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 Beverage / Equity Bottom-Up

<ul><li>CR Beverage is one of the duopolists in China’s packaged drinking water market and dominates the purified water category with market share of 33% (by sales in 2023).</li><li>The company secured its position despite the deteriorated environment with share edged down by 1.37% in Sep 23-Aug 24(vs. -3.52%/-3.98% for Nongfu/Ganten).</li><li>We like the company's due to its 1) solid position in the purified water market, 2) the soon-to-take-off second growth curve backed by herbal tea drinks and functional beverages, 3) potential improvement in efficiency driven by self-owned capacity and national expansion, 4) being the only central SOEs within the sector. </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>

CR Beverage is one of the duopolists in China’s packaged drinking water market and dominates the purified water category with market share of 33% (by sales in 2023).The company secured its position despite the deteriorated environment with share edged down by 1.37% in Sep 23-Aug 24(vs. -3.52%/-3.98% for Nongfu/Ganten).We like the company's due to its 1) solid position in the purified water market, 2) the soon-to-take-off second growth curve backed by herbal tea drinks and functional beverages, 3) potential improvement in efficiency driven by self-owned capacity and national expansion, 4) being the only central SOEs within the sector. 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 Beverage (2460 HK) - A Purified Water Pioneer Evolving into Integrated Beverage Titan