External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.</li><li>Our channel check suggests that life insurers’ new business momentum diverged in July-August.</li><li>Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.</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></div></div></div></div>

Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.Our channel check suggests that life insurers’ new business momentum diverged in July-August.Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.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.

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Equity Bottom-Up

<ul><li>ZhongAn delivered strong 1H results, with net profit surging 11.04x YoY to RMB 668mn, translating to 66% of our previous full-year forecasts driven by significant profit uplifts in all three core business segments.</li><li>For P&amp;C insurance, 1H25 CoR dropped 2.3pct YoY to 95.6%, with comprehensive loss ratio down 6pct YoY to 54.7% offset by a rise of comprehensive expense ratio by 3.7pct YoY to 40.9%, which led to a more-than-doubled underwriting profit of RMB 627mn (+123%).</li><li>ZA Bank turned a net profit of HK$49mn in 1H25, ahead of the market expectation for breakeven by year-end. </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>

ZhongAn delivered strong 1H results, with net profit surging 11.04x YoY to RMB 668mn, translating to 66% of our previous full-year forecasts driven by significant profit uplifts in all three core business segments.For P&amp;C insurance, 1H25 CoR dropped 2.3pct YoY to 95.6%, with comprehensive loss ratio down 6pct YoY to 54.7% offset by a rise of comprehensive expense ratio by 3.7pct YoY to 40.9%, which led to a more-than-doubled underwriting profit of RMB 627mn (+123%).ZA Bank turned a net profit of HK$49mn in 1H25, ahead of the market expectation for breakeven by year-end. 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.

ZhongAn (6060 HK) - 1H Earnings a Clear Beat; ZA Bank Turned Profit Faster than Expected

<ul><li>ZhongAn Online initiated its first placement since listing on 26 June (Thu) premarket, with the offering price of HK$18.25 per share, implying an 8.5% discount compared to the last closing price of HK$19.94.</li><li>An addition of 215mn new shares will be issued to no fewer than six placees with a lock-up period of 90 days after closing on 4 July, raising the total number of shares outstanding post placement to 1,685mn.</li><li>The aggregate net proceeds amounted to HK$3,896.3mn (approx. US$496mn), of which the use will be focusing on 1) supplementing the Group’s capital position, 2) supporting investment in fintech innovations and 3) for general corporate purposes. </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>

ZhongAn Online initiated its first placement since listing on 26 June (Thu) premarket, with the offering price of HK$18.25 per share, implying an 8.5% discount compared to the last closing price of HK$19.94.An addition of 215mn new shares will be issued to no fewer than six placees with a lock-up period of 90 days after closing on 4 July, raising the total number of shares outstanding post placement to 1,685mn.The aggregate net proceeds amounted to HK$3,896.3mn (approx. US$496mn), of which the use will be focusing on 1) supplementing the Group’s capital position, 2) supporting investment in fintech innovations and 3) for general corporate purposes. 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.

ZhongAn (6060 HK) - Placement May Cause Limited Downside Despite Short-Term Volatilities

<ul><li>ZhongAn’s share price surged 55% in the week of 26 May, propelled by a resurgence of sentiment spurred by the passage of the Stablecoins Bill by the HK LegCo on 21 May, and the GENIUS Act advancement to the US Senate on 20 May.</li><li>Despite the surge was to some extent driven by a round of FOMO sentiment, we expect the valuation re-rating of ZhongAn starts to gain traction in the market alongside underwriting improvement in insurance segment, leaving limited downside risk for the stock’s valuation reverting to the previous low of 0.7x0.8x FY25E P/B.</li><li>With the Stablecoins Ordinance to come into effect this year, we believe the first batch of participants of the HKMA’s stablecoin issuer sandbox could be key beneficiaries for capitalizing on the fund flow momentum on virtual assets in HK, and bring tailwinds of topline upside to affiliated companies. </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>

ZhongAn’s share price surged 55% in the week of 26 May, propelled by a resurgence of sentiment spurred by the passage of the Stablecoins Bill by the HK LegCo on 21 May, and the GENIUS Act advancement to the US Senate on 20 May.Despite the surge was to some extent driven by a round of FOMO sentiment, we expect the valuation re-rating of ZhongAn starts to gain traction in the market alongside underwriting improvement in insurance segment, leaving limited downside risk for the stock’s valuation reverting to the previous low of 0.7x0.8x FY25E P/B.With the Stablecoins Ordinance to come into effect this year, we believe the first batch of participants of the HKMA’s stablecoin issuer sandbox could be key beneficiaries for capitalizing on the fund flow momentum on virtual assets in HK, and bring tailwinds of topline upside to affiliated companies. 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.

ZhongAn (6060 HK) - HK Stablecoins Outlook Opens up the Headroom for Valuation Re-Rating

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

China

ZhongAn Online is China's first online-only insurance company, providing internet insurance services and insurance information technology services. It offers personalized products across health, digital life, consumer finance, and automotive ecosystems, and also provides IT consulting and digital banking services. The company was founded in 2013 and is headquartered in Shanghai, China.

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ZhongAn Online (6060 HK)

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August

CMB International

ZhongAn (6060 HK) - 1H Earnings a Clear Beat; ZA Bank Turned Profit Faster than Expected

ZhongAn delivered strong 1H results, with net profit surging 11.04x YoY to RMB 668mn, translating to 66% of our previous full-year forecasts driven...

CMB International

ZhongAn (6060 HK) - Placement May Cause Limited Downside Despite Short-Term Volatilities

We maintain our FY25E earnings forecast at HK$1.0bn and the placement could result in 6.8% EPS dilution in FY25E, based on our estimate. Maintain...

CMB International

ZhongAn (6060 HK) - HK Stablecoins Outlook Opens up the Headroom for Valuation Re-Rating

ZhongAn’s share price surged 55% in the week of 26 May, propelled by a resurgence of sentiment spurred by the passage of the Stablecoins Bill by...

CMB International

Global Market Update: February 24, 2025

Krungthai XSpring

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