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 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

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Country Garden Holdings Co / Technical Analysis

<ul><li>Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers.</li><li>Perhaps because the first calls of China's Lehman moment showed it was an exaggerated extrapolation.</li><li>The first decline phase was limited to corporates with highly leveraged real estate balance sheets.</li></ul>

Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers.Perhaps because the first calls of China's Lehman moment showed it was an exaggerated extrapolation.The first decline phase was limited to corporates with highly leveraged real estate balance sheets.

Hang Seng Index Constituents 14 July 2022

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>BYD / In Depth: Tesla’s Chinese rival hits accelerator on smart driving</li><li>Fraud /: Fugitive Chinese billionaire Guo Wengui convicted in United States</li><li>Bonuses /: Mainland financial firms’ Hong Kong units tell staff to repay bonuses</li></ul>

BYD / In Depth: Tesla’s Chinese rival hits accelerator on smart drivingFraud /: Fugitive Chinese billionaire Guo Wengui convicted in United StatesBonuses /: Mainland financial firms’ Hong Kong units tell staff to repay bonuses

CX Daily: Tesla’s Chinese Rival Hits Accelerator on Smart Driving 

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.

<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

China

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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.

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

The People's Insurance Company (Group) of China Limited, through its subsidiaries, offers a range of property and casualty insurance products. The Company also offers asset management services for a variety of customers throughout China.

China Reinsurance (Group) Corporation is a reinsurance company. The company operates four principal business segments, consisting of P&C reinsurance, life and health reinsurance, primary P&C insurance and asset management businesses.

ZhongAn Online P & C Insurance Co., Ltd. operates as an insurance company. The Company develops and sells health, airline, and automotive insurance, and other products. ZhongAn Online P & C Insurance also offers online consumer finance services.

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

Aon PLC is a professional services provider. The Company is comprised of risk and insurance brokerage consulting. Aon's services include helping manage risk for clients, negotiating and placing insurance risk with other carriers, and advising clients related to health and benefits, retirement, compensation, strategic human capital, and human resource outsourcing.

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

Chubb Limited operates as a property and casualty insurance company. The Company provides commercial and personal property, casualty, and personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.

Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension, and retirement related services, as well as administration and asset management.

Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan.  Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

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.

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

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Ping An Insurance (H) (2318 HK)

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

Hang Seng Index Constituents 14 July 2022

Somehow the current leg of decline in China's Real estate stocks and bonds has not gotten the attention of investors and money managers. Perhaps...

Untying The Gordian Knot

CX Daily: Tesla’s Chinese Rival Hits Accelerator on Smart Driving

BYD / In Depth: Tesla’s Chinese rival hits accelerator on smart driving Once mocked by electric-car billionaire Elon Musk, BYD Co. Ltd. has become...

Caixin Global

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) – 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

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