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

<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><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>

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