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>4Q22 result should have been well expected and the turnaround is already here.</li><li>YUMC is one of our sector top picks, because we think it can further surprise the market in FY23E, due to its: 1) refined store economics, 2) decent room for upward revision on the opening plan and 3) the inclusion in stock connect programme recently.</li><li>Hence, we maintain BUY and raise TP to HK$ 554.61, based on 33x FY23E P/E</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>

4Q22 result should have been well expected and the turnaround is already here.YUMC is one of our sector top picks, because we think it can further surprise the market in FY23E, due to its: 1) refined store economics, 2) decent room for upward revision on the opening plan and 3) the inclusion in stock connect programme recently.Hence, we maintain BUY and raise TP to HK$ 554.61, based on 33x FY23E P/EContent 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.

Yum China (9987 HK) – Robust recovery and store expansion ahead

Yum China Holdings

Yum China (9987 HK) – Robust recovery and store expansion ahead