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 is a top residential/commercial property management firm in China.</li><li>We think the market is underpricing Onewo’s dominant advantage over major peers (COPH, Poly Service) on existing residential projects, strategic corporate client expansion and Onewo town strategy, but over-concerned on its parentco. </li><li>So the 30% fall since its Sep IPO offered a LT investing opportunity as 1) 32% earnings CAGR in 2021-24E led by fast expansion in existing residential projects and corporate clients will outpace COPH and Poly’s 25-30%. 2) In the mid-to-long term, Onewo town strategy will cover &gt;50% of its managed GFA and drive the margin upside on cost saving and better monetization. 3) Onewo is less dependent on parentco than COPH and Poly services. Currently the Company is trading at 12x 2023E PE (vs. COPH/Poly’s 13x) and we expect 40% upside based on 18x 2023E PE on solid earnings.</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 is a top residential/commercial property management firm in China.We think the market is underpricing Onewo’s dominant advantage over major peers (COPH, Poly Service) on existing residential projects, strategic corporate client expansion and Onewo town strategy, but over-concerned on its parentco. So the 30% fall since its Sep IPO offered a LT investing opportunity as 1) 32% earnings CAGR in 2021-24E led by fast expansion in existing residential projects and corporate clients will outpace COPH and Poly’s 25-30%. 2) In the mid-to-long term, Onewo town strategy will cover &gt;50% of its managed GFA and drive the margin upside on cost saving and better monetization. 3) Onewo is less dependent on parentco than COPH and Poly services. Currently the Company is trading at 12x 2023E PE (vs. COPH/Poly’s 13x) and we expect 40% upside based on 18x 2023E PE on solid earnings.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) – Why market underpriced and over-concerned about Onewo?