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>Ping An recorded robust 3Q earnings with Group net profit and L&amp;H NBV doubled in third quarter.</li><li>Group OPAT attributable to shareholders grew 5.5% YoY to RMB 113.8bn, translating into a 22.1% YoY increase in 3Q24 on track for a steady recovery (1Q24: -3.0%/2Q24: +1.9% YoY).</li><li>L&amp;H and P&amp;C accelerated attributable OPAT growth to 8%/455% YoY in 3Q, driven in part by more promising investment results and improved underwriting 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.

Ping An recorded robust 3Q earnings with Group net profit and L&amp;H NBV doubled in third quarter.Group OPAT attributable to shareholders grew 5.5% YoY to RMB 113.8bn, translating into a 22.1% YoY increase in 3Q24 on track for a steady recovery (1Q24: -3.0%/2Q24: +1.9% YoY).L&amp;H and P&amp;C accelerated attributable OPAT growth to 8%/455% YoY in 3Q, driven in part by more promising investment results and improved underwriting 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.

Ping An (2318 HK) - Robust 3Q Doubled in NBV and Earnings Growth

<ul><li>The insurer announced the issuance of US$3.5bn convertible bonds (CB) to offshore professional investors outside the US on 15 Jul 2024, at 0.0875% par per annum due in Jul 2029.</li><li>The proposed principal amount is within the range of an estimated US2bn-5bn, according to the Bloomberg news.</li><li>Against the closing price on 15 Jul of HK$36.05, the initial conversion price of HK$43.71 implies a premium rate of 21.2%. </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 insurer announced the issuance of US$3.5bn convertible bonds (CB) to offshore professional investors outside the US on 15 Jul 2024, at 0.0875% par per annum due in Jul 2029.The proposed principal amount is within the range of an estimated US2bn-5bn, according to the Bloomberg news.Against the closing price on 15 Jul of HK$36.05, the initial conversion price of HK$43.71 implies a premium rate of 21.2%. 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 $3.5bn CB Dilutive Effect to Be Short-Term

<ul><li>Ping An’s first-quarter results show resilience in core lines, with Life VNB +20.7% YoY to RMB12.9bn under new EV assumptions, beating market consensus and our estimate of mid-teens growth.</li><li>We see the uptick driven by a promising rise of VNB margin (+6.5 pct YoY) to 22.8% despite sluggish 2024 jumpstart sales.</li><li>Group OPAT was down by 3.0% YoY to RMB38.7bn, significantly narrowing from -19.7% YoY by end-23. </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’s first-quarter results show resilience in core lines, with Life VNB +20.7% YoY to RMB12.9bn under new EV assumptions, beating market consensus and our estimate of mid-teens growth.We see the uptick driven by a promising rise of VNB margin (+6.5 pct YoY) to 22.8% despite sluggish 2024 jumpstart sales.Group OPAT was down by 3.0% YoY to RMB38.7bn, significantly narrowing from -19.7% YoY by end-23. 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) - 1Q24 NBV Beat; Life OPAT Y/Y Turned Positive

Thematic (Sector/Industry)

<ul><li>Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.</li><li>Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.</li><li>Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.</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.

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.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 - 11/12M Monthly: Life Sales Diverged During the Jumpstart

<ul><li>Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.</li><li>Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.</li><li>Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. </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.

Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. 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 - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

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)

Ping An (2318 HK) - Robust 3Q Doubled in NBV and Earnings Growth

Ping An recorded robust 3Q earnings with Group net profit and L&H NBV doubled in third quarter. Group OPAT attributable to shareholders grew 5.5%...

CMB International

Ping An (2318 HK) - Expect $3.5bn CB Dilutive Effect to Be Short-Term

The insurer announced the issuance of US$3.5bn convertible bonds (CB) to offshore professional investors outside the US on 15 Jul 2024, at 0.0875%...

CMB International

Ping An (2318 HK) - 1Q24 NBV Beat; Life OPAT Y/Y Turned Positive

Ping An’s first-quarter results show resilience in core lines, with Life VNB +20.7% YoY to RMB12.9bn under new EV assumptions, beating market...

CMB International

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

China Insurance - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of...

CMB International

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