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>1H25 results were stronger than expected (esp. on the opex), and these were achieved even with a small drop in SSS.</li><li>Therefore, aided by various growth drivers (innovative products, fast and consistent delivery, use of more new channels and aggregators, etc.), our outlook for DPC’s development in both tier 1 and non-tier 1 cities is still positive.</li><li>Maintain BUY but trim TP to HK$ 105.96.</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 stronger than expected (esp. on the opex), and these were achieved even with a small drop in SSS.Therefore, aided by various growth drivers (innovative products, fast and consistent delivery, use of more new channels and aggregators, etc.), our outlook for DPC’s development in both tier 1 and non-tier 1 cities is still positive.Maintain BUY but trim TP to HK$ 105.96.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.

DPC Dash (1405 HK) - Fundamentals Intact Regardless of City Tiers

Thematic (Sector/Industry)

<ul><li>The consumption trend in Apr 2025 improved MoM across most sub-sectors compared to Mar 2025.</li><li>Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather conditions, 3) longer holidays compared to last year, and 4) fairly robust inbound tourism growth.</li><li>By subsector, apparel and tourism-hotel outperformed our expectations, sportswear and home appliances met expectations, while catering lagged behind. </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.

The consumption trend in Apr 2025 improved MoM across most sub-sectors compared to Mar 2025.Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather conditions, 3) longer holidays compared to last year, and 4) fairly robust inbound tourism growth.By subsector, apparel and tourism-hotel outperformed our expectations, sportswear and home appliances met expectations, while catering lagged behind. 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.

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

<ul><li>What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK).</li><li>Domino’s Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55.</li><li>After this trade, Domino’s Pizza’s ownership in DPC Dash will be reduced from around 18.1mn shares (13.87% of the total) to about 8.1mn shares</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.

What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK).Domino’s Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55.After this trade, Domino’s Pizza’s ownership in DPC Dash will be reduced from around 18.1mn shares (13.87% of the total) to about 8.1mn sharesContent 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.

DPC Dash (1405 HK) - Our View on Placement by Domino’s Pizza

<ul><li>Upgrade our rating to OUTPERFORM on the consumer discretionary sector.</li><li>The foot traffic of the 2024 10-1 National Day holidays was strong (recovery rate has improved vs Mid-autumn and Dragon Boat Festival) but the spending power remained fairly week.</li><li>Even though the retail sales growth was still under pressure, a sequential improvement was observed compared with Sep 2024, and this should be able to support the further re-rating of the sector valuation. </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.

Upgrade our rating to OUTPERFORM on the consumer discretionary sector.The foot traffic of the 2024 10-1 National Day holidays was strong (recovery rate has improved vs Mid-autumn and Dragon Boat Festival) but the spending power remained fairly week.Even though the retail sales growth was still under pressure, a sequential improvement was observed compared with Sep 2024, and this should be able to support the further re-rating of the sector valuation. 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.

Consumer Discretionary - Sequential Improvement May Support Re-Rating

<ul><li>1H24 results were inline, but the underlying is good (positive SSSG, OP margin improvement, etc.).</li><li>Going into 2H24E, while the NP margin guidance has been raised to about 2%, we are slightly more optimistic, supported by: 1) positive SSSG in Jul 2024, 2) a surge in the number of members, 3) robust dine-in sales in the new growth markets, 4) accelerated store expansion, 5) more machines for store-level automation, and 6) more targeted and efficient marketing, etc.</li><li>The old markets were slightly under pressure, but more than offset by the robust new markets, hence the margins continued to improve.</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.

1H24 results were inline, but the underlying is good (positive SSSG, OP margin improvement, etc.).Going into 2H24E, while the NP margin guidance has been raised to about 2%, we are slightly more optimistic, supported by: 1) positive SSSG in Jul 2024, 2) a surge in the number of members, 3) robust dine-in sales in the new growth markets, 4) accelerated store expansion, 5) more machines for store-level automation, and 6) more targeted and efficient marketing, etc.The old markets were slightly under pressure, but more than offset by the robust new markets, hence the margins continued to improve.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.

DPC Dash (1405 HK) - Prudence Guidance with Solid Fundamentals

China

DPC Dash Ltd, also known as "Domino's Pizza China", operates franchise fast food restaurants. The Company through its chain stores, supplies pizza, drinks, and other related snacks. DPC Dash operates as the master franchisee in China Mainland, Hong Kong, and Macau.

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DPC Dash (1405 HK)

DPC Dash (1405 HK) - Fundamentals Intact Regardless of City Tiers

1H25 results were stronger than expected (esp. on the opex), and these were achieved even with a small drop in SSS. Therefore, aided by various...

CMB International

Consumer Discretionary - Constructive trend in S-R but cautious in L-R

Numbers during the 2025 5-1 holidays either maintained this trend or further improved, mainly thanks to: 1) a low base, 2) improving weather...

CMB International

DPC Dash (1405 HK) - Our View on Placement by Domino’s Pizza

After this trade, Domino’s Pizza’s ownership in DPC Dash will be reduced from around 18.1mn shares (13.87% of the total) to about 8.1mn shares

CMB International

Consumer Discretionary - Sequential Improvement May Support Re-Rating

Upgrade our rating to OUTPERFORM on the consumer discretionary sector. The foot traffic of the 2024 10-1 National Day holidays was strong

CMB International

DPC Dash (1405 HK) - Prudence Guidance with Solid Fundamentals

The old markets were slightly under pressure, but more than offset by the robust new markets, hence the margins continued to improve.

CMB International

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