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

<ul><li>Onewo’s 1H23 results missed the market expectation but declared an interim dividend for the first time after IPO.</li><li>The Company’s Onewo Town strategy is becoming more convincing evidenced by better margin.</li><li>We think the controversial topic of bidding contract with capital investment is actually a good strategy given the reasons explained below. </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.

Onewo’s 1H23 results missed the market expectation but declared an interim dividend for the first time after IPO.The Company’s Onewo Town strategy is becoming more convincing evidenced by better margin.We think the controversial topic of bidding contract with capital investment is actually a good strategy given the reasons explained below. 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.

Onewo (2602 HK) – 1H23 Earnings Missed.

Thematic (Sector/Industry)

<ul><li>We had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been partly translated to increase in transactions.</li><li>2) Main reasons that kept potential buyers on the side-line are falling house price and bigger discount in new home project with higher proportion of completed house available.</li><li>High-frequency data showed that daily avg. new home transactions in 30 major cities during the Labour Day holiday of 2024 only recovered to 39% of 2023’s level, mainly dragged by Tier-3 cities. </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 had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been partly translated to increase in transactions.2) Main reasons that kept potential buyers on the side-line are falling house price and bigger discount in new home project with higher proportion of completed house available.High-frequency data showed that daily avg. new home transactions in 30 major cities during the Labour Day holiday of 2024 only recovered to 39% of 2023’s level, mainly dragged by Tier-3 cities. 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: Holiday sales update and takeaway from channel check in Beijing

<ul><li>China’s Politburo meeting called for research on destocking measures, a topic that has not been mentioned on this level’s meeting since 2016.</li><li>The Ministry of Natural Resource (MNR) requested cities with high inventory to suspend residential land supply.</li><li>Chengdu fully removed its home purchase limit despite it is the top performer on both property sales and home price among major cities.</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.

China’s Politburo meeting called for research on destocking measures, a topic that has not been mentioned on this level’s meeting since 2016.The Ministry of Natural Resource (MNR) requested cities with high inventory to suspend residential land supply.Chengdu fully removed its home purchase limit despite it is the top performer on both property sales and home price among major cities.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 - Hope +ve Policy Tone and Better Trading Sentiment to Help Fundamental Recovery

<ul><li>Relaxation of demand-related policies continued with Beijing further optimizing mortgage loan requirement for divorced people and multiple cities removing the lower limit on mortgage rate for first-home buyers.</li><li>Around 35 cities joined the group of adopting “trade in old house for new” policies through 3 approaches (Figure 1).</li><li>These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand 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.

Relaxation of demand-related policies continued with Beijing further optimizing mortgage loan requirement for divorced people and multiple cities removing the lower limit on mortgage rate for first-home buyers.Around 35 cities joined the group of adopting “trade in old house for new” policies through 3 approaches (Figure 1).These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand 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.

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

<ul><li>NBS property data in 1Q24 remained sluggish but was well expected by the market.</li><li>REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if excluding this impact.</li><li>The decline of property sales value narrowed a bit more than decline in sales volume, reflecting a 1.4% hike in ASP as more supply was from higher tier cities with higher ASP in Mar. </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.

NBS property data in 1Q24 remained sluggish but was well expected by the market.REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if excluding this impact.The decline of property sales value narrowed a bit more than decline in sales volume, reflecting a 1.4% hike in ASP as more supply was from higher tier cities with higher ASP in Mar. 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 - NBS 1Q24: Weakness Was Well Expected, Expecting More Financing-Side Policies

China

Onewo Inc. operates as a property management service provider. The Company operates and manages residential communities, workspaces, public premises, and others. Onewo provides its services throughout Hong Kong.

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Onewo (2602 HK)

Onewo (2602 HK) – 1H23 Earnings Missed.

We think the controversial topic of bidding contract with capital investment is actually a good strategy given the reasons explained below.

CMB International

Property - Weekly highlight: Holiday sales update and takeaway from channel check in Beijing

We had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been...

CMB International

Property - Hope +ve Policy Tone and Better Trading Sentiment to Help Fundamental Recovery

China’s Politburo meeting called for research on destocking measures, a topic that has not been mentioned on this level’s meeting since 2016.

CMB International

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view.

CMB International

Property - NBS 1Q24: Weakness Was Well Expected, Expecting More Financing-Side Policies

REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if...

CMB International

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