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

Shenzhen Pagoda Industrial / Equity Bottom-Up

<ul><li>An in-line 2022. Pagoda’s 2022 net profits came in in-line with us.</li><li>Since this is the first result reporting after IPO in Jan this year, we think the event could provide incremental confidence to investors about Pagoda’s business stability, and corporate governance going forward.</li><li>2023 outlook. Management remained positive for 2023 during analyst briefing and maintained its guidance for the year.</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.

An in-line 2022. Pagoda’s 2022 net profits came in in-line with us.Since this is the first result reporting after IPO in Jan this year, we think the event could provide incremental confidence to investors about Pagoda’s business stability, and corporate governance going forward.2023 outlook. Management remained positive for 2023 during analyst briefing and maintained its guidance for the year.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.

Shenzhen Pagoda (2411 HK) – An ensuring 2022; and we remain positive for 2023

<ul><li>Pagoda is China’s largest fruit retailing company with over 5,600 stores nationwide.</li><li>With over 20 year’s industry experience, the company has improvised its proprietary business model by leveraging its competitive advantages such as upstream integration, product/ brand innovation, price segmentation, as well as its OMO (online-merge-offline) distribution.</li><li>Pagoda’s asset-light and thus scalable franchise-based network expansion enables it to swiftly out-race its competitors by store counts without hassle in green-field war chest. </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.

Pagoda is China’s largest fruit retailing company with over 5,600 stores nationwide.With over 20 year’s industry experience, the company has improvised its proprietary business model by leveraging its competitive advantages such as upstream integration, product/ brand innovation, price segmentation, as well as its OMO (online-merge-offline) distribution.Pagoda’s asset-light and thus scalable franchise-based network expansion enables it to swiftly out-race its competitors by store counts without hassle in green-field war chest. 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.

Shenzhen Pagoda (2411 HK) – Sowing the franchiser’s seed

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shenzhen Pagoda Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-pagoda-industrial" target="_blank" data-smartkarma-citation="entities:36203:1" rel="noopener">Shenzhen Pagoda Industrial (1317437D CH)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO. </li>
<li>Shenzhen Pagoda Industrial (SPI) is a fruit retail operator in China. According to Frost &amp; Sullivan, it ranked first among all fruit specialty retail operators in China in 2021.</li>
<li>However, the firm operates in a highly fragmented industry with low market share of 1.0%, even as the largest player. </li>
</ul>



Shenzhen Pagoda Industrial (1317437D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. 
Shenzhen Pagoda Industrial (SPI) is a fruit retail operator in China. According to Frost &amp; Sullivan, it ranked first among all fruit specialty retail operators in China in 2021.
However, the firm operates in a highly fragmented industry with low market share of 1.0%, even as the largest player. 


Shenzhen Pagoda Industrial Pre-IPO - Earnings Recovered but Nothing Really Stands Out

China

Shenzhen Pagoda Industrial (Group) Corporation Limited operates as a fruit chain company. The Company provides fruit purchasing, fruit preservation, fruit sales, warehousing, and other services. Shenzhen Pagoda Industrial (Group) provides its services throughout China.

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Shenzhen Pagoda Industrial (2411 HK)

Shenzhen Pagoda (2411 HK) – An ensuring 2022; and we remain positive for 2023

Since this is the first result reporting after IPO in Jan this year, we think the event could provide incremental confidence to investors about...

CMB International

Shenzhen Pagoda (2411 HK) – Sowing the franchiser’s seed

Pagoda’s asset-light and thus scalable franchise-based network expansion enables it to swiftly out-race its competitors by store counts without...

CMB International

Shenzhen Pagoda Industrial Pre-IPO - Earnings Recovered but Nothing Really Stands Out

Shenzhen Pagoda Industrial (1317437D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. It is a fruit retail operator in China.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

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