External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Cafe De Coral Holdings / Equity Bottom-Up

<ul><li>CDC’s FY25 results were below our expectation, especially the dividend.</li><li>Since recent figures are still under pressure (SSS still falling in Apr and May 2025), and the industry environment is not quite favourable for CDC (HK people travelling more to overseas and mainland China, rising competition from two/ three-dish rice, limited room for ASP hike etc.), plus CDC’s FY26E yield is not so attractive, we downgrade the rating to HOLD.</li><li>The stock is currently trading at 17x FY26E P/E and 6% FY26 yield.</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>

CDC’s FY25 results were below our expectation, especially the dividend.Since recent figures are still under pressure (SSS still falling in Apr and May 2025), and the industry environment is not quite favourable for CDC (HK people travelling more to overseas and mainland China, rising competition from two/ three-dish rice, limited room for ASP hike etc.), plus CDC’s FY26E yield is not so attractive, we downgrade the rating to HOLD.The stock is currently trading at 17x FY26E P/E and 6% FY26 yield.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.

Cafe De Coral (341 HK) - More Time Is Needed for Industry Turnaround