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)

Nayuki (2150 HK) Rating Change: Broaden Addressable Market Is Priority No.1

[Nayuki Holding (2150 HK) Target Price Change]: Business Model Change Has Risky Consequence

[Nayuki (2150 HK, BUY, TP HK$9.3) TP Change]: Store Operating Profit Margin Improvement On-Track

Equity Bottom-Up

<div><div><div><div><div><ul><li>Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.</li><li>The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.</li><li>With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. </li></ul></div></div></div><div><div><div></div></div></div></div></div><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>

Upgrade to BUY and raised TP to HK$ 7.38, based on our DCF model which implies a ~43x FY23E P/E and ~1.5x FY23E P/S.The listed co level net profit achieved in Jun 2022, in our view, is a positive surprise.With better SSSG and more automation kicking-in in 2H22E, we do think the turnaround is here. 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.

Nayuki Holdings Limited (2150 HK) – Breakeven Achieved with More Flexible Costing