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.

Thematic (Sector/Industry)

<ul><li>The lukewarm May-23 CPI print may not be a positive read to near-term economic growth.</li><li>On the flip side, decelerating PPI growth looks to be favourable to food &amp; beverage producers.</li><li>Of note, major raw material prices (agricultural/ packaging) represent approximately half of F&amp;B producers’ COGS, and the formers have come down on average by 11% since 4Q22.</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.

The lukewarm May-23 CPI print may not be a positive read to near-term economic growth.On the flip side, decelerating PPI growth looks to be favourable to food &amp; beverage producers.Of note, major raw material prices (agricultural/ packaging) represent approximately half of F&amp;B producers’ COGS, and the formers have come down on average by 11% since 4Q22.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.

China Consumer Staples – Easing raw material pressure underpins cost savings

<ul><li>We untangle the “household excess saving” enigma.</li><li>Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.</li><li>In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. </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 untangle the “household excess saving” enigma.Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. 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.

China Consumer – From Reopening to Recovery

Equity Bottom-Up

Tsingtao Brewery Co Ltd H / Equity Bottom-Up

<ul><li>Tsingtao’s solid 1Q and takeaway from briefing again convinced us that the Company is dedicated to its premiumization effort along with a more costeffective operation.</li><li>Despite market talks about soft beer sales in April, Tsingtao’s low-teen sales growth of the month was encouraging, considering also the middouble-digit volume growth in Classic &amp; above.</li><li>Looking ahead, 2Q is an important quarter for beer consumption, as the quarter’s restocking momentum typically provides a good gauge to peak season demand, and therefore any earnings upside for Tsingtao. </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.

Tsingtao’s solid 1Q and takeaway from briefing again convinced us that the Company is dedicated to its premiumization effort along with a more costeffective operation.Despite market talks about soft beer sales in April, Tsingtao’s low-teen sales growth of the month was encouraging, considering also the middouble-digit volume growth in Classic &amp; above.Looking ahead, 2Q is an important quarter for beer consumption, as the quarter’s restocking momentum typically provides a good gauge to peak season demand, and therefore any earnings upside for Tsingtao. 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.

Tsingtao Brewery (168 HK) – Stronger ahead

<ul><li>We expect encouraging 5.1 travel data. According to various sources and news we monitor, air passenger during the holiday is likely to surpass 9mn persons, tracking approximately 110% of the level we saw in 2019.</li><li>Splitting between domestic and overseas travellers, the former will likely grow by approximately 25%, while, for the latter, the recovery could track up to 30-40% of that in 2019.</li><li>By destination, air ticket booking to Hainan grew by 1.5x, and Hainan represented 93% of the travel destination of domestic trips.</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 expect encouraging 5.1 travel data. According to various sources and news we monitor, air passenger during the holiday is likely to surpass 9mn persons, tracking approximately 110% of the level we saw in 2019.Splitting between domestic and overseas travellers, the former will likely grow by approximately 25%, while, for the latter, the recovery could track up to 30-40% of that in 2019.By destination, air ticket booking to Hainan grew by 1.5x, and Hainan represented 93% of the travel destination of domestic trips.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.

China Consumer – Expecting Encouraging Data from the 5.1 Holiday This Year

<ul><li>We had positive takeaways on F&amp;B demand over the New Year holiday break from our chancel check with distributors.</li><li>In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD.</li><li>Dairies (including IMF) had a good recovery despite a relatively high inventory level. Both packaged snacks and instant noodle had good momentum.</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 had positive takeaways on F&amp;B demand over the New Year holiday break from our chancel check with distributors.In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD.Dairies (including IMF) had a good recovery despite a relatively high inventory level. Both packaged snacks and instant noodle had good momentum.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.

China Consumer – Positive Takeaway from F&B Distributors

China

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

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Tsingtao Brewery Co Ltd H (168 HK)

China Consumer Staples – Easing raw material pressure underpins cost savings

Of note, major raw material prices (agricultural/ packaging) represent approximately half of F&B producers’ COGS, and the formers have come down on...

CMB International

China Consumer – From Reopening to Recovery

In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery.

CMB International

Tsingtao Brewery (168 HK) – Stronger ahead

Tsingtao’s solid 1Q and takeaway from briefing again convinced us that the Company is dedicated to its premiumization effort along with a more...

CMB International

China Consumer – Expecting Encouraging Data from the 5.1 Holiday This Year

According to various sources and news we monitor, air passenger during the holiday is likely to surpass 9mn persons, tracking approximately 110% of...

CMB International

China Consumer – Positive Takeaway from F&B Distributors

In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD

CMB International

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52-week Range

Market Cap (USDm)

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