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>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

Thematic (Sector/Industry)

<ul><li>We reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view</li><li>2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)</li><li>3) property transaction data are robust </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 reiterate our view of overweighting high quality names among Property &amp; PM sector given that 1) Shenzhen/Suzhou further relaxed home purchase policies which further proved regulators’ determination in upholding the market confidence in our view2) we think there is ample room for fine-tuning in tier-1 cities (Figure 1)3) property transaction data are robust 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.

Property - City-Level Relaxation Came Earlier...

<ul><li>Several cities are applying new pricing mechanisms for homes for sale by using usable GFA rather than total GFA as the pricing base, but the total home price remains unchanged, which results in a higher ASP.</li><li>This would not boost sales in short term but the improved transparency should benefit the industry in the long term, in our view.</li><li>Policy on refinancing of mortgages is under discussion, and we think it may lift purchasing sentiment only if mortgage rates are lowered to a level that makes cap rate appear attractive. </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.

Several cities are applying new pricing mechanisms for homes for sale by using usable GFA rather than total GFA as the pricing base, but the total home price remains unchanged, which results in a higher ASP.This would not boost sales in short term but the improved transparency should benefit the industry in the long term, in our view.Policy on refinancing of mortgages is under discussion, and we think it may lift purchasing sentiment only if mortgage rates are lowered to a level that makes cap rate appear attractive. 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.

Property - Weekly Highlight: Sales Decline May Widen in Sep

<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

China

Greentown Service Group Co. Ltd. is a property management service provider. The Company provides property management services for high-end residential property, property consulting services, and community value-added services.

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Greentown Service Group (2869 HK)

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

Property - City-Level Relaxation Came Earlier...

Shenzhen made another move on policy relaxation including 1) lowering CPF down payment ratio from 30% to 20% for 2nd home buyers

CMB International

Property - Weekly Highlight: Sales Decline May Widen in Sep

Policy on refinancing of mortgages is under discussion, and we think it may lift purchasing sentiment only if mortgage rates are lowered to a level...

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

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