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 NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.</li><li>Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).</li><li>We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.</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 NAFR announced Life and P&amp;C premium income of all registered insurers in Sep, showing trends that: 1) the liability side of the sector continued to improve, despite recent regulatory tightening on channels, products and agent behaviour.Personal life reversed a negative monthly YoY from -0.2% in 8M23 to +0.9% in 9M23 (Fig 1), and P&amp;C strengthened growth to +5.9% YoY in 9M23 (vs +3.2% YoY in 8M23), driven by an upward auto growth of 6.9% YoY in 9M23; 2) total investment assets expanded to RMB27.2tn in 9M23, up 8.5% from 12M22, with allocation in bonds increased to 44.0% in 9M23 (vs 43.6% in 8M23), and in stocks and equity funds down to 12.8% (-0.1pct from 8M23, Fig 15).We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct (Fig 18), will continue to benefit investment returns and asset performances of the sector, to serve as a shore-up for the sector’s valuation.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.

<ul><li>The 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.</li><li>While most insurance companies continued suffering from new business declines given the weaker-than-expected pre-sale performance amid COVID outbreaks in Dec 2022, China Life recorded a decent FYP growth thanks to its early launch of pre-sale since Oct 2022.</li><li>We also note that the NBV momentum of CPIC and Ping An elevated substantially since midJan 2023, driven by: 1) enhanced agent productivity on the back of proactive agency reform and 2) consistent strong demands for savings products. </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 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.While most insurance companies continued suffering from new business declines given the weaker-than-expected pre-sale performance amid COVID outbreaks in Dec 2022, China Life recorded a decent FYP growth thanks to its early launch of pre-sale since Oct 2022.We also note that the NBV momentum of CPIC and Ping An elevated substantially since midJan 2023, driven by: 1) enhanced agent productivity on the back of proactive agency reform and 2) consistent strong demands for savings products. 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 – Divergent jumpstart performance among life insurers

<div><div><div><div><ul><li>Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.</li><li>Our channel check suggests that life insurers’ new business momentum diverged in July-August.</li><li>Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.</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></div></div></div></div>

Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.Our channel check suggests that life insurers’ new business momentum diverged in July-August.Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.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 Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Equity Bottom-Up

<ul><li>Resume coverage with new TP at HK$15. China Taiping reported robust fullyear results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower than our and Bloomberg consensus.</li><li>The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17.</li><li>Pre-tax profit surged 90% YoY to HK$22bn, broadly in line. DPS was HK$0.35, up 16.7% YoY, slower in pace than that of the bottom-line, causing the payout down 3.1pct to 16.9% (FY23: 20.1%). </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>

Resume coverage with new TP at HK$15. China Taiping reported robust fullyear results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower than our and Bloomberg consensus.The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17.Pre-tax profit surged 90% YoY to HK$22bn, broadly in line. DPS was HK$0.35, up 16.7% YoY, slower in pace than that of the bottom-line, causing the payout down 3.1pct to 16.9% (FY23: 20.1%). 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.

China Taiping (966 HK) - FY24 NBV Outshined; Resume Coverage with BUY

Hong Kong

China Taiping Insurance Holdings Co., Ltd. is an investment holding company primarily engaged in life insurance, property and casualty insurance, and reinsurance businesses. It also provides asset management, financial leasing, and elderly care investment services. The company's origins trace back to 1929 in Shanghai, and its management headquarters are located in Hong Kong.

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China Taiping (966 HK)

China Insurance – 9M23 Monthly

We believe the upward trend in long-term yields, evidenced by GCNY10 staying above 2.7% since mid Oct, will continue to benefit investment returns

CMB International

China Insurance – Divergent jumpstart performance among life insurers

The 2023 jumpstart performance YTD of Chinese life insurers are divergent according to our channel check.While most insurance companies continued...

CMB International

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August

CMB International

China Taiping (966 HK) - FY24 NBV Outshined; Resume Coverage with BUY

Resume coverage with new TP at HK$15. China Taiping reported robust fullyear results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower...

CMB International

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