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 H / Equity Bottom-Up

<ul><li>PICC P&amp;C reported a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%-117% vs 4Q24.</li><li>1Q25 net profit represented more than one-third (33%-37%) of last year’s total net profit, driven by 1) a largely improved CoR with reduced catastrophic claims in 1Q25; and 2) optimized asset allocation structure shifting from the FVTPL to FVOCI, which helped smooth the volatilities from fair value movement to achieve steady investment income growth amid market fluctuations.</li><li>We estimate the 1Q25 CoR to arrive at less than 95%, and adjust the auto/non-auto CoR to 95.9%/99.0% (prev.96.0%/98.9% report) in FY25E, thanks to stringent expense controls and an improved non-auto UW structure. </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 a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%-117% vs 4Q24.1Q25 net profit represented more than one-third (33%-37%) of last year’s total net profit, driven by 1) a largely improved CoR with reduced catastrophic claims in 1Q25; and 2) optimized asset allocation structure shifting from the FVTPL to FVOCI, which helped smooth the volatilities from fair value movement to achieve steady investment income growth amid market fluctuations.We estimate the 1Q25 CoR to arrive at less than 95%, and adjust the auto/non-auto CoR to 95.9%/99.0% (prev.96.0%/98.9% report) in FY25E, thanks to stringent expense controls and an improved non-auto UW structure. 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) - 1Q25 CoR Outperformed

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week. </li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers. Technical issue delayed this week's Monitor.</li>
</ul>


Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week. 
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week's Monitor.


HK Connect SOUTHBOUND Flows (To 27 June 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 27th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba, Xiaomi, BOC, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 27th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba, Xiaomi, BOC, Petrochina.


HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The new excitement of the MS&amp;AD story is the company's commitment to sell down all of its cross-shareholdings and to use proceeds to fund growth and dividends. </li>
<li>ROE is already far higher now than in recent years, and this can continue with rising dividends. </li>
<li>Monthly insurance sales figures give a good window on the core business, with growth rates in May YoY and YTD accelerating.</li>
</ul>


The new excitement of the MS&amp;AD story is the company's commitment to sell down all of its cross-shareholdings and to use proceeds to fund growth and dividends. 
ROE is already far higher now than in recent years, and this can continue with rising dividends. 
Monthly insurance sales figures give a good window on the core business, with growth rates in May YoY and YTD accelerating.


MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (2328 HK)

PICC P&C (2328 HK) - 1Q25 CoR Outperformed

PICC P&C reported a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%...

CMB International

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

HK Connect SOUTHBOUND Flows (To 27 June 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold

HK Connect SOUTHBOUND volumes rose 20+% week-on-week to be the strongest week in a while. Net buying was strong too at HK$28bn. Broad-based volumes...

Travis Lundy

HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent,...

Ke Yan, CFA, FRM

MS&AD Insurance - Sell Stocks to Zero; Drive Growth, Dividends. HFD on Policy Sales, Accelerating

MS&AD commits to sell down its cross-shareholding to zero, proceeds to fund growth, dividends. Core insurance sales improving, with April and May...

Daniel Tabbush

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