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

China Resources Beer Holdings / Equity Bottom-Up

<ul><li>2023 outlook. Management remains confident in 2023.</li><li>We are unaware of a major revision to previous guides, which targets HSD growth in revenue, contributed by 1) LSD volume growth driven by ~20% sub-premium/ premium SKUs (~30% from Heineken) that accelerate from mid-teen growth in 2022, 2) MSD to HSD ASP growth thanks to regional price hike and product mix upgrade.</li><li>Meanwhile, input cost pressure is easing (~RMB500mn increase vs RMB1bn+ in 2022) and should fuel GPM to expand further from 2022.</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>

2023 outlook. Management remains confident in 2023.We are unaware of a major revision to previous guides, which targets HSD growth in revenue, contributed by 1) LSD volume growth driven by ~20% sub-premium/ premium SKUs (~30% from Heineken) that accelerate from mid-teen growth in 2022, 2) MSD to HSD ASP growth thanks to regional price hike and product mix upgrade.Meanwhile, input cost pressure is easing (~RMB500mn increase vs RMB1bn+ in 2022) and should fuel GPM to expand further from 2022.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.

CR Beer (291 HK) – An in-line 2H22; our top pick among China F&B names