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Onewo (02602 HK) is a company in the real estate industry. The report initiates coverage on the company with a "Buy" rating and a target price of HK$32.40. The report forecasts the company's EPS for 2023-2025 to be RMB1.615, RMB2.019, and RMB2.527, respectively, with a CAGR of 21.9% during 2022-2025F. The report uses the PE multiple valuation method to derive the target price. The report believes that the company's Onewo Town strategy is undervalued by the market and that the company will be back on the fast growth track after the initial investment stage. The report also expects the company to become a resource integration platform in the industry. The report is more positive than the market on the Onewo Town strategy and believes that there are three reasons behind it: 1) Onewo's leading brand and deep cultivation in tier-1 and tier-2 cities allow the company to continue winning projects in the selected sub-districts, and therefore the growth in the number of Onewo Towns may exceed market expectations. 2) In Onewo Towns, the company can continue to improve its GPM in basic property management, which could bring about substantial financial improvement.
