BOA Securities: Reaffirms "Buy" rating on ONEWO (02602) with a target price lowered to HK$27.

Bank of America Securities released a research report stating that it has reiterated a "buy" rating for ONEWO (02602), believing that the stock price is at a particularly attractive entry point, as it is related to China Vanke, which may greatly reduce risks. However, profit margin expansion may be lower than expected, so they have lowered their profit forecast, with the target price adjusted from HK$33 to HK$27. The bank pointed out that ONEWO's net cash on hand accounts for over 60% of its market value, with the potential to increase dividends. They also believe that the company may potentially be included in major indices in mid-March, and could be included in MSCI and the Shanghai-Hong Kong Stock Connect in the future; factors such as financial institutions announcing more support measures for China Vanke are catalysts for improving the company's performance. Additionally, they expect ONEWO to consider further increasing its dividend payout ratio based on factors such as providing more liquidity for developers and fewer merger opportunities, and anticipate a dividend yield of around 4% for the company in 2023.