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Research Report

07/07/2020 11:09

{I-bank focus}Daiwa lifts China Life (02628) to HK$25

[ET Net News Agency, 7 July 2020] Daiwa Research lifted its target price for China Life
Insurance (02628) to HK$25 from HK$24 and maintained its "buy" rating.
The research house has hosted a group conference call with China Life. Management said
the FYP (first-year premium) portion in gross premium was higher in May than that in
Given its satisfactory FYP momentum year-to-date, China Life tightened its agent
validation standard in June. Daiwa expects its total number of the sales force to be 2m by
end-2020, which is almost at the same level as end-1Q.
Management also mentioned that China Life substantially increased H-share allocation,
especially high dividend-yield stocks in 1Q. Daiwa expects China Life to record robust
investment returns in 2Q and 2H. (KL)

Remark: Real time quote last updated: 18/09/2020 17:59
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