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.

Equity Bottom-Up

PICC Property & Casualty H / Equity Bottom-Up

<ul><li>PICC P&amp;C presented solid 1H24 results, with a sequentially improved underwriting CoR (IFRS-based) by 1.3pct QoQ to 95.0% in 2Q24 (vs: 1Q24: 96.3%), amid hiking catastrophe claims across the industry.</li><li>The CoR figure turned quarterly UW profit to RMB 6.65bn, +37.2% YoY, which trimmed the underwriting profit/net profit decline to -5.0%/-8.7% YoY in 1H24 (vs 1Q24: -49.1%/-38.3% YoY).</li><li>Auto CoR was 0.3pct better than our estimate at 96.4% (CMBI est: 96.7%) thanks to streamlined cost control with expense ratio (25.2%) fell by 1.8pct to compensate for 1.5pct rise in claims ratio (71.2%). </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.

PICC P&amp;C presented solid 1H24 results, with a sequentially improved underwriting CoR (IFRS-based) by 1.3pct QoQ to 95.0% in 2Q24 (vs: 1Q24: 96.3%), amid hiking catastrophe claims across the industry.The CoR figure turned quarterly UW profit to RMB 6.65bn, +37.2% YoY, which trimmed the underwriting profit/net profit decline to -5.0%/-8.7% YoY in 1H24 (vs 1Q24: -49.1%/-38.3% YoY).Auto CoR was 0.3pct better than our estimate at 96.4% (CMBI est: 96.7%) thanks to streamlined cost control with expense ratio (25.2%) fell by 1.8pct to compensate for 1.5pct rise in claims ratio (71.2%). 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.

PICC P&C (2328 HK) - CoR Sequentially Improved Turning to Positive 2Q Net Profit Growth

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>ETF flows in the Asian region continued their positive momentum during August with Southbound Connect positive again for the week.</li>
<li>
<a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will increase its dividends and buybacks after positive earnings surprise. <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> saw a surge in new policies from mainlanders in HK.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lufax-holding-ltd-b751749a-8feb-4b4d-85a7-d99ac0308fe7" target="_blank" data-smartkarma-citation="entities:40067:1" rel="noopener">Lufax Holding (6623 HK)</a> reported an earnings miss with declining loan volume. <a href="https://www.smartkarma.com/entities/yancoal-australia" target="_blank" data-smartkarma-citation="entities:8427:1" rel="noopener">Yancoal Australia (3668 HK)</a> reported a decline of 57% in earnings which was below analysts' estimates.
</li>
</ul>


ETF flows in the Asian region continued their positive momentum during August with Southbound Connect positive again for the week.

Stella International (1836 HK) will increase its dividends and buybacks after positive earnings surprise. AIA Group Ltd (1299 HK) saw a surge in new policies from mainlanders in HK.


Lufax Holding (6623 HK) reported an earnings miss with declining loan volume. Yancoal Australia (3668 HK) reported a decline of 57% in earnings which was below analysts' estimates.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 26)

Thematic (Sector/Industry)

<ul><li>CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.</li><li>Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.</li><li>Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.</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.

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.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 Insurance - 7M24 Monthly: Life Momentum Kept Strong

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The HSCEI is famous but has less AUM tracking it passively than you'd think. Nevertheless it is well-known and well-watched.</li>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> and <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Techn (9901 HK)</a> were ADDs. <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> and <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> are DELETEs. </li>
<li>
<a href="https://www.smartkarma.com/entities/picc-property-casualty-h" target="_blank" data-smartkarma-citation="entities:350:1" rel="noopener">PICC Property &amp; Casualty H (2328 HK)</a> was NOT included. This was a surprise. We may see some disappointment this week from pre-positioning getting sold.</li>
</ul>


The HSCEI is famous but has less AUM tracking it passively than you'd think. Nevertheless it is well-known and well-watched.

J&amp;T Global Express (1519 HK) and New Oriental Education &amp; Techn (9901 HK) were ADDs. JD Logistics (2618 HK) and SenseTime Group (20 HK) are DELETEs. 

PICC Property &amp; Casualty H (2328 HK) was NOT included. This was a surprise. We may see some disappointment this week from pre-positioning getting sold.


HSCEI Sep24 Rebal - Two ADDs, Two DELETEs, Two Surprises, Middling Flows

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 9th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 9th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent.


HK Short Interest Weekly: Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (2328 HK)

PICC P&C (2328 HK) - CoR Sequentially Improved Turning to Positive 2Q Net Profit Growth

PICC P&C presented solid 1H24 results, with a sequentially improved underwriting CoR (IFRS-based) by 1.3pct QoQ to 95.0% in 2Q24 (vs: 1Q24: 96.3%)

CMB International

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 26)

ETF flows were again led by China. Stella International reported a surge in earnings and AIA announced new policy growth exceeded expectations....

David Mudd

China Insurance - 7M24 Monthly: Life Momentum Kept Strong

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.

CMB International

HSCEI Sep24 Rebal - Two ADDs, Two DELETEs, Two Surprises, Middling Flows

HSCEI sees two ADDs and two DELETEs, as expected, but one of the ADDs was unexpected, and the main expected ADD was n-o-t added. This will surprise...

Travis Lundy

HK Short Interest Weekly: Baba, HSBC, Ntes, AIA, Bidu, Galaxy Ent

We analyzed the latest HK SFC report for aggregate short position as of Aug 9th and highlight short interest changes in Baba, HSBC, Ntes, AIA,...

Ke Yan, CFA, FRM

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