呈交日期: 2025年8月6日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 宏利金融有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00945 | 說明 | 普通股-不設上限及無面值 | | | | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | | 上月底結存 | | | | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | | | | | | 2. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 第一類優先股 - 不設上限及無面值 | | | | | | ...

Core Viewpoint - Manulife Financial Corporation is set to release its second quarter 2025 financial results on August 6, 2025, with a subsequent conference call scheduled for August 7, 2025, to discuss the results and engage with analysts [1][2]. Company Overview - Manulife Financial Corporation is a prominent international financial services provider headquartered in Toronto, Canada, operating under the name Manulife in Canada, Asia, and Europe, and as John Hancock in the United States [3]. - The company offers financial advice, insurance, and investment services to individuals, groups, and businesses, with a workforce of over 37,000 employees and more than 109,000 agents serving over 36 million customers globally [3]. - Manulife trades under the ticker 'MFC' on the Toronto, New York, and Philippine stock exchanges, and as '945' in Hong Kong [3].

Core Insights - The article compares Manulife Financial (MFC) and Sun Life (SLF) to determine which stock offers better value for investors [1] Valuation Metrics - MFC has a forward P/E ratio of 10.43, while SLF has a forward P/E of 11.90 [5] - MFC's PEG ratio is 1.04, compared to SLF's PEG ratio of 1.70 [5] - MFC's P/B ratio is 1.63, whereas SLF's P/B ratio is 2.34 [6] Investment Ratings - MFC currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while SLF has a Zacks Rank of 3 (Hold) [3] - Based on valuation metrics, MFC has a Value grade of A, while SLF has a Value grade of C [6]

Core Insights - Manulife Investment Management successfully closed its third co-investment fund, raising $1.1 billion, surpassing its $750 million target and exceeding the previous fund by over $300 million [1][4]. Fundraising Strategy - The successful fundraising reflects the effectiveness of Manulife IM's co-investment strategy, which leverages the firm's established primary funds platform and extensive relationships with over 200 global sponsor partners [2]. - The strategy aims to provide institutional investors with direct access to high-quality private equity opportunities in middle market companies, supported by a disciplined investment team [2]. Investor Base - The fund attracted a diverse global investor base, including public and corporate pensions, insurance companies, asset managers, financial institutions, and family offices, with Manulife's General Account also committing capital [3]. Leadership Commentary - Vipon Ghai, global head of private equity and credit at Manulife IM, expressed gratitude for the support from both new and returning investors, highlighting their trust as crucial to the fund's success [4]. - Scott Garfield, senior managing director, emphasized the strength of the firm's consistent strategy and experienced team, which enables access to diversified private equity opportunities [5]. Asset Management Overview - Manulife IM's private equity and credit platform manages over $28 billion in assets, which includes primary funds, co-investments, secondaries, and various credit types, as part of a broader private markets platform [6][7].

Core Viewpoint - Manulife Financial Corporation (MFC) is experiencing strong investor confidence, with its stock trading near a 52-week high and showing solid upward momentum, indicating potential for further price appreciation [1][7]. Performance Summary - MFC shares have increased by 18.1% over the past year, outperforming the industry growth of 16.1% and the S&P 500's 12.3%, but underperformed the Finance sector's return of 21.9% [2]. - The company has a solid track record of beating earnings estimates in three of the past four quarters, with an average surprise of 4.11% [3]. Valuation Metrics - MFC shares are trading at a price-to-earnings ratio of 10.44X, which is higher than the industry average of 8.12X, indicating a premium valuation [4]. - The average price target from 12 analysts is $34.84 per share, suggesting a potential upside of 9.2% from the last closing price [9]. Growth Projections - The Zacks Consensus Estimate for MFC's 2025 earnings per share indicates a year-over-year increase of 4.2%, with estimates for 2026 showing increases of 7.7% in earnings per share and 8.1% in revenues [11]. - Analyst sentiment is optimistic, with three of six analysts raising estimates for 2025 and five for 2026 over the past 60 days, leading to a 2.8% and 2.2% increase in consensus estimates, respectively [12]. Operational Highlights - MFC's return on equity in the trailing 12 months was 15.8%, surpassing the industry average of 15.3%, reflecting efficient use of shareholders' funds [13]. - The company aims for its Asia business to contribute half of its core earnings by 2025, focusing on growth in this region [15]. - MFC is expanding its Wealth and Asset Management business, particularly in Europe and the EMEA market, and is making long-term investments in high-growth areas [16]. Financial Strategy - MFC has a strong capital position, distributing wealth to shareholders through higher dividends and share buybacks, with a seven-year CAGR of 10% in dividends and a target payout ratio of 35-45% [17]. - The company aims for a leverage ratio of 25% and has maintained a free cash flow conversion of over 100% in recent quarters, indicating solid earnings [17]. Investment Considerations - MFC is positioned for growth due to its strong Asia business, expanding Wealth and Asset Management operations, and solid free cash flow conversion [18]. - The company is seen as an attractive option for yield-seeking investors, with favorable ROE and a VGM Score of B, although the premium valuation suggests waiting for a better entry point [19].

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - Asset-light companies are highlighted as effective portfolio diversifiers due to their low exposure to tariffs faced by materials companies [2] - Companies that return significant cash to shareholders through dividends and share buybacks are considered favorable investments [2] Group 2 - The article emphasizes the importance of defensive stocks with a medium- to long-term investment horizon [2]

Company Overview - Manulife Financial (MFC) is headquartered in Toronto and has experienced a price change of -0.13% this year [3] - The company currently pays a dividend of $0.32 per share, resulting in a dividend yield of 4.16%, which is significantly higher than the Insurance - Life Insurance industry's yield of 1.81% and the S&P 500's yield of 1.62% [3] Dividend Performance - The current annualized dividend of $1.28 represents an 8% increase from the previous year [4] - Over the past five years, Manulife Financial has increased its dividend five times, achieving an average annual increase of 8.83% [4] - The company's current payout ratio is 43%, indicating that it pays out 43% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - Manulife Financial is expected to see earnings growth this fiscal year, with the Zacks Consensus Estimate for 2025 at $2.94 per share, reflecting a year-over-year growth rate of 4.26% [5] Investment Considerations - Dividends are favored by investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [6] - High-yielding stocks may face challenges during periods of rising interest rates, but MFC is considered a compelling investment opportunity due to its strong dividend profile [7] - The stock currently holds a Zacks Rank of 3 (Hold), indicating a stable investment position [7]

C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 Ranks in top five for insurance industry overall The Evident AI Index for Insurance assesses AI maturity across 30 of the most prominent insurance companies in North America and Europe, measuring progress across four key categories: Talent, Innovation, Leadership, and Transparency. Developed by AI benchmarking platform Evident, this first-of-its-kind index covers leading life, property and casualty, composite, and reinsurance groups, offering the most c ...

Core Viewpoint - Manulife Financial (MFC) shares have increased by approximately 2.9% since the last earnings report, underperforming the S&P 500, raising questions about the sustainability of this trend leading up to the next earnings release [1] Group 1: Earnings and Estimates - Estimates for Manulife have trended downward over the past month, indicating a negative sentiment among analysts [2] - The most recent earnings report is essential for understanding the key drivers affecting the stock's performance [1] Group 2: VGM Scores - Manulife has a subpar Growth Score of D, while its Momentum Score is slightly better at C; however, it received an A for Value, placing it in the top 20% for this investment strategy [3] - The aggregate VGM Score for Manulife is B, which is relevant for investors not focused on a single strategy [3] Group 3: Outlook - The overall trend of estimates has been downward, with no significant changes in the magnitude of these revisions, leading to a Zacks Rank of 3 (Hold) for Manulife [4] - The expectation is for an in-line return from the stock in the upcoming months [4]

Core Insights - Manulife Financial Corporation (MFC) has achieved a 52-week high of $33.07 and closed at $31.94, reflecting a 23.7% increase over the past year, outperforming the industry, sector, and S&P 500 composite [1][2] Company Performance - MFC has outperformed peers such as Primerica, Inc. (PRI), Reinsurance Group of America, Incorporated (RGA), and Voya Financial, Inc. (VOYA), with PRI gaining 21.8%, while RGA and VOYA saw declines of 1.2% and 11.2%, respectively [2] - MFC's market capitalization stands at $54.78 billion, with an average trading volume of 2.3 million shares over the last three months [2] Technical Analysis - MFC shares are trading above the 50-day and 200-day simple moving averages of $30.55 and $30.12, indicating strong upward momentum [5] Growth Strategy - MFC is focusing on high-growth, capital-light, and higher-return businesses to enhance earnings momentum, maintaining a target leverage ratio of 25% for financial flexibility [7] - The company aims for its Asia business to contribute half of its core earnings by 2025, indicating a strategic focus on this region for long-term growth [16] Valuation Metrics - MFC shares are trading at a price-to-earnings ratio of 10.53X, which is above the industry average of 8.13X, indicating a premium valuation [8] - The average price target from 12 analysts for MFC is $34.84 per share, suggesting an 8.9% upside from the last closing price [9] Earnings Projections - The Zacks Consensus Estimate for MFC's 2025 earnings per share indicates a year-over-year increase of 4.2%, with a projected increase of 7.7% for 2026 [13] - Analyst sentiment is positive, with three out of six analysts raising estimates for 2025 and five for 2026 in the past 30 days [14] Financial Health - MFC's return on equity over the trailing 12 months is 15.8%, surpassing the industry average of 15.3%, showcasing efficient use of shareholders' funds [15] - The company has maintained a free cash flow conversion rate of over 100% in recent quarters, reflecting strong earnings [18] Dividend Policy - MFC has increased its dividend at a seven-year compound annual growth rate (CAGR) of 10% and targets a dividend payout ratio of 35-45% over the medium term [18] Conclusion - MFC is positioned for growth driven by its strong Asia business, expanding Wealth and Asset Management operations, and solid capital position, with a medium-term expense efficiency ratio target of less than 45% [19]