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 resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth at 17% (CER, vs.1Q25: 13%).</li><li>This uplift was mainly driven by margin expansion, as VONB margin grew 3.9pct YoY to 57.7% in 1H25, a record high since FY23, with a surprise from AIA China’s VONB margin, which was up 2.0pct YoY to 58.6%, the highest post pandemic.</li><li>We see continued positive trends in product mix as 89% of total VONB was from protection and fee-based insurance products with low or no guarantees (Fig.1). </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 resilient 1H25 results. VONB rose 14% (CER) YoY to US$2.84bn, in line with our estimate of US$2.85bn and translating to 2Q VONB growth at 17% (CER, vs.1Q25: 13%).This uplift was mainly driven by margin expansion, as VONB margin grew 3.9pct YoY to 57.7% in 1H25, a record high since FY23, with a surprise from AIA China’s VONB margin, which was up 2.0pct YoY to 58.6%, the highest post pandemic.We see continued positive trends in product mix as 89% of total VONB was from protection and fee-based insurance products with low or no guarantees (Fig.1). 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) - Resilient VONB Uptrend with Optimistic Outlook on China Growth Strategy

<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

<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

<ul><li>AIA’s share price underperformed the market and CN insurers despite resilient VNB growth and a solid financial position underpinning attractive shareholder returns.</li><li>The stock price fell 17.3% in FY24, lagging behind key benchmarks as HSI (+18%), CSI 300 (+15%) and FTSE APAC ex-Japan (+7%) (Fig.1).</li><li>We attribute the market’s under-appreciation of this regional top-player to 1) sustainable VNB growth in long run, and 2) whether such VNB momentum across segments could translate into a resilient uptrend in earnings, cash and shareholder return, incl. both dividends and buybacks. </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’s share price underperformed the market and CN insurers despite resilient VNB growth and a solid financial position underpinning attractive shareholder returns.The stock price fell 17.3% in FY24, lagging behind key benchmarks as HSI (+18%), CSI 300 (+15%) and FTSE APAC ex-Japan (+7%) (Fig.1).We attribute the market’s under-appreciation of this regional top-player to 1) sustainable VNB growth in long run, and 2) whether such VNB momentum across segments could translate into a resilient uptrend in earnings, cash and shareholder return, incl. both dividends and buybacks. 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) - FY24 Preview: OPAT Back to Growth Trajectory

Thematic (Sector/Industry)

<ul><li>The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.</li><li>Low Vol 100 index by over three years and for the STAR Market by more than two years.</li><li>The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. </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.

The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.Low Vol 100 index by over three years and for the STAR Market by more than two years.The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. 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 - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

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)