*J.P. Morgan Asia FTM 23 Jun 26 Init Innostar Services at OW; HK home prices hit FY target, 2H may slow; Raise Chipbond PT on SiPh wins; CN humanoid robots to drive P&C growth; CN Sportswear: Lessons in success

Research evidence excerpt

*J.P. Morgan Asia FTM 23 Jun 26 Init Innostar Services at OW; HK home prices hit FY target, 2H may slow; Raise Chipbond PT on SiPh wins; CN humanoid robots to drive P&C growth; CN Sportswear: Lessons in success

un 27 PT of NT$225 (25x

12 month forward EPS), up from our prior Dec 25 PT of NT$55 (based on 0.9x P/B). We move from a P/B-

based PT to P/E, due to a stable earnings trajectory.

Asia Insurance (MW Kim / Karen Li, CFA)

Summer Series: China’s humanoid robots open a new frontier for P&C growth

We launch our summer thematic insurance series on humanoid robot insurance, an emerging P&C vertical

at the intersection of policy support (link), advanced manufacturing, and new liability risks. China shipped

nearly 14,400 humanoid robots in 2025, with sales of Rmb1.55B (link), yet insurance coverage is

underdeveloped relative to the pace of commercial deployment. Dedicated policies from PICC P&C, CPIC

Property, Ping An P&C, and China Taiping now cover physical damage, third-party liability, product defects,

maintenance and replacement costs, but pricing is difficult given limited claims history, fast technology

iteration, and unclear liability allocation across manufacturers, operators, and users. In our base-case

scenario, China’s humanoid robot insurance TAM rises from Rmb0.01B in 2025 to Rmb1.17B by 2030.

While the near-term earnings contribution is modest, this area is a strategically important long-duration

growth niche for leading P&C insurers. We like China Taiping.

China SMid Insurance (Dan Wang)

China Taiping: Niche robot insurance as a SMid-cap catalyst

Humanoid robots and insurers. Rapid commercial deployment of humanoid robots is creating demand for

dedicated insurance products, as conventional P&C policies do not fully cover their unique risk profiles. In