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>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 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

<ul><li>Maintain BUY but trimmed TP to HK$ 7.53, based on 20x FY24E P/E (changed from our DCF model).</li><li>While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.</li><li>1H23 result was roughly inline but sales per store was far from exceptional. </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.

Maintain BUY but trimmed TP to HK$ 7.53, based on 20x FY24E P/E (changed from our DCF model).While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.1H23 result was roughly inline but sales per store was far from exceptional. 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 Holdings Limited (2150 HK) – Guidance Revised and Franchising Is the Key

China/Asia TMT

Shawn Yang

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

<ul>
<li>Our 1H23 revenue estimate is 8.7% lower than consensus, and we expect 1H23 NPM at breakeven vs. consensus at 5%。</li>
<li>Mainly because teahouse brands in China had suffered the intensified competition from the price war in Coffee industry.</li>
<li>We maintain the stock as BUY rating as the margin improvement process is gradual showing effect, while we lower TP by US$2 to US$9.3 to reflect the intensified competition pressure.</li>
</ul>


Our 1H23 revenue estimate is 8.7% lower than consensus, and we expect 1H23 NPM at breakeven vs. consensus at 5%。
Mainly because teahouse brands in China had suffered the intensified competition from the price war in Coffee industry.
We maintain the stock as BUY rating as the margin improvement process is gradual showing effect, while we lower TP by US$2 to US$9.3 to reflect the intensified competition pressure.


[Nayuki (2150 HK, BUY, TP HK$9.3) TP Change]: Store Operating Profit Margin Improvement On-Track

<ul><li>Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E.</li><li>While we are cautiously optimistic about its NP margin improvement in FY23E, we are also excited about this new franchising programme.</li><li>What is new? Nayuki has officially launched its franchising programme in around 300 cities (mostly tier 3-4) on 20 Jul 2023, following a similar act for Lelecha in Apr 2023.</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.

Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E.While we are cautiously optimistic about its NP margin improvement in FY23E, we are also excited about this new franchising programme.What is new? Nayuki has officially launched its franchising programme in around 300 cities (mostly tier 3-4) on 20 Jul 2023, following a similar act for Lelecha in Apr 2023.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 can be the new recipe for success

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Thematic (Sector/Industry)

<ul>
<li>1211 HK/LI US /1810 HK/NIO US/XPEV US: In the 26th week of 2024 (6/24-6/30), new energy vehicles strengthened across the board, mainly due to consumption subsidies（/////////）</li>
<li>MNSO US: Indonesia Plans to Impose 100%-200% Tariffs on Chinese Imports (-)</li>
<li>Macro News Update: Expectations Rise for Consumption Tax Reform (+)</li>
</ul>


1211 HK/LI US /1810 HK/NIO US/XPEV US: In the 26th week of 2024 (6/24-6/30), new energy vehicles strengthened across the board, mainly due to consumption subsidies（/////////）
MNSO US: Indonesia Plans to Impose 100%-200% Tariffs on Chinese Imports (-)
Macro News Update: Expectations Rise for Consumption Tax Reform (+)


[Blue Lotus Daily]:1211 HK/LI US /1810 HK/NIO US/XPEV US/MNSO US/981 HK/BEKE US/2150 HK

Hong Kong

Regal Hotels International Holdings Limited owns and operates hotels.  The Company also manages and invests in real estate properties as well as invests in and trades financial instruments and marketable securities.  In addition, Regal hotel operates brewery, operates restaurants, and provides travel and florist and wedding services.

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

Fosun Tourism Group operates as a leisure focused integrated tourism group. The Company provides resorts management, tourism destinations development, and other related services. Fosun Tourism Group offers its services worldwide.

Sino Hotels Holdings Limited, through its subsidiaries, operates hotels and clubs.  The Company also invests in securities and provides hotel management services.

China Star Entertainment Limited, through its subsidiaries, principally engaged in the production and distribution of films and television drama series that are based in Chinese dialect. The Company also invests the gaming promotion business, property and hotel investments.

Fairwood Holdings Limited, through its subsidiaries, operates a chain of fast food restaurants.  The Company also invests in properties.

Ajisen (China) Holdings Limited operates a chain of casual restaurants that offers Japanese ramen and Japanese-style dishes in Hong Kong and People's Republic of China.

China Energy Development Holdings Limited, through its subsidiaries, is engaged in the sale of food and beverages in Hong Kong and exploration and production of natural gas in the People's Republic of China (PRC).

China Energy Development Holdings Ltd (228 HK)

Paradise Entertainment Limited is the holding company of a diverse group of companies that engages in casino management, and development, supply and leasing of game machinery and equipment.

Paliburg Holdings Limited owns and manages hotels.  The Company also invests in, manages and develops properties and provides development consultancy, project management, and construction services.  The Company also invests in and trades financial instruments and marketable securities as well as operates brewery.

Hotel Grand Central Limited owns, operates, and manages hotels. The Company also collects rent, develops properties, and provides marketing and support services.

Berjaya Sports Toto Berhad is an investment holding company. The Company through its subsidiaries, operates a non-four-digit betting games, leases computerized lottery equipment, manufactures and distributes computerized lottery systems, and develops property.

Stamford Land Corporation Limited is an investment holding company.  The Company owns and manages hotels and travel agencies.  Stamford Land Corporation also develops and invests in properties.

GENKI SUSHI CO., LTD. operates revolving sushi bar chain "Genki Sushi", "Sushi Ondo", and "Senryo" in the Kanto area.  The Company also operates in the Tohoku area.

Magnum Berhad is a holding company. The Company, through its subsidiary, focuses on the gaming or numbers forecasting lottery business.

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

Centurion Corporation Limited owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and purpose-built student accommodation assets in Singapore, Australia, the United Kingdom (“UK”), the United States (“US”) and South Korea.

Huatian Hotel Group Co., Ltd. operates a five-star hotel in Changsha, Hunan. The Company also provides related food, entertainment, and other services. Through its subsidiaries, Hunan Huatian develops computer software.

Xi'an Tourism Co., Ltd. operates hotels, providing lodging, catering, and travel services.  The Company also operates in petroleum exploration and extraction businesses.

Berjaya Land Berhad is an investment holding company which provides management services. The Company, through its subsidiaries, operates betting, leases computerized lottery equipment, manufactures and distributes computerized lottery systems. Berjaya Land also develops and invests in properties, operates hotels, resorts, and casinos.

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.

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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

Nayuki Holdings Limited (2150 HK) – Guidance Revised and Franchising Is the Key

While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.

CMB International

[Nayuki (2150 HK, BUY, TP HK$9.3) TP Change]: Store Operating Profit Margin Improvement On-Track

We maintain the stock as BUY rating as the margin improvement process is gradual showing effect, while we lower TP by US$2 to US$9.3 to reflect the...

Blue Lotus Research Institute

Nayuki (2150 HK) – Franchising can be the new recipe for success

Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E. While we are cautiously optimistic about its NP...

CMB International

[Blue Lotus Daily]:1211 HK/LI US /1810 HK/NIO US/XPEV US/MNSO US/981 HK/BEKE US/2150 HK

New energy vehicles see growth in 26th week of 2024 due to consumption subsidies; Indonesia plans high tariffs on Chinese imports; expectations...

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

Nayuki Holdings Limited (2150 HK) – Guidance Revised and Franchising Is the Key

While we are still cautious about the consumer demand in 2H23E, we are also excited about the new franchising programme.

CMB International

[Nayuki (2150 HK, BUY, TP HK$9.3) TP Change]: Store Operating Profit Margin Improvement On-Track

We maintain the stock as BUY rating as the margin improvement process is gradual showing effect, while we lower TP by US$2 to US$9.3 to reflect the...

Blue Lotus Research Institute

Nayuki (2150 HK) – Franchising can be the new recipe for success

Maintain BUY and raise TP to HK$ 8.75, based on our DCF model, which also implies a ~23x FY24E P/E. While we are cautiously optimistic about its NP...

CMB International

[Blue Lotus Daily]:1211 HK/LI US /1810 HK/NIO US/XPEV US/MNSO US/981 HK/BEKE US/2150 HK

​New energy vehicles see growth in 26th week of 2024 due to consumption subsidies; Indonesia plans high tariffs on Chinese imports; expectations...

Blue Lotus Research Institute

New energy vehicles see growth in 26th week of 2024 due to consumption subsidies; Indonesia plans high tariffs on Chinese imports; expectations...