[ET Net News Agency, 24 July 2020] Morgan Stanley raised its target price for New China
Life Insurance (NCI)(01336) to HK$29 from HK$22 and maintained its "underweight" rating.
The research house said NCI's shares were one of the worst performers earlier this year,
down 37% to a low but rebounded quickly in recent weeks, having gained 49% and
outperformed peers by 16 ppts as concerns over low yield are easing.
The VNB (value of new business) growth was disappointing for 1Q but the company has
likely narrowed the decline during 2Q with some improvement in mix and margin. Morgan
expects the company to deliver -2% VNB growth for 2020.
While the company's VNB number could be slightly better than quality peers such as Ping
An (2318) and CPIC (02601) this year, Morgan said its strategy of striking a balance
between volume and value will likely remain an important debate for long-term investors.
(KL)
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01336 NCI
Nominal 
14.320 0.000 (0.000%) Research Report
24/07/2020 17:52
{I-bank focus}Morgan lifts NCI (01336) to HK$29
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