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 Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.</li><li>The strong VNB momentum was driven by margin expansion to an est.15.8%, +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32.8bn (Fig.3).</li><li>The Group’s net profit to S/H grew by +1.1% YoY to RMB 11.8bn in 1Q24, surpassing peers being the first among listed CN insurers to realize positive net profit growth. </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>

CPIC turned to positive VNB growth by +30.7% YoY in 1Q24, outpacing peers i.e. China Life / Ping An +26.3%/+20.7% YoY in the corresponding period.The strong VNB momentum was driven by margin expansion to an est.15.8%, +3.7pct YoY (CMBI est), and a slight increase in FYP by 0.4% YoY to RMB32.8bn (Fig.3).The Group’s net profit to S/H grew by +1.1% YoY to RMB 11.8bn in 1Q24, surpassing peers being the first among listed CN insurers to realize positive net profit growth. 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.

CPIC (2601 HK) - VNB Growth Accelerated; NP Turned Positive YoY