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 / Equity Bottom-Up

<ul><li>PICC P&amp;C’s full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast.</li><li>Fullyear CoR was worse off to 98.8%, +1.0pct YoY due to a rise of loss ratio (+2.4pct) more than offset an optimized expense ratio (-1.4pct) to 73%/25.8% respectively.</li><li>Auto CoR was 96.8%, down 0.1pct YoY, meeting the &lt;97% year-start guidance, thanks to a better expense ratio (-2.3pct) offsetting the climb of claims (+2.2pct).</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’s full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast.Fullyear CoR was worse off to 98.8%, +1.0pct YoY due to a rise of loss ratio (+2.4pct) more than offset an optimized expense ratio (-1.4pct) to 73%/25.8% respectively.Auto CoR was 96.8%, down 0.1pct YoY, meeting the &lt;97% year-start guidance, thanks to a better expense ratio (-2.3pct) offsetting the climb of claims (+2.2pct).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) - Optimized CoR guidance beat expectations

<ul><li>PICC P&amp;C released 3Q results. NPAT grew 38.0% YoY to RMB26.75bn in 9M24, close to the upper bound of its profit alert (up by 20%-40%).</li><li>3Q NPAT hit a record high of RMB8.26bn, driven by a surge of fair value gains at RMB7.4bn (vs 3Q23: -RMB4.6bn), thanks to the 3Q equity market rally.</li><li>The insurer’s CoR was 98.2%, up 0.3pct YoY due to increased catastrophic losses from the non-auto segment, whose CoR deteriorated 1.9pct YoY to 100.5% (CAS basis) in 9M24, translating into a worsened 3Q CoR of 105.3% (CAS basis), according to mgmt. </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 released 3Q results. NPAT grew 38.0% YoY to RMB26.75bn in 9M24, close to the upper bound of its profit alert (up by 20%-40%).3Q NPAT hit a record high of RMB8.26bn, driven by a surge of fair value gains at RMB7.4bn (vs 3Q23: -RMB4.6bn), thanks to the 3Q equity market rally.The insurer’s CoR was 98.2%, up 0.3pct YoY due to increased catastrophic losses from the non-auto segment, whose CoR deteriorated 1.9pct YoY to 100.5% (CAS basis) in 9M24, translating into a worsened 3Q CoR of 105.3% (CAS basis), according to mgmt. 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) - 3Q CoR Miss Dragged by Non-Auto Claims

<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

<ul><li>PICC P&amp;C reported weaker-than-expected first-quarter results given the 1Q24 CoR slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto premium growth dropped to +1.9%/+5.0% YoY (1Q23: +6.5%/+12.8% YoY).</li><li>Dragged by increased claims for low-temperature and freezing rain in 1-2M24, transportation recovery and premium slowdown, the insurer’s underwriting profit (UWP) slid by 49.1% YoY to RMB2.4bn, adversely impacting net profit by -38.3% YoY to RMB 5.9bn.</li><li>Investment result concerned market as net investment yield (not annualized) was 0.8%, lower than that of some life peers. </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 reported weaker-than-expected first-quarter results given the 1Q24 CoR slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto premium growth dropped to +1.9%/+5.0% YoY (1Q23: +6.5%/+12.8% YoY).Dragged by increased claims for low-temperature and freezing rain in 1-2M24, transportation recovery and premium slowdown, the insurer’s underwriting profit (UWP) slid by 49.1% YoY to RMB2.4bn, adversely impacting net profit by -38.3% YoY to RMB 5.9bn.Investment result concerned market as net investment yield (not annualized) was 0.8%, lower than that of some life peers. 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) - 1Q24 Catastrophe-Induced Claims Fully Released

<ul><li>PICC P&amp;C reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct lower than our estimate (98.1%), primarily driven by better-than-expected nonauto CoR at 99.1%, 0.7pct lower than our forecast (99.8%).</li><li>Within the nonauto segment, both individual and corporate businesses implied optimized CoR by -4.3pct and -3.4pct, respectively.</li><li>We regard this a result of proactive mgt. of the P&amp;C forerunner to refocus on businesses of high underwriting profits to compensate for the RMB 13.3bn net loss from natural catastrophes in 3Q23. </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 reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct lower than our estimate (98.1%), primarily driven by better-than-expected nonauto CoR at 99.1%, 0.7pct lower than our forecast (99.8%).Within the nonauto segment, both individual and corporate businesses implied optimized CoR by -4.3pct and -3.4pct, respectively.We regard this a result of proactive mgt. of the P&amp;C forerunner to refocus on businesses of high underwriting profits to compensate for the RMB 13.3bn net loss from natural catastrophes in 3Q23. 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) - Non-Auto CoR Better than Expected

China

PICC Property & Casualty is the largest non-life insurance company in mainland China, providing a broad range of property and casualty insurance products. Its offerings include motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, credit, surety, and homeowners insurance. The company also offers reinsurance and insurance agency services. It is headquartered in Beijing, China, and was incorporated in 2003.

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PICC Property & Casualty (2328 HK)

PICC P&C (2328 HK) - Optimized CoR guidance beat expectations

PICC P&C’s full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast.

CMB International

PICC P&C (2328 HK) - 3Q CoR Miss Dragged by Non-Auto Claims

PICC P&C released 3Q results. NPAT grew 38.0% YoY to RMB26.75bn in 9M24, close to the upper bound of its profit alert (up by 20%-40%).

CMB International

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

PICC P&C (2328 HK) - 1Q24 Catastrophe-Induced Claims Fully Released

PICC P&C reported weaker-than-expected first-quarter results given the 1Q24 CoR slightly increased to 97.9% (vs: FY23: 97.8%) and auto/non-auto...

CMB International

PICC P&C (2328 HK) - Non-Auto CoR Better than Expected

PICC P&C reported solid underwriting combined ratio (CoR) at 97.8%, 0.3pct lower than our estimate (98.1%), primarily driven by better-than...

CMB International

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