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Research Report

24/07/2020 17:10

{I-bank focus}Morgan lifts China Life (02628) to HK$18

[ET Net News Agency, 24 July 2020] Morgan Stanley lifted its target price for China
Life Insurance (02628) to HK$18 from HK$15 and maintained its "equal-weight" rating.
The research house said China Life's share price has recovered to above HK$18 levels, up
over 40% from its lows in 2020, outperforming life peers by 7ppts, backed by its
stronger-than-peers year-to-date (YTD) growth trend.
It achieved better results from the 2020 jumpstart campaign than peers did, and YTD new
sales and VNB (value of new business) are likely tracking at positive growth despite a
negative impact on sales from the nationwide lockdown in China.
Morgan said China Life's stock price (especially its A share price) tends to move up
quickly in a rising rate and rising A-share market. (KL)

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