External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.</li><li>This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.</li><li>Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.</li></ul>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.

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.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.

China Property Service Sector – 2023 a year for market leaders and survivors

Equity Bottom-Up

Greentown Service Group / Equity Bottom-Up

<ul><li>Greentown Service’s 1H25 net profit (NP) rose 22.6% YoY and core operating profit (=GP-SG&amp;A) lifted 25.3% YoY, far exceeding the 15% full-year guidance set by management earlier.</li><li>During the period, revenue grew 6.1% YoY, with resilient core PM biz (+10.2% YoY) driven by strong third-party expansion (especially non-residential projects).</li><li>Non-owner VAS flat grew 0.6% YoY, while owner VAS dipped 6% YoY on partial business deconsolidation. </li></ul>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.

Greentown Service’s 1H25 net profit (NP) rose 22.6% YoY and core operating profit (=GP-SG&amp;A) lifted 25.3% YoY, far exceeding the 15% full-year guidance set by management earlier.During the period, revenue grew 6.1% YoY, with resilient core PM biz (+10.2% YoY) driven by strong third-party expansion (especially non-residential projects).Non-owner VAS flat grew 0.6% YoY, while owner VAS dipped 6% YoY on partial business deconsolidation. 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.

Greentown Service (2869 HK) - Solid Growth Driven by Notable Efficiency Gains

<ul><li>Greentown Service’s revenue/core operating profit went up 11/26% YoY in 1H24, in-line with/beating market expectations buoyed by a stable parent company, robust third-party expansion, and a diversified VAS business.</li><li>Core OPM expanded 1.2ppt YoY to 9.8%, resulting from a +0.6ppt GP margin hike and a 0.6ppt decrease in SG&amp;A ratio attributable to efficient cost control.</li><li>Amid intensified competition in third-party expansion, the company delivered steady conversion from parentco projects to mitigate headwinds. </li></ul>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.

Greentown Service’s revenue/core operating profit went up 11/26% YoY in 1H24, in-line with/beating market expectations buoyed by a stable parent company, robust third-party expansion, and a diversified VAS business.Core OPM expanded 1.2ppt YoY to 9.8%, resulting from a +0.6ppt GP margin hike and a 0.6ppt decrease in SG&amp;A ratio attributable to efficient cost control.Amid intensified competition in third-party expansion, the company delivered steady conversion from parentco projects to mitigate headwinds. 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.

Greentown Service (2869 HK) - Solid 1H24 Against Industry Headwinds

<ul><li>Greentown Service’s core operating profit/revenue both went up 20% YoY in 1H23, in-line with the market expectation.</li><li>GP margin declined 0.6 ppts to 18.7% but hedged by improving SG&amp;A fee rate (-0.6 ppts to 10.0%).</li><li>We saw visible recovery on home living services, housing brokerage and education services which will be proved to be a good VAS exploration in our view. </li></ul>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.

Greentown Service’s core operating profit/revenue both went up 20% YoY in 1H23, in-line with the market expectation.GP margin declined 0.6 ppts to 18.7% but hedged by improving SG&amp;A fee rate (-0.6 ppts to 10.0%).We saw visible recovery on home living services, housing brokerage and education services which will be proved to be a good VAS exploration in our view. 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.

Greentown Service (2869 HK) – 1H23 Results In-Line, Visible Recovery in Owner VAS

<ul><li>Greentown Service held a reverse roadshow to analysts recently and shared its progress on FY23 target which we think is slower than expected with regard to core operating profit that estimated to grow at &lt;=20% level in 1H23 and imposed certain pressure in 2H23 to catch up FY23 target of 20-25% YoY growth.</li><li>It is also worth noting that the Company achieved a YoY decrease in administration expense, and operating cash flow is likely to reach a breakeven in 1H23.</li><li>We think the Company still has a chance to complete its full year target if the economy recovers faster than 1H23, and the Company can benefit from its fee collection and VAS business.</li></ul>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.

Greentown Service held a reverse roadshow to analysts recently and shared its progress on FY23 target which we think is slower than expected with regard to core operating profit that estimated to grow at &lt;=20% level in 1H23 and imposed certain pressure in 2H23 to catch up FY23 target of 20-25% YoY growth.It is also worth noting that the Company achieved a YoY decrease in administration expense, and operating cash flow is likely to reach a breakeven in 1H23.We think the Company still has a chance to complete its full year target if the economy recovers faster than 1H23, and the Company can benefit from its fee collection and VAS business.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.

Greentown Service (2869 HK) – Differentiation Leads to Long-Term Value

China

Greentown Service Group Co. Ltd. is a leading property management and services company. It provides comprehensive property management, community living, consulting, and technology services. The company was established in 1998 and is headquartered in Xihu District, Hangzhou, China.

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Greentown Service Group (2869 HK)

China Property Service Sector – 2023 a year for market leaders and survivors

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so...

CMB International

Greentown Service (2869 HK) - Solid Growth Driven by Notable Efficiency Gains

Greentown Service’s 1H25 net profit (NP) rose 22.6% YoY and core operating profit (=GP-SG&A) lifted 25.3% YoY, far exceeding the 15% full-year...

CMB International

Greentown Service (2869 HK) - Solid 1H24 Against Industry Headwinds

Core OPM expanded 1.2ppt YoY to 9.8%, resulting from a +0.6ppt GP margin hike and a 0.6ppt decrease in SG&A ratio attributable to efficient cost...

CMB International

Greentown Service (2869 HK) – 1H23 Results In-Line, Visible Recovery in Owner VAS

We saw visible recovery on home living services, housing brokerage and education services which will be proved to be a good VAS exploration in our...

CMB International

Greentown Service (2869 HK) – Differentiation Leads to Long-Term Value

We think the Company still has a chance to complete its full year target if the economy recovers faster than 1H23, and the Company can benefit from...

CMB International

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