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

China Taiping Insurance Hldgs / Equity Bottom-Up

<ul><li>Resume coverage with new TP at HK$15. China Taiping reported robust fullyear results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower than our and Bloomberg consensus.</li><li>The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17.</li><li>Pre-tax profit surged 90% YoY to HK$22bn, broadly in line. DPS was HK$0.35, up 16.7% YoY, slower in pace than that of the bottom-line, causing the payout down 3.1pct to 16.9% (FY23: 20.1%). </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>

Resume coverage with new TP at HK$15. China Taiping reported robust fullyear results with net profit rising 36.2% YoY to HK$8.43bn, 10%/11% lower than our and Bloomberg consensus.The drag was mainly due to an approx. six-fold increase of income tax charges (+5.8x YoY) for the sake of prudence under the transition to IFRS17.Pre-tax profit surged 90% YoY to HK$22bn, broadly in line. DPS was HK$0.35, up 16.7% YoY, slower in pace than that of the bottom-line, causing the payout down 3.1pct to 16.9% (FY23: 20.1%). 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 Taiping (966 HK) - FY24 NBV Outshined; Resume Coverage with BUY