收购拓展东南亚饮料市场，保持高频回购回馈股东

Investment Rating - The report does not provide a specific investment rating for the company [2]. Core Insights - The company plans to acquire a 55.7% stake in ThaiNamthip for approximately HKD 94.701 billion and will sell about 30% of its interests in Cambodian and Vietnamese Coca-Cola bottling operations for approximately USD 2.711 billion (around HKD 21.15 billion) [4][6]. - The acquisition aims to form a strategic bottling alliance in Northern ASEAN, which includes Thailand, Laos, Cambodia, and Vietnam, enhancing the company's beverage business expansion in Southeast Asia [4][6]. - Southeast Asia is expected to be a significant growth driver for the company's beverage business, with beverage revenue contributing 59.1% to total income in H1 2023 [4][6]. - The company has a remaining buyback capacity of approximately HKD 54.4 billion, which is expected to provide support for the stock price [4][9]. - The company maintains a strong cash position and a sustainable dividend policy, emphasizing shareholder returns through its buyback plan [4][11]. Summary by Sections Market Data - Closing price (A shares) is HKD 63.20, total shares outstanding are 856.82 million, and total market capitalization is HKD 542 billion [2]. Financial Performance - For H1 2023, the company reported operating revenue of HKD 51.544 billion, with a year-on-year growth of 15.0% [5]. - The recurring net profit attributable to shareholders was HKD 4.879 billion, showing a significant increase of 283.6% year-on-year [5]. - The net profit margin for H1 2023 was 9.5%, indicating improved profitability [5]. Share Buyback Program - The company announced a buyback program of HKD 60 billion, representing about 9% of its total market capitalization as of the announcement date [4][9]. - As of February 16, 2024, the company had repurchased approximately HKD 5.6 billion worth of shares, with an average daily buyback amounting to 16.2% of the trading volume for A shares and 21.8% for B shares [9][11].