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>Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth of APE (annualized premium equivalent).</li><li>If excluded the effect of economic assumption changes (i.e. interest rates movement), 1Q23 NBP growth would reach 43%/39% YoY on CER/AER basis. In terms of geographic breakdowns, the insurer recorded double-digit NBP growth across 10 markets in Asia, incl. HK/China, Thailand and the Philippines.</li><li>Looking forward, we expect strong new business momentum to sustain into 2023, given that: 1) MCV (mainland visitors) business in HK continued to drive growth since China’s reopening in Feb 2023, which will enhance the uptick throughout 2Q-4Q23 sequentially in our view; 2) recovery of demands for life insurance in mainland China boosted value creation of local agency; and 3) rebound in ASEAN markets as their local economy recovered post pandemic. </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.

Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth of APE (annualized premium equivalent).If excluded the effect of economic assumption changes (i.e. interest rates movement), 1Q23 NBP growth would reach 43%/39% YoY on CER/AER basis. In terms of geographic breakdowns, the insurer recorded double-digit NBP growth across 10 markets in Asia, incl. HK/China, Thailand and the Philippines.Looking forward, we expect strong new business momentum to sustain into 2023, given that: 1) MCV (mainland visitors) business in HK continued to drive growth since China’s reopening in Feb 2023, which will enhance the uptick throughout 2Q-4Q23 sequentially in our view; 2) recovery of demands for life insurance in mainland China boosted value creation of local agency; and 3) rebound in ASEAN markets as their local economy recovered post pandemic. 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.

Prudential PLC (2378 HK) – HK NBP more than doubled in 1Q23

<ul><li>Prudential plc reported in line results for FY22, with NBP excl. HK up 5% YoY on constant exchange rates (CER) basis.</li><li>The group NBP declined 11% on CER basis in FY22, mainly dragged by interest rate assumption changes.</li><li>Excluding the impact of negative economic assumption changes, the insurer’s group NBP decreased 4% YoY in FY22.</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.

Prudential plc reported in line results for FY22, with NBP excl. HK up 5% YoY on constant exchange rates (CER) basis.The group NBP declined 11% on CER basis in FY22, mainly dragged by interest rate assumption changes.Excluding the impact of negative economic assumption changes, the insurer’s group NBP decreased 4% YoY in FY22.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.

Prudential Plc. (2378 HK) – 15% APE Growth in 2M23

<ul><li>Prudential Plc. will report FY22 results on 15 March (Wed).</li><li>We expect to see decent APE (annualized premium equivalent) growth in 2H22 on the back of recovery in new business momentum of South East Asian (SEA) markets.</li><li>On the other hand, NBP (new business profit) margin is likely to see downtrend in 2H22, primarily due to negative assumption changes of interest rate hikes across the insurer’s key operating markets, except for China. </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.

Prudential Plc. will report FY22 results on 15 March (Wed).We expect to see decent APE (annualized premium equivalent) growth in 2H22 on the back of recovery in new business momentum of South East Asian (SEA) markets.On the other hand, NBP (new business profit) margin is likely to see downtrend in 2H22, primarily due to negative assumption changes of interest rate hikes across the insurer’s key operating markets, except for China. 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.

Prudential PLC (2378 HK) – Strong new biz momentum from China JV

<ul><li>As a leading global player in the life insurance and wealth management industry, Prudential PLC (Pru) re-positioned its business focus exclusively to the emerging markets in Asia and Africa subsequent to the demergers from European and US operations in 2019 and 2021.</li><li>With extensive geographic footprint supported by multi-channel distributions, Pru is poised for capturing sustainable, long-term growth spurred by increasing protection and wealth management demands from the affluent Asian population.</li><li>The long-awaited HK-Mainland border reopening and recovery in the South East Asian (SEA) markets serve as sentiment boosters for the insurer’s new business growth momentum to pick up as entering into 2023.</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.

As a leading global player in the life insurance and wealth management industry, Prudential PLC (Pru) re-positioned its business focus exclusively to the emerging markets in Asia and Africa subsequent to the demergers from European and US operations in 2019 and 2021.With extensive geographic footprint supported by multi-channel distributions, Pru is poised for capturing sustainable, long-term growth spurred by increasing protection and wealth management demands from the affluent Asian population.The long-awaited HK-Mainland border reopening and recovery in the South East Asian (SEA) markets serve as sentiment boosters for the insurer’s new business growth momentum to pick up as entering into 2023.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.

Prudential PLC (2378 HK) – Asia-focus leading player; border-reopening tailwinds in 2023

Hong Kong

Prudential is a multinational insurance and asset management company. It provides life and health insurance, long-term savings, and investment solutions, including mutual funds and annuities, to customers across Asia and Africa. The company was founded in London in 1848 and is headquartered in London and Hong Kong.

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Prudential (2378 HK)

Prudential PLC (2378 HK) – HK NBP more than doubled in 1Q23

Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth...

CMB International

Prudential Plc. (2378 HK) – 15% APE Growth in 2M23

Prudential plc reported in line results for FY22, with NBP excl. HK up 5% YoY on constant exchange rates (CER) basis. The group NBP declined 11% on...

CMB International

Prudential PLC (2378 HK) – Strong new biz momentum from China JV

We expect to see decent APE (annualized premium equivalent) growth in 2H22 on the back of recovery in new business momentum of South East Asian...

CMB International

Prudential PLC (2378 HK) – Asia-focus leading player; border-reopening tailwinds in 2023

As a leading global player in the life insurance and wealth management industry, Prudential PLC (Pru) re-positioned its business focus exclusively...

CMB International

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