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.

Thematic (Sector/Industry)

<ul><li>Highlights: National Day holiday spending remained modest, broadly in line with Dragon Boat Festival trends. 1) Services: Taking 3 days of leave allowed a 13-day break, encouraging long-distance travel.</li><li>County-level destinations saw strong visitor growth and longer stays.</li><li>Dining may have held up better than overall spending, while cinema and duty-free spending were weaker. </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.

Highlights: National Day holiday spending remained modest, broadly in line with Dragon Boat Festival trends. 1) Services: Taking 3 days of leave allowed a 13-day break, encouraging long-distance travel.County-level destinations saw strong visitor growth and longer stays.Dining may have held up better than overall spending, while cinema and duty-free spending were weaker. 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 - Holiday spending: modest momentum, resilient services

Equity Bottom-Up

<ul><li>Nongfu Spring’s FY25 revenue was up 22.5% YoY to RMB 52.6bn, 4% above Bloomberg consensus, and net profit was up 30.9% YoY to RMB 15.9bn, beat Bloomberg consensus by 6%, supported by recovery in water biz, stronger-thanexpected tea and juice results especially in 2H25, and significant SG&amp;A decline post the Olympic year.</li><li>The company retained its FY26 double-digit revenue growth target but offered no gross margin or net profit guidance amid uncertain conditions.</li><li>We forecast its 3-year forward (2026-28E) revenue and earnings CAGR at around 11%. </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.

Nongfu Spring’s FY25 revenue was up 22.5% YoY to RMB 52.6bn, 4% above Bloomberg consensus, and net profit was up 30.9% YoY to RMB 15.9bn, beat Bloomberg consensus by 6%, supported by recovery in water biz, stronger-thanexpected tea and juice results especially in 2H25, and significant SG&amp;A decline post the Olympic year.The company retained its FY26 double-digit revenue growth target but offered no gross margin or net profit guidance amid uncertain conditions.We forecast its 3-year forward (2026-28E) revenue and earnings CAGR at around 11%. 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.

Nongfu Spring (9633 HK) - FY25: Strong Tea & Juice Biz; Facing Challenges to Maintain High Growth

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

<ul><li>We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.</li><li>The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend closing the AMZN80 position with a 0.7% gain after it dropped out of our scoring criteria and opening a new position in NVDA80, which tracks NVIDIA Corporation, a leading US technology stock.The KTX DR Tactical Picks portfolio rose 0.51% from the previous day, supported by improved sentiment following easing concerns over the US government shutdown.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 11, 2025 (Eng.)

<ul><li>For today’s KTX Tactical DR Picks, we recommend taking profit on NVDA80 after a 20.2% gain, while maintaining positions in 11 DRs primarily focused on global technology stocks, especially in the US.</li><li>The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend taking profit on NVDA80 after a 20.2% gain, while maintaining positions in 11 DRs primarily focused on global technology stocks, especially in the US.The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 30, 2025 (Eng.)

China

Nongfu Spring is a leading Chinese company primarily engaged in the production and sale of packaged drinking water and a diverse range of beverages. Its product portfolio includes natural packaged drinking water, ready-to-drink teas, functional beverages, and fruit juices. The company was founded in 1996 and is headquartered in Hangzhou, China.

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Nongfu Spring (9633 HK)

Consumer - Holiday spending: modest momentum, resilient services

County-level destinations saw strong visitor growth and longer stays. Dining may have held up better than overall spending, while cinema and duty...

CMB International