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02601 CPIC
RTNominal down23.000 -0.100 (-0.433%)
Research Report

09/04/2020 11:04

{I-bank focus}Morgan Stanley lowers CPIC (02601) to HK$27

[ET Net News Agency, 9 April 2020] Morgan Stanley lowered its target price for China
Pacific Insurance (CPIC)(02601) to HK$27 from HK$39 and maintained its "overweight"
rating.
The research house said CPIC has struggled to generate VNB (value of new business)
growth for two consecutive years, with VNB up only 1% in 2018 and down 9% in 2019, partly
a base issue and partly affected by management changes at the life unit.
The stock price has declined 25% year-to-date, but still outperformed peers by 2ppts,
likely helped by its attractive dividend yield - dividend grew another 20% in 2019 and
payout ratio of 39% was still the highest amongst peers.
With new leadership only settled in 3Q 2019, the company will likely be in the
adjustment phase for most of 2020. Coupled with COVID-19 impact, Morgan now expects VNB to
decline again by 5%. (KL)

Remark: Real time quote last updated: 07/08/2020 17:58
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