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>In line with profit alert, Greentown Service reported still strong top line growth at 18% YoY in FY22, thanks to its cooperation with Cinda Yue Life and strong thirdparty expansion.</li><li>However, the GPM has been impacted due to COVID and mix shift, thus dragging down core EBIT to -9% and NP -35% YoY.</li><li>We expect the company to gradually recover in 2023 with 15% YoY NP growth because 1) its high brand quality would accelerate in the expansion of existing home market (30% of overall GFA expansion) during post-period era.</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>

In line with profit alert, Greentown Service reported still strong top line growth at 18% YoY in FY22, thanks to its cooperation with Cinda Yue Life and strong thirdparty expansion.However, the GPM has been impacted due to COVID and mix shift, thus dragging down core EBIT to -9% and NP -35% YoY.We expect the company to gradually recover in 2023 with 15% YoY NP growth because 1) its high brand quality would accelerate in the expansion of existing home market (30% of overall GFA expansion) during post-period era.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) – High brand quality to boost its 2023 recovery