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>AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.</li><li>The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.</li><li>During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. </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.

AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. 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.

AIA Group Ltd. (1299 HK) – 2H22 recovery in line; Upbeat trend in HK and China in 2M23

<ul><li>On Jan 5, the State Council of the PRC officially announced the approval on HKMainland border reopening followed by a detailed scheme arranged by the HK government, which enabled 60,000-person daily cap to travel across the border since 8 Jan, including mainland visitors (MCVs) coming to Hong Kong, reaching approx. 40% average daily traffic back to the pre-COVID period in 2019.</li><li>Buoyed by this positive news, we believe AIA Hong Kong will gain new business momentum to the upside amidst thriving market sentiment driven by the release of MCVs’ pent-up demands for US dollar savings and high-end health protections starting in 2023.</li><li>We raise our VNB growth forecast on AIA in FY23E, and roll over TP to FY24E at HK$118. Reiterate BUY.</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.

On Jan 5, the State Council of the PRC officially announced the approval on HKMainland border reopening followed by a detailed scheme arranged by the HK government, which enabled 60,000-person daily cap to travel across the border since 8 Jan, including mainland visitors (MCVs) coming to Hong Kong, reaching approx. 40% average daily traffic back to the pre-COVID period in 2019.Buoyed by this positive news, we believe AIA Hong Kong will gain new business momentum to the upside amidst thriving market sentiment driven by the release of MCVs’ pent-up demands for US dollar savings and high-end health protections starting in 2023.We raise our VNB growth forecast on AIA in FY23E, and roll over TP to FY24E at HK$118. Reiterate BUY.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.

AIA Group Ltd. (1299 HK) – Pent-up demands to boost HK growth; Raise TP

<ul><li>As a leading pan-Asian life insurer, AIA is well-positioned to capture the substantial health and protection demands among underpenetrating Asian emerging markets. </li><li>We expect AIA’s branch expansion in China will underpin 20% CAGR VNB growth in the mainland market for the next decade. </li><li>In the near term, we believe AIA will see a gradual recovery in its South East Asian (SEA) operating markets in 2H22, given easing COVID restrictions and low base effect comparable to 2H21.</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 pan-Asian life insurer, AIA is well-positioned to capture the substantial health and protection demands among underpenetrating Asian emerging markets. We expect AIA’s branch expansion in China will underpin 20% CAGR VNB growth in the mainland market for the next decade. In the near term, we believe AIA will see a gradual recovery in its South East Asian (SEA) operating markets in 2H22, given easing COVID restrictions and low base effect comparable to 2H21.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.

AIA Group Ltd. (1299 HK) – Long-term growth intact, expect 2H22 recovery

Hong Kong

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

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AIA Group Ltd (1299 HK)