External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Cafe De Coral Holdings / Equity Bottom-Up

<ul><li>We updated with management and believe SSS should return to growth and margin should further improve in 2H3/23E, despite the weak economic growth in HK and massive covid-19 outbreaks in GZ in Nov 2022.</li><li>We maintain BUY but cut TP to HK$ 15.12, based on 22x FY3/24E P/E (up from 20x), vs 5-year avg. of 20x, as we believe the worst has passed for HK retail industry.</li><li>Outperformed in HK and we are more positive about 2H3/23E.</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 updated with management and believe SSS should return to growth and margin should further improve in 2H3/23E, despite the weak economic growth in HK and massive covid-19 outbreaks in GZ in Nov 2022.We maintain BUY but cut TP to HK$ 15.12, based on 22x FY3/24E P/E (up from 20x), vs 5-year avg. of 20x, as we believe the worst has passed for HK retail industry.Outperformed in HK and we are more positive about 2H3/23E.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.

Cafe De Coral (341 HK) – Light at the end of the tunnel