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Research Report

20/07/2020 17:17

{I-bank focus}China Life (02628) recovery unhurt by COVID-19

[ET Net News Agency, 20 July 2020] Macquarie Research believes China Life (02628) is in
recovery after years of serial disappointment. This recovery started in 2019 under new
management and has not been destabilised by COVID-19 so far this year.
Earnings and VNB are heading toward all-time highs in 2020, based on the research
house's forecasts, relative to peers in reverse. Macquarie maintained its "outperform"
rating and HK$25 target price on China Life.
Macquarie estimated annual residual margin release at over Rmb50bn - which is
dramatically underestimated by the market. Whilst historic ROE (return on equity) as
reported has been disappointing at only 10%, Macquarie estimated operating ROE is tracking
at 14%. (KL)

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