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.

Equity Bottom-Up

Greentown Service Group / Equity Bottom-Up

<ul><li>In line with profit alert, Greentown Service reported still strong top line growth at 18% YoY in FY22, thanks to its cooperation with Cinda Yue Life and strong thirdparty expansion.</li><li>However, the GPM has been impacted due to COVID and mix shift, thus dragging down core EBIT to -9% and NP -35% YoY.</li><li>We expect the company to gradually recover in 2023 with 15% YoY NP growth because 1) its high brand quality would accelerate in the expansion of existing home market (30% of overall GFA expansion) during post-period era.</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.

In line with profit alert, Greentown Service reported still strong top line growth at 18% YoY in FY22, thanks to its cooperation with Cinda Yue Life and strong thirdparty expansion.However, the GPM has been impacted due to COVID and mix shift, thus dragging down core EBIT to -9% and NP -35% YoY.We expect the company to gradually recover in 2023 with 15% YoY NP growth because 1) its high brand quality would accelerate in the expansion of existing home market (30% of overall GFA expansion) during post-period era.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) – High brand quality to boost its 2023 recovery

<ul><li>The Company’s profit alert of 5-10% core net profit decline in 2022E was roughly in-line with the market expectation in consideration of a flat 1H22 and the even weaker macro during 2H22.</li><li>Core net margin lowered to 7% in 2022E from 9% in 2021 mainly due to GPM contraction to a range of 16-17% (est.).</li><li>While we think the margin will be gradually recovered by 1) resuming consumption that leads to recovery in community VAS such as housing brokerage, education services etc.; 2) higher proportion of commercial projects in managed GFA going forward as Company is putting more efforts on commercial projects expansion; and 3) less impairment among better macro environment. </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.

The Company’s profit alert of 5-10% core net profit decline in 2022E was roughly in-line with the market expectation in consideration of a flat 1H22 and the even weaker macro during 2H22.Core net margin lowered to 7% in 2022E from 9% in 2021 mainly due to GPM contraction to a range of 16-17% (est.).While we think the margin will be gradually recovered by 1) resuming consumption that leads to recovery in community VAS such as housing brokerage, education services etc.; 2) higher proportion of commercial projects in managed GFA going forward as Company is putting more efforts on commercial projects expansion; and 3) less impairment among better macro environment. 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) – Profit alert roughly in-line

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)

Greentown Service (2869 HK) – High brand quality to boost its 2023 recovery

In line with profit alert, Greentown Service reported still strong top line growth at 18% YoY in FY22, thanks to its cooperation with Cinda Yue...

CMB International

Greentown Service (2869 HK) – Profit alert roughly in-line

The Company’s profit alert of 5-10% core net profit decline in 2022E was roughly in-line with the market expectation in consideration of a flat...

CMB International

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