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>Maintain BUY but trimmed TP to HK$ 7.53, based on 20x FY24E P/E (changed from our DCF model).</li><li>While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.</li><li>1H23 result was roughly inline but sales per store was far from exceptional. </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>

Maintain BUY but trimmed TP to HK$ 7.53, based on 20x FY24E P/E (changed from our DCF model).While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.1H23 result was roughly inline but sales per store was far from exceptional. 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) – Guidance Revised and Franchising Is the Key

Thematic (Sector/Industry)

<ul><li>Numbers for catering sector did rebound strongly YoY, but since SSS/ table turnover recovery rate were not as good as expected, de-rating was massive in 1H23E.</li><li>After a disappointing 2Q23 plus worrying macro outlook, we downgrade the sector to MARKET-PERFORM as we see more downside in earnings.</li><li>However, as valuation turned more attractive, we can start to accumulate industry leaders. </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>

Numbers for catering sector did rebound strongly YoY, but since SSS/ table turnover recovery rate were not as good as expected, de-rating was massive in 1H23E.After a disappointing 2Q23 plus worrying macro outlook, we downgrade the sector to MARKET-PERFORM as we see more downside in earnings.However, as valuation turned more attractive, we can start to accumulate industry leaders. 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 Catering Sector – Staying cautious after a disappointing 2Q23E

<ul><li>Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E.</li><li>While we are cautiously optimistic about its NP margin improvement in FY23E, we are also excited about this new franchising programme.</li><li>What is new? Nayuki has officially launched its franchising programme in around 300 cities (mostly tier 3-4) on 20 Jul 2023, following a similar act for Lelecha in Apr 2023.</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>

Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E.While we are cautiously optimistic about its NP margin improvement in FY23E, we are also excited about this new franchising programme.What is new? Nayuki has officially launched its franchising programme in around 300 cities (mostly tier 3-4) on 20 Jul 2023, following a similar act for Lelecha in Apr 2023.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 (2150 HK) – Franchising can be the new recipe for success

<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

Hong Kong

Nayuki Holdings Limited operates as a holding compnay. The Company, through its subsidiaries, produces and retails tea and bakery products. Nayuki serves customers in China.

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Nayuki Holdings (2150 HK)

Nayuki Holdings Limited (2150 HK) – Guidance Revised and Franchising Is the Key

While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.

CMB International

China Catering Sector – Staying cautious after a disappointing 2Q23E

Numbers for catering sector did rebound strongly YoY, but since SSS/ table turnover recovery rate were not as good as expected, de-rating was...

CMB International

Nayuki (2150 HK) – Franchising can be the new recipe for success

Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E. While we are cautiously optimistic about its NP...

CMB International

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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