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>We are still highly cautious on the catering sector (as well as Nayuki) because of price war induced by the weakening macro demand and surge in competitions.</li><li>We maintain BUY on Nayuki only because of its: 1) high cash level (over 75%+ of its market cap), 2) potential income and profits from ramp up of its franchising business and 3) efforts to reduce/ control store level and headquarter costs.</li><li>SSS trend YTD has been negative and we see limited catalysts ahead.</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 are still highly cautious on the catering sector (as well as Nayuki) because of price war induced by the weakening macro demand and surge in competitions.We maintain BUY on Nayuki only because of its: 1) high cash level (over 75%+ of its market cap), 2) potential income and profits from ramp up of its franchising business and 3) efforts to reduce/ control store level and headquarter costs.SSS trend YTD has been negative and we see limited catalysts ahead.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.

Nayuki (2150 HK) - Franchising and Costs Cutting Are the Keys

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 32 potential and close adds and 44 potential and close deletes for the Hang Seng Composite Index in March. Some of the stocks are close on market cap/liquidity.</li>
<li>We expect 29 stocks to be added to Southbound Stock Connect following the rebalance while 31 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 32 potential and close adds and 44 potential and close deletes for the Hang Seng Composite Index in March. Some of the stocks are close on market cap/liquidity.
We expect 29 stocks to be added to Southbound Stock Connect following the rebalance while 31 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in March 2025

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)</li>
<li>1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)</li>
<li>2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)</li>
</ul>


1347 HK/ACMR US: Hua Hong Wuxi Fab Phase II begins tool move-in (+/+)
1810 HK/BIDU US/0175 HK: “Xiaomi criticized for selling cars at a loss” goes viral (+/-/-)
2150 HK:Nayuki's First Overseas Flagship Store Opens in Thailand (+)


[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

Andy Fu

<ul>
<li>On August 7th, Meituan's on-demand order volume reached a historical high of 98mn on surging orders from street drinks. Meituan has connected to the backend systems of street drink vendors;</li>
<li>Delivery order is a double-edged sword. It boosts volume at the expense of margin. Further, the ownership of the volume is questionable;</li>
<li>With Pin-hao-fan, Meituan already atomized the small restaurants. Now Meituan is playing the same trick with street drinks. The result will be more dramatic to the benefit of Meituan.</li>
</ul>


On August 7th, Meituan's on-demand order volume reached a historical high of 98mn on surging orders from street drinks. Meituan has connected to the backend systems of street drink vendors;
Delivery order is a double-edged sword. It boosts volume at the expense of margin. Further, the ownership of the volume is questionable;
With Pin-hao-fan, Meituan already atomized the small restaurants. Now Meituan is playing the same trick with street drinks. The result will be more dramatic to the benefit of Meituan.


O2O Playing a More Prominent Role in China Street Drinks

<ul>
<li>1211 HK: BYD and Uber reach agreement to launch 100,000 vehicles globally (/)</li>
<li>AAPL US: Huawei double-hinge folding device has begun production (-)</li>
<li>Macro News Update: The State Council Releases the "Opinions on Promoting High-Quality Development of Service Consumption," Primarily Focusing on Supply-Side Improvement.(+)</li>
</ul>


1211 HK: BYD and Uber reach agreement to launch 100,000 vehicles globally (/)
AAPL US: Huawei double-hinge folding device has begun production (-)
Macro News Update: The State Council Releases the "Opinions on Promoting High-Quality Development of Service Consumption," Primarily Focusing on Supply-Side Improvement.(+)


[Blue Lotus Daily]:1211 HK/AAPL US/2150 HK/Macro News Update/Consumer Industry Update

Hong Kong

Nayuki Holdings Limited operates as a holding compnay. The Company, through its subsidiaries, produces and retails tea and bakery products. Nayuki serves customers in China.

Price Gauge
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Nayuki Holdings (2150 HK)

Nayuki (2150 HK) - Franchising and Costs Cutting Are the Keys

We are still highly cautious on the catering sector (as well as Nayuki) because of price war induced by the weakening macro demand and surge in...

CMB International

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in March 2025

There could be 78 changes for the HSCI in March. That could result in 57 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

O2O Playing a More Prominent Role in China Street Drinks

Meituan benefits from surge in delivery orders for street drinks, reaching record high order volume on August 7. Street drink brands are more rely...

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/AAPL US/2150 HK/Macro News Update/Consumer Industry Update

BYD and Uber partner to deploy 100,000 vehicles worldwide, Huawei starts production on double-hinge folding device, China's State Council...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nayuki (2150 HK) - Franchising and Costs Cutting Are the Keys

We are still highly cautious on the catering sector (as well as Nayuki) because of price war induced by the weakening macro demand and surge in...

CMB International

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in March 2025

There could be 78 changes for the HSCI in March. That could result in 57 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

[Blue Lotus Daily]:1347HK/ACMR/1810HK/BIDU/175HK/1211HK/NIO/XPEV/TSLA/LI/2150HK/1519HK/ZTO/1810HK

​Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Blue Lotus Research Institute

O2O Playing a More Prominent Role in China Street Drinks

​Meituan benefits from surge in delivery orders for street drinks, reaching record high order volume on August 7. Street drink brands are more rely...

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/AAPL US/2150 HK/Macro News Update/Consumer Industry Update

​BYD and Uber partner to deploy 100,000 vehicles worldwide, Huawei starts production on double-hinge folding device, China's State Council...

Blue Lotus Research Institute

Hua Hong Wuxi Fab Phase II starts tool move-in, Xiaomi faces backlash for selling cars at a loss, Nayuki opens first overseas store in Thailand.

Meituan benefits from surge in delivery orders for street drinks, reaching record high order volume on August 7. Street drink brands are more rely...

BYD and Uber partner to deploy 100,000 vehicles worldwide, Huawei starts production on double-hinge folding device, China's State Council...