[ET Net News Agency, 9 April 2020] Morgan Stanley lowered its target price for China
Life Insurance (02628) to HK$15 from HK$23 and maintained its "equal-weight" rating.
The research house said China Life's share price has underperformed year-to-date, down
30%, despite strong 2019 results, with earnings and VNB (value of new business) up 412%
and 19%.
Morgan said China Life has also done better than peers in the 2020 opening campaign and
year-to-date new sales and VNB are tracking at positive growth, despite negative sales
impact from the nationwide lockdown in China. (KL)