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>Moutai released its 1Q preliminary financial data that beat expectation with revenue/ net profits growing by 18/19%, respectively.</li><li>The data tracked above the 15% management guidance given for the numbers for the full year of 2023.</li><li>We attribute the strength mainly to the incremental sales growth from iMoutai and a strong premiumization effort.</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.

Moutai released its 1Q preliminary financial data that beat expectation with revenue/ net profits growing by 18/19%, respectively.The data tracked above the 15% management guidance given for the numbers for the full year of 2023.We attribute the strength mainly to the incremental sales growth from iMoutai and a strong premiumization effort.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.

Kweichow Moutai (600519 CH) – 1Q came in slightly higher than we expected

<ul><li>As the proxy of China consumption, we think Moutai is undoubtedly well-positioned to benefit from the current consumption-driven recovery.</li><li>This will not only be underpinned by reopening of restaurants and resumption of social events, but also company specific catalysts.</li><li>These include 1) platform extension through i-Moutai (with the launch of 100ml “Flying Fairy” a.k.a “Feitian” SKU) registering RMB15bn 2022 revenue (~16% of total) with 30mn active users, and 2) a more diversified sales mix from Series baijiu with core products such as Moutai 1935, Moutai Prince Classics (茅台王子酒酱香经典), Moutai Prince Gold (茅台金王子) ,etc.</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.

As the proxy of China consumption, we think Moutai is undoubtedly well-positioned to benefit from the current consumption-driven recovery.This will not only be underpinned by reopening of restaurants and resumption of social events, but also company specific catalysts.These include 1) platform extension through i-Moutai (with the launch of 100ml “Flying Fairy” a.k.a “Feitian” SKU) registering RMB15bn 2022 revenue (~16% of total) with 30mn active users, and 2) a more diversified sales mix from Series baijiu with core products such as Moutai 1935, Moutai Prince Classics (茅台王子酒酱香经典), Moutai Prince Gold (茅台金王子) ,etc.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.

Kweichow Moutai (600519 CH) – Proxy of China’s Consumption-Led Recovery

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2)</li><li>China steps up timetable for senior vaccinations as Covid cases surge</li><li>China’s President Xi Jinping meets with Mongolian President</li></ul>

Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2)China steps up timetable for senior vaccinations as Covid cases surgeChina’s President Xi Jinping meets with Mongolian President

CX Daily: China’s Share Markets Back on the Fundraising Menu for Ailing Developers (Part 2)

Thematic (Sector/Industry)

<ul>
<li>While continual Covid-19 outbreaks continue to make their mark on earnings season, one commodity is still raking in cash: top-shelf baijiu.</li>
<li>Shrugging off years of official probes into the notoriously graft-plagued industry, luxury brands like Moutai and Wuliangye made a head-spinning amount of money in the first six months of 2022.</li>
<li>In the first half of 2022, Kweichow Moutai Co. Ltd. and Wuliangye Yibin Co. Ltd. retained their long-standing No. 1 and No. 2 positions in the market.</li>
</ul>


While continual Covid-19 outbreaks continue to make their mark on earnings season, one commodity is still raking in cash: top-shelf baijiu.
Shrugging off years of official probes into the notoriously graft-plagued industry, luxury brands like Moutai and Wuliangye made a head-spinning amount of money in the first six months of 2022.
In the first half of 2022, Kweichow Moutai Co. Ltd. and Wuliangye Yibin Co. Ltd. retained their long-standing No. 1 and No. 2 positions in the market.


China’s Big Brand Baijiu-Makers Have a Toast-Worthy First Half

Equity Capital Markets

<ul><li>The parent of luxury liquor-maker Kweichow Moutai has agreed to hand over most of its stake in a wholly owned liquor-making subsidiary to a local government agency</li><li>The deal will allow China Kweichow Moutai Winery Group Co. Ltd. (Moutai Group) to revive a plan to spin off the subsidiary</li><li>The deal will allow the provincial State-owned Assets Supervision and Administration Commission (SASAC) in Southwest China’s Guizhou to control 82% of Kweichow Moutai Winery (Group) Xijiu Co. Ltd. at no cost</li></ul>

The parent of luxury liquor-maker Kweichow Moutai has agreed to hand over most of its stake in a wholly owned liquor-making subsidiary to a local government agencyThe deal will allow China Kweichow Moutai Winery Group Co. Ltd. (Moutai Group) to revive a plan to spin off the subsidiaryThe deal will allow the provincial State-owned Assets Supervision and Administration Commission (SASAC) in Southwest China’s Guizhou to control 82% of Kweichow Moutai Winery (Group) Xijiu Co. Ltd. at no cost

Moutai Group Relinquishes Control of Unit, Removing Hurdle to IPO

China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

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Kweichow Moutai (600519 CH) – 1Q came in slightly higher than we expected

Moutai released its 1Q preliminary financial data that beat expectation with revenue/ net profits growing by 18/19%, respectively.

CMB International

Kweichow Moutai (600519 CH) – Proxy of China’s Consumption-Led Recovery

As the proxy of China consumption, we think Moutai is undoubtedly well-positioned to benefit from the current consumption-driven recovery.

CMB International

CX Daily: China’s Share Markets Back on the Fundraising Menu for Ailing Developers (Part 2)

Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2). China steps up timetable for senior vaccinations as...

Caixin Global

China’s Big Brand Baijiu-Makers Have a Toast-Worthy First Half

While continual Covid-19 outbreaks continue to make their mark on earnings season, one commodity is still raking in cash: top-shelf baijiu.

Caixin Global

Moutai Group Relinquishes Control of Unit, Removing Hurdle to IPO

The parent of luxury liquor-maker Kweichow Moutai has agreed to hand over most of its stake in a wholly owned liquor-making subsidiary to a local...

Caixin Global