External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain Ping An as one of our sector top picks, and lift TP to HK$90 based on SOTP, by 1) rolling forward to FY26E forecasts, and 2) fine-tuning net earnings and NBV growth in FY25-27E.</li><li>On a like-for-like basis, we estimate 12% YoY growth of Group OPAT in FY25E to RMB136bn, which implies ~46% YoY increase in 4Q25 (vs.3Q25: +15.2%).</li><li>The 4Q acceleration could be driven by 1) robust L&amp;H OPAT growth supported with improving operating variance and investment service result; 2) asset management on a YoY decline of impairment loss thanks to capital market recovery; and 3) P&amp;C’s robust underwriting profit. </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>

We maintain Ping An as one of our sector top picks, and lift TP to HK$90 based on SOTP, by 1) rolling forward to FY26E forecasts, and 2) fine-tuning net earnings and NBV growth in FY25-27E.On a like-for-like basis, we estimate 12% YoY growth of Group OPAT in FY25E to RMB136bn, which implies ~46% YoY increase in 4Q25 (vs.3Q25: +15.2%).The 4Q acceleration could be driven by 1) robust L&amp;H OPAT growth supported with improving operating variance and investment service result; 2) asset management on a YoY decline of impairment loss thanks to capital market recovery; and 3) P&amp;C’s robust underwriting profit. 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.

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Ping An Insurance

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