External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

GreenTown Management Holdings / Equity Bottom-Up

<ul><li>Greentown Management shared on its reverse roadshow that new contract value recorded 21.2% /22.4% YoY growth in 4M23 /1Q23 (in line) and the client structure continues to improve with projects from FIs already contributed 20.7% of total in 1Q23 (vs. 11.7% in 2022).</li><li>We found that demand is holding up high with projects from local SOEs benefit from the effect of “trust by one, trust by more”, and projects from FIs have a chance to sign contact in batches rather than one by one in the future.</li><li>We maintain BUY with TP unchanged at HK$ 9.39 on company’s dominant market share, stable order growth and profit growth, good cash flow and high dividend pay-out ratio.</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>

Greentown Management shared on its reverse roadshow that new contract value recorded 21.2% /22.4% YoY growth in 4M23 /1Q23 (in line) and the client structure continues to improve with projects from FIs already contributed 20.7% of total in 1Q23 (vs. 11.7% in 2022).We found that demand is holding up high with projects from local SOEs benefit from the effect of “trust by one, trust by more”, and projects from FIs have a chance to sign contact in batches rather than one by one in the future.We maintain BUY with TP unchanged at HK$ 9.39 on company’s dominant market share, stable order growth and profit growth, good cash flow and high dividend pay-out ratio.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 Management (9979 HK) – Reverse Roadshow Takeaways