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>1H23 result was strong (resilient table turn plus strong margin uptick) but with limited surprises.</li><li>While we are still cautious about the sector in 2H23E, Haidilao is one of our preferred picks, and the next catalyst could be the speed up in store expansion (likely in FY24E).</li><li>We maintain BUY, based on this short-term turnaround. But in long-run, lack of growth drivers is still a big concern. </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.

1H23 result was strong (resilient table turn plus strong margin uptick) but with limited surprises.While we are still cautious about the sector in 2H23E, Haidilao is one of our preferred picks, and the next catalyst could be the speed up in store expansion (likely in FY24E).We maintain BUY, based on this short-term turnaround. But in long-run, lack of growth drivers is still a big concern. 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.

Haidilao (6862 HK) – Store Expansion May Be the Next Catalyst

<ul><li>FY22 result beat again if we consider only its Greater China business.</li><li>As Haidilao achieved positive SSSG returns in YTD 2023 and notably low breakeven point since 2H22 (thru staff costs refinement and no negative impacts on service quality), we do find its turnaround in FY23E and valuation attractive.</li><li>Our net profit forecasts are 23%-33% higher than BBG consensus. Maintain BUY.</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.

FY22 result beat again if we consider only its Greater China business.As Haidilao achieved positive SSSG returns in YTD 2023 and notably low breakeven point since 2H22 (thru staff costs refinement and no negative impacts on service quality), we do find its turnaround in FY23E and valuation attractive.Our net profit forecasts are 23%-33% higher than BBG consensus. Maintain BUY.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.

Haidilao (6862 HK) – Reopen and staff costs reform-led turnaround

China

Haidilao International Holding Ltd. is an investment holding company primarily operating a popular Chinese hot pot restaurant chain under the Haidilao brand. The company also engages in delivery services and the sale of condiment products and food ingredients. It was founded in 1994 and is headquartered in Beijing, China.

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Haidilao (6862 HK)

Haidilao (6862 HK) – Store Expansion May Be the Next Catalyst

While we are still cautious about the sector in 2H23E, Haidilao is one of our preferred picks, and the next catalyst could be the speed up in store...

CMB International

Haidilao (6862 HK) – Reopen and staff costs reform-led turnaround

Haidilao’s sales dropped by 16% YoY but returned to profit of RMB 1.3bn in FY22, both were inline with its positive profit alert.

CMB International

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