Gradual reopening
- CdC releases profit warning with attributable net earnings of HK$20m vs. FYMar21 of HK$359m
- Dine-in restrictions during the fifth wave of COVID-19 in Hong Kong and lockdown restrictions in South China had severe impact on sales
- We cut our earnings by 92%/21% in FY22/23 to account for the loss in sales but maintain BUY as the worst should be over with earnings expected to see decent recovery from FY23 onwards