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>We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with positive momentum over 2Q.</li><li>Considering the price gap between beer and other alcoholic drinks, and also the growing preference of low alcoholic content, in our view, breweries still offer a multi-year story that looks to be sustainable in the next 4-5 years.</li><li>In the contrary, we continue to see near-term drags in baijiu, dairies and condiments that not only led to a lacklustre 2Q but also a possible slow 2H. </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.

We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with positive momentum over 2Q.Considering the price gap between beer and other alcoholic drinks, and also the growing preference of low alcoholic content, in our view, breweries still offer a multi-year story that looks to be sustainable in the next 4-5 years.In the contrary, we continue to see near-term drags in baijiu, dairies and condiments that not only led to a lacklustre 2Q but also a possible slow 2H. 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 Consumer Staples – Divergence continues

Equity Bottom-Up

Shenzhen Pagoda Industrial / Equity Bottom-Up

<ul><li>An in-line 2022. Pagoda’s 2022 net profits came in in-line with us.</li><li>Since this is the first result reporting after IPO in Jan this year, we think the event could provide incremental confidence to investors about Pagoda’s business stability, and corporate governance going forward.</li><li>2023 outlook. Management remained positive for 2023 during analyst briefing and maintained its guidance for the year.</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.

An in-line 2022. Pagoda’s 2022 net profits came in in-line with us.Since this is the first result reporting after IPO in Jan this year, we think the event could provide incremental confidence to investors about Pagoda’s business stability, and corporate governance going forward.2023 outlook. Management remained positive for 2023 during analyst briefing and maintained its guidance for the year.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.

Shenzhen Pagoda (2411 HK) – An ensuring 2022; and we remain positive for 2023

<ul><li>Pagoda is China’s largest fruit retailing company with over 5,600 stores nationwide.</li><li>With over 20 year’s industry experience, the company has improvised its proprietary business model by leveraging its competitive advantages such as upstream integration, product/ brand innovation, price segmentation, as well as its OMO (online-merge-offline) distribution.</li><li>Pagoda’s asset-light and thus scalable franchise-based network expansion enables it to swiftly out-race its competitors by store counts without hassle in green-field war chest. </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.

Pagoda is China’s largest fruit retailing company with over 5,600 stores nationwide.With over 20 year’s industry experience, the company has improvised its proprietary business model by leveraging its competitive advantages such as upstream integration, product/ brand innovation, price segmentation, as well as its OMO (online-merge-offline) distribution.Pagoda’s asset-light and thus scalable franchise-based network expansion enables it to swiftly out-race its competitors by store counts without hassle in green-field war chest. 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.

Shenzhen Pagoda (2411 HK) – Sowing the franchiser’s seed

China

Shenzhen Pagoda Industrial (Group) Corporation Limited operates as a fruit chain company. The Company provides fruit purchasing, fruit preservation, fruit sales, warehousing, and other services. Shenzhen Pagoda Industrial (Group) provides its services throughout China.

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Shenzhen Pagoda Industrial (2411 HK)

China Consumer Staples – Divergence continues

We had diverging takeaways from our distributor chancel check after the Dragon Boat Festival holiday, with beer being the only segment with...

CMB International

Shenzhen Pagoda (2411 HK) – An ensuring 2022; and we remain positive for 2023

Since this is the first result reporting after IPO in Jan this year, we think the event could provide incremental confidence to investors about...

CMB International

Shenzhen Pagoda (2411 HK) – Sowing the franchiser’s seed

Pagoda’s asset-light and thus scalable franchise-based network expansion enables it to swiftly out-race its competitors by store counts without...

CMB International

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