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 1H24 earnings missed market expectation, but the company raised dividend payout ratio from 30% to 100% of core net profit (55% interim div + 45% special div.), representing a div yield of 9.1% based on the closing price on 22 Aug assuming no special dividend payout in the full year.</li><li>1H24 revenue was up 9.6% YoY, gross margin (GPM) contracted by 1.4 ppt to 13.6%, and net profit decreased by 23% YoY. Our key findings are: 1) Residential PM and Bpaas provided crucial support to the company despite challenging industry conditions.</li><li>2) Commercial PM faced challenges in 1H24, with revenue growth accompanied by a decline in gross margin, largely due to price cuts to attract customers and becoming a major source of ARs in a weak economic 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.

Onewo's 1H24 earnings missed market expectation, but the company raised dividend payout ratio from 30% to 100% of core net profit (55% interim div + 45% special div.), representing a div yield of 9.1% based on the closing price on 22 Aug assuming no special dividend payout in the full year.1H24 revenue was up 9.6% YoY, gross margin (GPM) contracted by 1.4 ppt to 13.6%, and net profit decreased by 23% YoY. Our key findings are: 1) Residential PM and Bpaas provided crucial support to the company despite challenging industry conditions.2) Commercial PM faced challenges in 1H24, with revenue growth accompanied by a decline in gross margin, largely due to price cuts to attract customers and becoming a major source of ARs in a weak economic 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.

Onewo (2602 HK) - 1H24 Missed, Raised Div. Payout Again to 100% of Core Net Profit

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-inc" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a>, a leading China property management company with the controlling shareholder being <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (H) (2202 HK)</a>, announced a major share repurchase mandate last night.</li>
<li>The company intends to repurchase its shares in the open market up to HKD5.8bn, which is around 20% of the current market cap. </li>
<li>The company is trading at 13x 2024E PE on around 15% net profit growth in 2024E, and at 5% forward dividend yield. </li>
</ul>



Onewo (2602 HK), a leading China property management company with the controlling shareholder being China Vanke (H) (2202 HK), announced a major share repurchase mandate last night.
The company intends to repurchase its shares in the open market up to HKD5.8bn, which is around 20% of the current market cap. 
The company is trading at 13x 2024E PE on around 15% net profit growth in 2024E, and at 5% forward dividend yield. 


Onewo (2602 HK):  Major Share Repurchase Mandate Announced (Up To HKD5.8bn, 20% Of Current MKT CAP)

Thematic (Sector/Industry)

<ul><li>China’s destocking scheme showed encouraging progress, with Guangzhou announcing to purchase developers’ unsold inventory at cost prices, which could serve as an example for other cities. We think the scheme currently may only benefit SOEs/semi-SOEs as LGFVs may need to divest their financing function at first.</li><li>A number of regions actively implemented mortgage rate related policies after 17 May, and we think there is still room for further adjustment in Beijing, Shanghai and Shenzhen.</li><li>Noticeable recovery on property sales was shown with the daily transaction volume post-517 policy for new/second hand home increasing by 23%/21% compared to pre-517 policy. </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 destocking scheme showed encouraging progress, with Guangzhou announcing to purchase developers’ unsold inventory at cost prices, which could serve as an example for other cities. We think the scheme currently may only benefit SOEs/semi-SOEs as LGFVs may need to divest their financing function at first.A number of regions actively implemented mortgage rate related policies after 17 May, and we think there is still room for further adjustment in Beijing, Shanghai and Shenzhen.Noticeable recovery on property sales was shown with the daily transaction volume post-517 policy for new/second hand home increasing by 23%/21% compared to pre-517 policy. 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 - Encouraging Signs on Both Policy Implementation and Property Sales, Reiterate Buy

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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">7&amp;I (3382 JP)</a>'s MBO is off. Itochu has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn't surprising.</li>
<li>
<a href="https://www.smartkarma.com/entities/yangzijiang-shipbuilding-holdings-limited" target="_blank" data-smartkarma-citation="entities:660:1" rel="noopener">Yangzijiang Shipbuilding (YZJSGD SP)</a> is sucking wind as United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels</li>
<li>
<a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>'s Scheme comfortably gets up after a wild week of trading. </li>
</ul>



7&amp;I (3382 JP)'s MBO is off. Itochu has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn't surprising.

Yangzijiang Shipbuilding (YZJSGD SP) is sucking wind as United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels

Pentamaster International (1665 HK)'s Scheme comfortably gets up after a wild week of trading. 


Last Week in Event SPACE: Seven & I, Yangzijiang Shipbuilding, Pentamaster Int'l, T'Way Holdings

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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