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)

<ul><li>The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.</li><li>The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.</li><li>From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.</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>

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.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 - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

<ul><li>Technically, the SET Index is at risk of weakening and falling below the technical support at 1,480/1,475 points, with the resistance at 1,490/1,500 points.</li><li>The key issues today include major economic data, most of which is expected to be weaker, including i) US durable goods orders in May (the consensus estimate calls for -1.0% MoM, worse than the previous month at +1.1% MoM); ii) US new home sales in May (the consensus projection is -1.7% MoM to 0.67mn units vs. April at +4.1% MoM to 0.683mn units); and iii) the US House Price Index in April (the consensus is forecasting +0.3% MoM vs. +0.6% MoM in the previous month).</li><li>In Thailand, the export figures in May 2023 will be released, with KTX expecting a decline of 8.3% YoY (vs. the consensus estimate calling for -8.0% YoY), worse than the previous month at -7.6% YoY.</li></ul>

Technically, the SET Index is at risk of weakening and falling below the technical support at 1,480/1,475 points, with the resistance at 1,490/1,500 points.The key issues today include major economic data, most of which is expected to be weaker, including i) US durable goods orders in May (the consensus estimate calls for -1.0% MoM, worse than the previous month at +1.1% MoM); ii) US new home sales in May (the consensus projection is -1.7% MoM to 0.67mn units vs. April at +4.1% MoM to 0.683mn units); and iii) the US House Price Index in April (the consensus is forecasting +0.3% MoM vs. +0.6% MoM in the previous month).In Thailand, the export figures in May 2023 will be released, with KTX expecting a decline of 8.3% YoY (vs. the consensus estimate calling for -8.0% YoY), worse than the previous month at -7.6% YoY.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,636/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).</li><li>We recommend trading buy on HMPRO, SPA and CRC.</li><li>Technically, the index is on an uptrend in the form of a rounding bottom (U-shape), moving toward testing the target resistance of 1,649 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,636/1,649 points and the support at 1,612 points (200-day EMA)/1,607 points (50-day EMA).We recommend trading buy on HMPRO, SPA and CRC.Technically, the index is on an uptrend in the form of a rounding bottom (U-shape), moving toward testing the target resistance of 1,649 points.

China

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.


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China Pacific Insurance Group (CPIC LI)

China Insurance - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by...

CMB International

Today's Dominant Ideas

Technically, the SET Index is at risk of weakening and falling below the technical support at 1,480/1,475 points, with the resistance at...

Krungthai XSpring

Market Outlook

The SET Index is expected to move sideways up, with the resistance at 1,636/1,649 points and the support at 1,612 points (200-day EMA)/1,607...

Krungthai XSpring

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