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)

China Catering: Channel Checks Reinforcing Our Bullish View on DPC Dash

DPC Dash (1405 HK): Margin Potential Underappreciated

Equity Bottom-Up

<ul><li>We initiate coverage on DPC Dash with BUY and TP based on a 2.3x FY24E P/S, and put it as our sector top pick.</li><li>We forecast 36% sales CAGR in FY22-25E and 0%/ 3% adj. NP margin in FY24E/25E, driven by rapid store expansion and store ramp-up in new growth markets.</li><li>Moreover, Domino’s Pizza has managed to capture the No.1 or No. 2 spot in Japan, South Korea and the Taiwan region, hence for the mainland China, we do expect it to surpass Champion Pizza (with over 2,200 stores) in long run. Current valuation of 1.8x FY24E is not demanding.</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>

We initiate coverage on DPC Dash with BUY and TP based on a 2.3x FY24E P/S, and put it as our sector top pick.We forecast 36% sales CAGR in FY22-25E and 0%/ 3% adj. NP margin in FY24E/25E, driven by rapid store expansion and store ramp-up in new growth markets.Moreover, Domino’s Pizza has managed to capture the No.1 or No. 2 spot in Japan, South Korea and the Taiwan region, hence for the mainland China, we do expect it to surpass Champion Pizza (with over 2,200 stores) in long run. Current valuation of 1.8x FY24E is not demanding.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.

DPC Dash (1405 HK) – Value, Delivery and New Markets-Driven Growth