Section 1: Company Overview and Fundamental Insights

1.1 Company Overview:

Manulife Financial Corporation (TSX: MFC) is a leading international financial services provider that helps people make their decisions easier and lives better. It provides financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~22.41% of the total shareholding. The Vanguard Group, Inc. and RBC Wealth Management, International are holding a maximum stake in the company at ~3.43% and ~3.22%, respectively.

1.4 Key Metrics:

The company posted robust net income in Q1 2022, compared to the previous corresponding period. Furthermore, it witnessed higher average AUMA, which are the key positives.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates: The below picture gives an overview of its recent activities, such as capital note offering, change in Executive Leadership Team and quarterly dividend distribution:

2.2 Insights of Q1 2022:

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

4.2 Fundamental Valuation

Valuation Methodology: P/BV Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: The reference data in this report has been partly sourced from REFINITIV

Note 2: Investment decisions should be made depending on the investors’ appetite for upside potential, risks, holding duration, and any previous holdings. Investors can consider exiting from the stock if the Target Price mentioned as per the analysis has been achieved and subject to the factors discussed above alongside support levels provided.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavorable movement in the stock prices.

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