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

<ul><li>Initiate BUY on Xiabu Xiabu Catering and put it as our sector top pick.</li><li>We forecast 20%/ 53% of sales/ restaurant level OP CAGR in FY21-24E vs 9%/ -15% in FY18- 21, driven by improvements in: 1) internal communication, 2) incentive system, 3) resources sharing and synergies, and 4) price to quality and store decoration, etc.</li><li>Noted that our FY23E-24E net profit est. are about 60% higher the BBG est.</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>

Initiate BUY on Xiabu Xiabu Catering and put it as our sector top pick.We forecast 20%/ 53% of sales/ restaurant level OP CAGR in FY21-24E vs 9%/ -15% in FY18- 21, driven by improvements in: 1) internal communication, 2) incentive system, 3) resources sharing and synergies, and 4) price to quality and store decoration, etc.Noted that our FY23E-24E net profit est. are about 60% higher the BBG est.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.

Xiabu Xiabu Catering – Much Needed Reforms to Bring XBXB Nationwide

Xiabuxiabu Catering

Xiabu Xiabu Catering – Much Needed Reforms to Bring XBXB Nationwide