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

<ul><li>Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth of APE (annualized premium equivalent).</li><li>If excluded the effect of economic assumption changes (i.e. interest rates movement), 1Q23 NBP growth would reach 43%/39% YoY on CER/AER basis. In terms of geographic breakdowns, the insurer recorded double-digit NBP growth across 10 markets in Asia, incl. HK/China, Thailand and the Philippines.</li><li>Looking forward, we expect strong new business momentum to sustain into 2023, given that: 1) MCV (mainland visitors) business in HK continued to drive growth since China’s reopening in Feb 2023, which will enhance the uptick throughout 2Q-4Q23 sequentially in our view; 2) recovery of demands for life insurance in mainland China boosted value creation of local agency; and 3) rebound in ASEAN markets as their local economy recovered post pandemic. </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>

Prudential PLC reported 30%/26% YoY growth of NBP (new business profit) in 1Q23 on constant/actual FX (CER/AER) basis, driven by 35%/29% YoY growth of APE (annualized premium equivalent).If excluded the effect of economic assumption changes (i.e. interest rates movement), 1Q23 NBP growth would reach 43%/39% YoY on CER/AER basis. In terms of geographic breakdowns, the insurer recorded double-digit NBP growth across 10 markets in Asia, incl. HK/China, Thailand and the Philippines.Looking forward, we expect strong new business momentum to sustain into 2023, given that: 1) MCV (mainland visitors) business in HK continued to drive growth since China’s reopening in Feb 2023, which will enhance the uptick throughout 2Q-4Q23 sequentially in our view; 2) recovery of demands for life insurance in mainland China boosted value creation of local agency; and 3) rebound in ASEAN markets as their local economy recovered post pandemic. 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.

Prudential PLC (2378 HK) – HK NBP more than doubled in 1Q23