凤凰金融有限公司（PHOE1）：弹性的季度

Resilient quarter First Look PHOE reported solid results in the first quarter under IFRS-17,with 23.6% core ROE and income up y/y across segments. Inour view, PHOE is well positioned for sustainable growth dueto its diversified revenue base, strong macro and provenexecution. Reiterate OW. PHOE1.TA/PHOE ITOVERWEIGHTIsrael EquitiesPOSITIVEPrice TargetILS 84.00Price (28-May-25)ILS 80.36Potential Upside/Downside+4.5%Source: Bloomberg, Barclays Research Results takeaways: •Core insurance was up 6% y/y and core AM was up 43%.••ROE of 21.3% compares with 22% in 1Q24 while core ROE in the quarter was up 10bps to•23.6% vs. last year.•CSM stands at ILS 8.8bn and PHOE expects 35%-45% to be released over the next 5 years.••EBITDA for the asset management and credit segments was up 30% y/y.••AUM of ILS 529bn was up 12% y/y.••Solvency ratio as of Dec 2024 was 183%.••PHOE announced a dividend, in line with its new policy of issuing quarterly dividends vs. semi•annual, of ILS 230m, which including share repurchase activity of ILS 21m in the quarterreflects 44% of net income. Israel Equities Tavy Rosner+972 3 623 8628tavy.rosner@barclays.comBarclays, UK Chris Reimer+972 3 623 8631chris.reimer@barclays.comBarclays, UK On track to beat current 2027 targets:PHOE reiterated that the Group is likely to beat itscurrent 2027 targets and,afterstudying the impact of the transition to IFRS-17, expects to issueupdated targets later in the year. Specifically, PHOE expects core income to be potentially20-30% higher than the originally anticipated ILS 2bn. Our take:PHOE is well positioned for sustainable growth as the company continues to leveragesynergies from acquisitions and through M&A as well as benefiting from investment intechnology, a strategic roadmap and proven execution. FIGURE 1. PHOE: 1Q25 results, ILSm and y/y chg., % Source: Company reports, Barclays Research Analyst(s) Certification(s):I, Tavy Rosner, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm. Primary Stocks (Ticker, Date, Price) Phoenix Financial Ltd.(PHOE1.TA, 28-May-2025, ILS 80.36), Overweight/Positive, J/K/M Unless otherwise indicated, prices are sourced from Bloomberg and refl