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>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 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.

Equity Bottom-Up

<ul><li>Ping An disclosed 1H23 results with NBV +32.6% YoY (+45.0% restated for prior value on basis of comparable EV assumptions and method) driven by noticeable improvements achieved in Life and Health insurance segment, handily beating consensus estimates.</li><li>Even though the Group’s OPAT was down by 5.0% in 1H23, the insurer raised interim dividend by 1.1% YoY to RMB 0.93 per share, implying a potentially higher cash dividend payout in the full year to above 28.8% in FY22 under new standards (vs 29.5% under old standards).</li><li>We believe the L&amp;H segment will further unlock growth potential given 1) the agency reform has paid off, evidenced by the avg. productivity per agent +94.3% YoY in 1H23; 2) PAB’s exclusive Private Wealth Adviser(PWA) model giving access to high-net-worth PB clients contributing to ~4x of industry average bancassurance margin at 19.7%. </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.

Ping An disclosed 1H23 results with NBV +32.6% YoY (+45.0% restated for prior value on basis of comparable EV assumptions and method) driven by noticeable improvements achieved in Life and Health insurance segment, handily beating consensus estimates.Even though the Group’s OPAT was down by 5.0% in 1H23, the insurer raised interim dividend by 1.1% YoY to RMB 0.93 per share, implying a potentially higher cash dividend payout in the full year to above 28.8% in FY22 under new standards (vs 29.5% under old standards).We believe the L&amp;H segment will further unlock growth potential given 1) the agency reform has paid off, evidenced by the avg. productivity per agent +94.3% YoY in 1H23; 2) PAB’s exclusive Private Wealth Adviser(PWA) model giving access to high-net-worth PB clients contributing to ~4x of industry average bancassurance margin at 19.7%. 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.

Ping An (2318 HK) – 1H23 NBV Beat Consensus

<ul><li>Ping An reported 8.8% VNB growth YoY in 1Q23, beating the consensus of low single digit growth.</li><li>We note that, excluding the negative impact of assumption changes, the VNB growth even reached 21.1% YoY in 1Q23, reflecting robust new business across all channels.</li><li>During the 1Q23 results briefing, the management highlighted 37% YoY improvement of agent productivity, along with over 130% new business growth in bancassurance channel. </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.

Ping An reported 8.8% VNB growth YoY in 1Q23, beating the consensus of low single digit growth.We note that, excluding the negative impact of assumption changes, the VNB growth even reached 21.1% YoY in 1Q23, reflecting robust new business across all channels.During the 1Q23 results briefing, the management highlighted 37% YoY improvement of agent productivity, along with over 130% new business growth in bancassurance channel. 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.

Ping An (2318 HK) – VNB Growth Beat Expectation in 1Q23

<ul><li>Ping An saw its VNB momentum turn positive in 4Q22 with 11.7% YoY growth, as its channel reform scheme expanded to nationwide.</li><li>Excluding assumption changes, FY22 VNB declined by 17.5% YoY, narrowing from -18.9% YoY in 9M22 and -20.3% YoY in 1H22.</li><li>During the FY22 results briefing, the management guided for positive VNB growth in 1Q23 and FY23, and indicated that the new business momentum turned around in Feb 2023 and the positive growth sustained into March, driven by improving productivity across agency and multiple channels, i.e. community grid, private wealth advisers, etc. </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.

Ping An saw its VNB momentum turn positive in 4Q22 with 11.7% YoY growth, as its channel reform scheme expanded to nationwide.Excluding assumption changes, FY22 VNB declined by 17.5% YoY, narrowing from -18.9% YoY in 9M22 and -20.3% YoY in 1H22.During the FY22 results briefing, the management guided for positive VNB growth in 1Q23 and FY23, and indicated that the new business momentum turned around in Feb 2023 and the positive growth sustained into March, driven by improving productivity across agency and multiple channels, i.e. community grid, private wealth advisers, etc. 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.

Ping An (2318 HK) – Expect VNB turnaround in 1Q23 and FY23

<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>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 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

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

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Ping An Insurance Group of (601318 CH)

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

Ping An (2318 HK) – 1H23 NBV Beat Consensus

Ping An disclosed 1H23 results with NBV +32.6% YoY (+45.0% restated for prior value on basis of comparable EV assumptions and method)

CMB International

Ping An (2318 HK) – VNB Growth Beat Expectation in 1Q23

We note that, excluding the negative impact of assumption changes, the VNB growth even reached 21.1% YoY in 1Q23, reflecting robust new business...

CMB International

Ping An (2318 HK) – Expect VNB turnaround in 1Q23 and FY23

Ping An saw its VNB momentum turn positive in 4Q22 with 11.7% YoY growth, as its channel reform scheme expanded to nationwide.

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

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