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

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

<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

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

[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

[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

[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

[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

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...

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