alternatively, we envisage the growth will be underpinned by faster growth in durian, longan, and mangosteen etc, in which Hongjiu is unchallengedly leading the segment.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.

Hongjiu Fruits (6689 HK) – A Solid and Robust 2022

<ul><li>Hongjiu is China’s largest fruit distributor with operations extending into Southeast Asia.</li><li>Leveraging its cross-region business model, Hongjiu has successfully morphed into a consolidator with industry-beating growth that stems from its competitive advantages, including 1) a multi-brand portfolio that enables the creation of brand equity and hence brand premium that sustains price markups, 2) direct procurement from place of origin that ensures supply stability and best-of-breed quality.</li><li>On the back end, these initiatives are backboned by a cost efficient end-to-end supply chain and a nation-wide distribution network that facilitates data circulation and value monetization. </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.

Hongjiu is China’s largest fruit distributor with operations extending into Southeast Asia.Leveraging its cross-region business model, Hongjiu has successfully morphed into a consolidator with industry-beating growth that stems from its competitive advantages, including 1) a multi-brand portfolio that enables the creation of brand equity and hence brand premium that sustains price markups, 2) direct procurement from place of origin that ensures supply stability and best-of-breed quality.On the back end, these initiatives are backboned by a cost efficient end-to-end supply chain and a nation-wide distribution network that facilitates data circulation and value monetization. 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.

Hongjiu Fruits (6689 HK) – Harvesting the low-hanging fruits

China

Chongqing Hongjiu Fruit Co. Ltd. is a China-based company that manages the entire supply chain for quality fruits, delivering fresh fruit products from global orchards to national retail terminals. The company offers over 49 fruit categories, including core products like durian, dragon fruit, longan, grapes, cherry, and mangosteen. Headquartered in Chongqing, China, the company was incorporated in 2002.

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Chongqing Hongjiu Fruit (6689 HK)

China Consumer Staples – Divergence continues

We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with...

CMB International

Hongjiu Fruits (6689 HK) – A Solid and Robust 2022

An in-line 2022 reaffirms our belief, and we continue to project Hongjiu to deliver a 40.5% 3-year revenue CAGR between 2022-24E, outgrowing 7.8%...

CMB International

Hongjiu Fruits (6689 HK) – Harvesting the low-hanging fruits

Leveraging its cross-region business model, Hongjiu has successfully morphed into a consolidator with industry-beating growth that stems from its...

CMB International

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