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>What is new? Nayuki is paying RMB 525mn for 43.64% stake of “LELECHA”, at about 1.4x FY21 P/S.</li><li>Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of RMB 1,203mn is at 1.4x FY21 (53% discounts to peers’ average) or 1.6x FY20 P/S.</li><li>The total consideration consists of: 1) shares transfer of RMB 325mn (RMB 260mn for loans repayment and RMB 65mn for seller); and 2) capital increases of RMB 200mn. Nayuki will also utilize a short-term loan of no more than RMB 80mn.</li></ul><p><em>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.</em></p>

What is new? Nayuki is paying RMB 525mn for 43.64% stake of “LELECHA”, at about 1.4x FY21 P/S.Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of RMB 1,203mn is at 1.4x FY21 (53% discounts to peers’ average) or 1.6x FY20 P/S.The total consideration consists of: 1) shares transfer of RMB 325mn (RMB 260mn for loans repayment and RMB 65mn for seller); and 2) capital increases of RMB 200mn. Nayuki will also utilize a short-term loan of no more than RMB 80mn.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.

Nayuki Holdings Limited (2150 HK) – Acquiring LELECHA at a Bargain Price

<div><div><div><div><div><ul><li>Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.</li><li>The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.</li><li>With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. </li></ul></div></div></div><div><div><div></div></div></div></div></div><p><em>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.</em></p>

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. 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.

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing

China

Naisnow, formerly Nayuki Holdings Ltd., is an investment holding company that operates a chain of teahouses in the People's Republic of China. It sells freshly made tea drinks, baked goods, and other products under its flagship brand Nayuki and sub-brand Tai Gai. The company also provides store operations management, supply chain management, and franchise operations. Nayuki Holdings Limited was founded in 2014 and is headquartered in Shenzhen, the People's Republic of China.

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Naisnow (2150 HK)

Nayuki Holdings Limited (2150 HK) – Acquiring LELECHA at a Bargain Price

Nayuki announced that it will acquire 43.64% stake of “LELECHA” brand at a total consideration of RMB 525mn, and the simple implied valuation of...

CMB International

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S. The listed co level net profit...

CMB International

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