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.

Equity Bottom-Up

<ul><li>What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK).</li><li>Domino’s Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55.</li><li>After this trade, Domino’s Pizza’s ownership in DPC Dash will be reduced from around 18.1mn shares (13.87% of the total) to about 8.1mn shares</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.

What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK).Domino’s Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55.After this trade, Domino’s Pizza’s ownership in DPC Dash will be reduced from around 18.1mn shares (13.87% of the total) to about 8.1mn sharesContent 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) - Our View on Placement by Domino’s Pizza

<ul><li>1H24 results were inline, but the underlying is good (positive SSSG, OP margin improvement, etc.).</li><li>Going into 2H24E, while the NP margin guidance has been raised to about 2%, we are slightly more optimistic, supported by: 1) positive SSSG in Jul 2024, 2) a surge in the number of members, 3) robust dine-in sales in the new growth markets, 4) accelerated store expansion, 5) more machines for store-level automation, and 6) more targeted and efficient marketing, etc.</li><li>The old markets were slightly under pressure, but more than offset by the robust new markets, hence the margins continued to improve.</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.

1H24 results were inline, but the underlying is good (positive SSSG, OP margin improvement, etc.).Going into 2H24E, while the NP margin guidance has been raised to about 2%, we are slightly more optimistic, supported by: 1) positive SSSG in Jul 2024, 2) a surge in the number of members, 3) robust dine-in sales in the new growth markets, 4) accelerated store expansion, 5) more machines for store-level automation, and 6) more targeted and efficient marketing, etc.The old markets were slightly under pressure, but more than offset by the robust new markets, hence the margins continued to improve.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) - Prudence Guidance with Solid Fundamentals

<ul><li>What is new? DPC Dash announced a positive profit alert for 1H24. For 1H24, the company is now expecting that:1) sales to increase by 45%+ YoY to RMB 2.0bn</li><li>2) net profit to be at RMB 10.0mn+ (vs RMB 8.8mn in 1H23), 3) adj. net profit to be at RMB 48mn+ (vs RMB 17.4mn losses in 1H23).</li><li>Also, the company has opened 146 net new stores (12/ 134 in mature/ emerging markets) and total number has reached 914, representing 36% YoY growth.</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.

What is new? DPC Dash announced a positive profit alert for 1H24. For 1H24, the company is now expecting that:1) sales to increase by 45%+ YoY to RMB 2.0bn2) net profit to be at RMB 10.0mn+ (vs RMB 8.8mn in 1H23), 3) adj. net profit to be at RMB 48mn+ (vs RMB 17.4mn losses in 1H23).Also, the company has opened 146 net new stores (12/ 134 in mature/ emerging markets) and total number has reached 914, representing 36% YoY growth.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) - Outlook Stays Healthy After Positive Profit Alert

<ul><li>While the FY23 results of DPC Dash (DPC) were roughly inline, we do find its GP margin and sales per store growth very decent and should support a better outlook in FY24E.</li><li>DPC remains our top pick in the catering sector, thanks to its value for money position, huge room for expansion in China and esp. its consistent success in new growth markets.</li><li>We maintain BUY but fine-tune its TP with a lower P/S.</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.

While the FY23 results of DPC Dash (DPC) were roughly inline, we do find its GP margin and sales per store growth very decent and should support a better outlook in FY24E.DPC remains our top pick in the catering sector, thanks to its value for money position, huge room for expansion in China and esp. its consistent success in new growth markets.We maintain BUY but fine-tune its TP with a lower P/S.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) – Sales Beats as New Markets Continue to Succeed

<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>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 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

China

DPC Dash Ltd operates franchise fast food restaurants. The Company through its chain stores, supplies pizza, drinks, and other related snacks. DPC Dash conducts businesses in Shanghai and Hong Kong.

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DPC Dash (1405 HK)

DPC Dash (1405 HK) - Our View on Placement by Domino’s Pizza

After this trade, Domino’s Pizza’s ownership in DPC Dash will be reduced from around 18.1mn shares (13.87% of the total) to about 8.1mn shares

CMB International

DPC Dash (1405 HK) - Prudence Guidance with Solid Fundamentals

The old markets were slightly under pressure, but more than offset by the robust new markets, hence the margins continued to improve.

CMB International

DPC Dash (1405 HK) - Outlook Stays Healthy After Positive Profit Alert

What is new? DPC Dash announced a positive profit alert for 1H24. For 1H24, the company is now expecting that:1) sales to increase by 45%+ YoY to...

CMB International

DPC Dash (1405 HK) – Sales Beats as New Markets Continue to Succeed

While the FY23 results of DPC Dash (DPC) were roughly inline, we do find its GP margin and sales per store growth very decent and should support a...

CMB International

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

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...

CMB International

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