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

<ul><li>AIA reported decent 1Q25 growth with VONB up by 13% YoY (CER) on top of a high prior-year base (1Q24: +31%), driven by both margin expansion (+3pct) and ANP increase (+7%).</li><li>VONB margin jumped to 57.5%, a quarter high since FY22, thanks to progressive shift in product mix to participating-type long-term savings offset by the change of economic assumptions by end-FY24.</li><li>The rise of new business CSM (+16%) outgrew VONB for the first time (+13%), boding well for a profitable stock of future earnings to propel for Group OPAT growth. </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.

AIA reported decent 1Q25 growth with VONB up by 13% YoY (CER) on top of a high prior-year base (1Q24: +31%), driven by both margin expansion (+3pct) and ANP increase (+7%).VONB margin jumped to 57.5%, a quarter high since FY22, thanks to progressive shift in product mix to participating-type long-term savings offset by the change of economic assumptions by end-FY24.The rise of new business CSM (+16%) outgrew VONB for the first time (+13%), boding well for a profitable stock of future earnings to propel for Group OPAT growth. 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.

AIA Group Ltd. (1299 HK) - Decent VONB Growth Across Ex-China Markets

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group (1299 HK)</a> is set to announce its 2024 Annual Results on 14 March 2025, 09:00 am HK Time.</li>
<li>
<a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group (1299 HK)</a> has historically experienced volatile trading during results days, with a median move of +/- 4.2%, considerably higher than typical daily movements. </li>
<li>
<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> will announce its final dividend. With a history of increases, a divided raise can be expected.</li>
</ul>



AIA Group (1299 HK) is set to announce its 2024 Annual Results on 14 March 2025, 09:00 am HK Time.

AIA Group (1299 HK) has historically experienced volatile trading during results days, with a median move of +/- 4.2%, considerably higher than typical daily movements. 

AIA Group Ltd (1299 HK) will announce its final dividend. With a history of increases, a divided raise can be expected.


AIA Group (1299 HK) Results Day: Expected Price Swings and Dividend Boost

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 Jul 4th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Ali Health, CCB, Giant Biogene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 4th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ali Health, CCB, Giant Biogene.


HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. </li>
<li>SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.</li>
<li>UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.</li>
</ul>


Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. 
SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.
UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.


AIA Group & HDFC Bank: Big Hitters Lose Momentum

<ul><li>AIA reported solid VONB growth at 18% YoY (CER, or 17% AER) to US$4.71bn in FY24, slightly lower than our estimate of 20% (CER)/18% (AER) YoY (link).</li><li>VONB margin was 54.5% (ANP basis), +1.9pct YoY, vs. our forecast at 54.7%.</li><li>Group OPAT grew 7% YoY (CER) to US$6.6bn, bolstered by 2H OPAT +9.5% YoY (vs. 1H24: +3.5%).</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.

AIA reported solid VONB growth at 18% YoY (CER, or 17% AER) to US$4.71bn in FY24, slightly lower than our estimate of 20% (CER)/18% (AER) YoY (link).VONB margin was 54.5% (ANP basis), +1.9pct YoY, vs. our forecast at 54.7%.Group OPAT grew 7% YoY (CER) to US$6.6bn, bolstered by 2H OPAT +9.5% YoY (vs. 1H24: +3.5%).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.

AIA Group Ltd. (1299 HK) - Robust VONB Growth In-Line

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)