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 Service Group / Equity Bottom-Up

<ul><li>Greentown Service held a reverse roadshow to analysts recently and shared its progress on FY23 target which we think is slower than expected with regard to core operating profit that estimated to grow at &lt;=20% level in 1H23 and imposed certain pressure in 2H23 to catch up FY23 target of 20-25% YoY growth.</li><li>It is also worth noting that the Company achieved a YoY decrease in administration expense, and operating cash flow is likely to reach a breakeven in 1H23.</li><li>We think the Company still has a chance to complete its full year target if the economy recovers faster than 1H23, and the Company can benefit from its fee collection and VAS business.</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 Service held a reverse roadshow to analysts recently and shared its progress on FY23 target which we think is slower than expected with regard to core operating profit that estimated to grow at &lt;=20% level in 1H23 and imposed certain pressure in 2H23 to catch up FY23 target of 20-25% YoY growth.It is also worth noting that the Company achieved a YoY decrease in administration expense, and operating cash flow is likely to reach a breakeven in 1H23.We think the Company still has a chance to complete its full year target if the economy recovers faster than 1H23, and the Company can benefit from its fee collection and VAS business.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) – Differentiation Leads to Long-Term Value