GUM: H Shares and Greater China Log a Total Net Outflow of $3.27B in September
MPF Market Overview: As of September 30, 2025, total Mandatory Provident Fund (MPF) assets increased by 3.7% to HK$1.53 trillion, with the top five providers holding over 73.5% of the market share.
Provider Performance: HSBC gained the largest market share increment of 0.37% due to net fund inflows, while Manulife experienced a decline of 0.4% attributed to lower investment returns.
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G Sachs: Attractive Valuations for PRU/AIA; Recent Share Price Decline Presents Buying Opportunity
Stock Performance: PRU (02378.HK) and AIA (01299.HK) experienced declines of 8% and 4% respectively, influenced by weak sales from MANULIFE-S and concerns over AI disruptions.
Short Selling Data: PRU had short selling of $980.80K with a ratio of 1.625%, while AIA saw significantly higher short selling at $515.96M and a ratio of 11.135%.
Goldman Sachs Outlook: Despite recent declines, Goldman Sachs maintains a positive outlook, reiterating a Buy rating for both PRU and AIA, citing an attractive risk-reward profile at current valuations.
Target Prices: Goldman Sachs has set target prices of HKD96 for AIA and HKD150 for PRU, indicating confidence in their growth potential despite market fluctuations.
HSI Closes with a 233-Point Decline; BUD APAC Drops Over 5%; KNOWLEDGE ATLAS Soars Nearly 30%
Market Performance: The HSI closed at 27,032, down 233 points (0.9%), with significant declines in the HSCEI and HSTECH, while total market turnover reached HKD238.705 billion.
Company Earnings: BUD APAC was the worst-performing blue-chip stock, down 5.2% after reporting a 32.6% drop in net profit. Other companies like Lenovo and NetEase also saw declines despite some reporting increased profits.
Regulatory Actions: The Beijing Municipal Market Supervision Bureau engaged with 12 online ticket sales platforms, resulting in declines for companies like Trip.com and Meituan, which fell 3.9% and 4.5%, respectively.
AI Sector Growth: Following Premier Li Qiang's call for AI innovation, AI stocks like SenseTime and Knowledge Atlas saw significant gains, with Knowledge Atlas soaring 28.7% after launching a new product.
Manulife HK/Macau Sees 38% Increase in 4Q Core Earnings, While NBV Declines by 5%
- Core Earnings Growth: Manulife HK and Macau reported double-digit growth in their 2025 full-year core earnings.
- Sales and New Business Metrics: The subsidiaries also saw significant increases in annualized premium equivalent (APE) sales, new business value (NBV), and new business contractual service margin (new business CSM).
MANULIFE-S Reports 3% Increase in 2025 Core Earnings, Reaching CAD 7.5 Billion
Company Announcement: MANULIFE-S (00945.HK) has released its full-year and fourth-quarter results for the year ending December 31, 2025.
Financial Performance: The report indicates that there was no change in the stock price, remaining at 0.000 (0.000%).
DBS Raises MANULIFE-S (00945.HK) Price Target to $310 with New Strategy for Long-Term Growth
Company Overview: MANULIFE-S (00945.HK) has shown a growth-centric approach, focusing on strong potential in Asia, global wealth management, and AI transformation to enhance client services.
Financial Outlook: DBS Group Research has raised its target price for MANULIFE-S from $290 to $310, maintaining a "Buy" rating, anticipating that the company's strategies will help meet its 2027 financial goals.
Valuation Insights: The current share price is trading at 1.5x the forecasted price-to-book ratio for FY2026, nearing the valuation peak of the last five years, indicating potential for further re-rating.
Market Considerations: Investors are advised to be cautious of factors such as significant interest rate drops, increased equity market volatility, and slower growth in Asian markets that could impact performance.
MANULIFE-S Issues US$1B in Senior Notes
Public Offering Announcement: MANULIFE-S has announced a public offering in the US for US$1 billion in senior notes with a 4.986% interest rate, maturing in 2035.
Regulatory Compliance: The offering is based on a preliminary prospectus supplement dated December 2, 2025, and complies with the registration statement approved by the US SEC on September 29.
Use of Proceeds: The net proceeds from the sale of the notes will be utilized for general corporate purposes, which may include refinancing needs.
Stock Quote Information: The stock quote for MANULIFE-S is delayed by at least 15 minutes.
G Sachs: Attractive Valuations for PRU/AIA; Recent Share Price Decline Presents Buying Opportunity
Stock Performance: PRU (02378.HK) and AIA (01299.HK) experienced declines of 8% and 4% respectively, influenced by weak sales from MANULIFE-S and concerns over AI disruptions.
Short Selling Data: PRU had short selling of $980.80K with a ratio of 1.625%, while AIA saw significantly higher short selling at $515.96M and a ratio of 11.135%.
Goldman Sachs Outlook: Despite recent declines, Goldman Sachs maintains a positive outlook, reiterating a Buy rating for both PRU and AIA, citing an attractive risk-reward profile at current valuations.
Target Prices: Goldman Sachs has set target prices of HKD96 for AIA and HKD150 for PRU, indicating confidence in their growth potential despite market fluctuations.
HSI Closes with a 233-Point Decline; BUD APAC Drops Over 5%; KNOWLEDGE ATLAS Soars Nearly 30%
Market Performance: The HSI closed at 27,032, down 233 points (0.9%), with significant declines in the HSCEI and HSTECH, while total market turnover reached HKD238.705 billion.
Company Earnings: BUD APAC was the worst-performing blue-chip stock, down 5.2% after reporting a 32.6% drop in net profit. Other companies like Lenovo and NetEase also saw declines despite some reporting increased profits.
Regulatory Actions: The Beijing Municipal Market Supervision Bureau engaged with 12 online ticket sales platforms, resulting in declines for companies like Trip.com and Meituan, which fell 3.9% and 4.5%, respectively.
AI Sector Growth: Following Premier Li Qiang's call for AI innovation, AI stocks like SenseTime and Knowledge Atlas saw significant gains, with Knowledge Atlas soaring 28.7% after launching a new product.
Manulife HK/Macau Sees 38% Increase in 4Q Core Earnings, While NBV Declines by 5%
- Core Earnings Growth: Manulife HK and Macau reported double-digit growth in their 2025 full-year core earnings.
- Sales and New Business Metrics: The subsidiaries also saw significant increases in annualized premium equivalent (APE) sales, new business value (NBV), and new business contractual service margin (new business CSM).
MANULIFE-S Reports 3% Increase in 2025 Core Earnings, Reaching CAD 7.5 Billion
Company Announcement: MANULIFE-S (00945.HK) has released its full-year and fourth-quarter results for the year ending December 31, 2025.
Financial Performance: The report indicates that there was no change in the stock price, remaining at 0.000 (0.000%).
DBS Raises MANULIFE-S (00945.HK) Price Target to $310 with New Strategy for Long-Term Growth
Company Overview: MANULIFE-S (00945.HK) has shown a growth-centric approach, focusing on strong potential in Asia, global wealth management, and AI transformation to enhance client services.
Financial Outlook: DBS Group Research has raised its target price for MANULIFE-S from $290 to $310, maintaining a "Buy" rating, anticipating that the company's strategies will help meet its 2027 financial goals.
Valuation Insights: The current share price is trading at 1.5x the forecasted price-to-book ratio for FY2026, nearing the valuation peak of the last five years, indicating potential for further re-rating.
Market Considerations: Investors are advised to be cautious of factors such as significant interest rate drops, increased equity market volatility, and slower growth in Asian markets that could impact performance.
MANULIFE-S Issues US$1B in Senior Notes
Public Offering Announcement: MANULIFE-S has announced a public offering in the US for US$1 billion in senior notes with a 4.986% interest rate, maturing in 2035.
Regulatory Compliance: The offering is based on a preliminary prospectus supplement dated December 2, 2025, and complies with the registration statement approved by the US SEC on September 29.
Use of Proceeds: The net proceeds from the sale of the notes will be utilized for general corporate purposes, which may include refinancing needs.
Stock Quote Information: The stock quote for MANULIFE-S is delayed by at least 15 minutes.
