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

Jiumaojiu International / Equity Bottom-Up

<ul><li>Maintain BUY and cut TP (mostly due to de-rating).</li><li>While we are encouraged byramp-up of Song hotpot, recovery trend for Tai Er is still highly arguable.</li><li>In fact, due to its richer than peers valuation, it is not our top pick in the sector.</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.

Maintain BUY and cut TP (mostly due to de-rating).While we are encouraged byramp-up of Song hotpot, recovery trend for Tai Er is still highly arguable.In fact, due to its richer than peers valuation, it is not our top pick in the sector.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.

Jiumaojiu (9922 HK) – Tai Er’s OPM and Song are the key drivers

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<li>
Maintain BUY and raised TP, given the solid sales recovery and hopefully meaningful operating leverage in FY23E.
</li>
<li>
However, due to its richer than peers valuation it is not our top pick in the sector.
</li>
<li>
FY22 results inline. Jiumaojiu’s sales dropped by 4% YoY to RMB 40.0bn and net profit tanked by 85% YoY to RMB 49mn in FY22, inline with their profit warning.
</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.



Maintain BUY and raised TP, given the solid sales recovery and hopefully meaningful operating leverage in FY23E.


However, due to its richer than peers valuation it is not our top pick in the sector.


FY22 results inline. Jiumaojiu’s sales dropped by 4% YoY to RMB 40.0bn and net profit tanked by 85% YoY to RMB 49mn in FY22, inline with their profit warning.


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.

Jiumaojiu (9922 HK) – Post pandemic margin recovery is the key

China

Jiumaojiu International manages and operates a portfolio of Chinese cuisine restaurant brands, including Tai Er (known for sauerkraut fish), Song Hot Pot, and Jiu Mao Jiu (offering family-oriented food). The company also engages in food processing, central kitchen operations, and delivery services. It was founded in 1995 and is headquartered in Guangzhou, People's Republic of China.

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Jiumaojiu International (9922 HK)

Jiumaojiu (9922 HK) – Tai Er’s OPM and Song are the key drivers

Maintain BUY and cut TP (mostly due to de-rating). While we are encouraged byramp-up of Song hotpot, recovery trend for Tai Er is still highly...

CMB International

Jiumaojiu (9922 HK) – Post pandemic margin recovery is the key

Maintain BUY and raised TP, given the solid sales recovery and hopefully meaningful operating leverage in FY23E. However, due to its richer than...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)