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

Haidilao International Holding / Equity Bottom-Up

<ul><li>1H23 result was strong (resilient table turn plus strong margin uptick) but with limited surprises.</li><li>While we are still cautious about the sector in 2H23E, Haidilao is one of our preferred picks, and the next catalyst could be the speed up in store expansion (likely in FY24E).</li><li>We maintain BUY, based on this short-term turnaround. But in long-run, lack of growth drivers is still a big concern. </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>

1H23 result was strong (resilient table turn plus strong margin uptick) but with limited surprises.While we are still cautious about the sector in 2H23E, Haidilao is one of our preferred picks, and the next catalyst could be the speed up in store expansion (likely in FY24E).We maintain BUY, based on this short-term turnaround. But in long-run, lack of growth drivers is still a big concern. 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.

Haidilao (6862 HK) – Store Expansion May Be the Next Catalyst