Capital Markets and Wealth, China SOE Banks (d/g BoComm-H), AIA (India?)

This daily APAC financials note covers three key topics: (1) Capital Markets and Wealth — finding the normalization level in 4Q and beyond; (2) China SOE banks — Katherine continues to like the dividend theme but downgrades BoComm-H to Neutral, as its recent rally made its dividend yield the least attractive among peers; (3) AIA — MW flags the voluntary Tata-AIA 1Q disclosure as a sign the company is getting ready for India disclosure. China's 10Y yield keeps declining, unlike the rest of the world, keeping the banks' dividend spread attractive;