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>PJM demand in 4Q22 was weaker than 4Q21 as two major players (took c.35% of mkt share) in total booked 7% YoY decline in newly-contracted GFA (Figure 1).</li><li>Full year performance was diverged that Greentown Mgmt. booked 21% YoY growth in service fee (beat 1%) but CCM plunged 66% YoY on new contract GFA (completed 48% of the target).</li><li>Our main findings are 1) SMDs keep cutting land investment among sluggish property sales and their PJM order contribution dropped sharply (Figure 2). </li></ul><p><em>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.</em></p>

PJM demand in 4Q22 was weaker than 4Q21 as two major players (took c.35% of mkt share) in total booked 7% YoY decline in newly-contracted GFA (Figure 1).Full year performance was diverged that Greentown Mgmt. booked 21% YoY growth in service fee (beat 1%) but CCM plunged 66% YoY on new contract GFA (completed 48% of the target).Our main findings are 1) SMDs keep cutting land investment among sluggish property sales and their PJM order contribution dropped sharply (Figure 2). 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 Project Management Sector – Prefer defensive Greentown Mgmt. over demotivated CCM

<div><div><div><div><ul><li>Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in 3Q22.</li><li>Solid growth against the sluggish property market was mainly due to pent-up demand from 2Q, incremental demand from local SOEs, LGFVs (see details in next page) and defaulted developers.</li><li>Looking into 4Q and beyond, both companies saw continuously fresh demand from defaulted names (such as Aoyuan and others) as well as LGFV (who took 45% of the land acquisitions) that could drive its long-term growth. </li></ul></div></div></div></div><p><em>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.</em></p>

Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in 3Q22.Solid growth against the sluggish property market was mainly due to pent-up demand from 2Q, incremental demand from local SOEs, LGFVs (see details in next page) and defaulted developers.Looking into 4Q and beyond, both companies saw continuously fresh demand from defaulted names (such as Aoyuan and others) as well as LGFV (who took 45% of the land acquisitions) that could drive its long-term growth. 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 Project Management Sector – Defaulted developers + LGFV, the new demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke Co Ltd (H) (2202 HK)</a> . </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Onewo (2602 HK) (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK) . 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the demand for the deal and other trading dynamics.


Onewo Space-Tech IPO Trading - Weak but Relatively Better Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>



Onewo Space-Tech (ONEWO HK) (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will run the deal through our ECM framework and talk about valuations.


Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we undertake a peer comparison with some of its larger listed peers.</li>
</ul>



Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we undertake a peer comparison with some of its larger listed peers.


Onewo Space-Tech Pre-IPO - Peer Comparison - Large Scale, Small Margins

China

GTMH is a project management company in China with presence in 84 cities across 25 provinces, municipalities, and autonomous regions. It was the largest project management company in China in terms of accumulated contracted GFA between 2016 to 2018.


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GreenTown Management Holdings (9979 HK)

China Project Management Sector – Prefer defensive Greentown Mgmt. over demotivated CCM

PJM demand in 4Q22 was weaker than 4Q21 as two major players (took c.35% of mkt share) in total booked 7% YoY decline in newly-contracted GFA...

CMB International

China Project Management Sector – Defaulted developers + LGFV, the new demand

Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in...

CMB International

Onewo Space-Tech IPO Trading - Weak but Relatively Better Demand

Onewo (2602 HK) (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co...

Sumeet Singh

Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

Onewo Space-Tech aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke.

Sumeet Singh

Onewo Space-Tech Pre-IPO - Peer Comparison - Large Scale, Small Margins

Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China...

Sumeet Singh

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