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13292 JP-HSI @EC2006I (CALL)
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19/02/2020 17:39

{I-bank focus}Credit Suisse cuts China Life (02628) to HK$28

[ET Net News Agency, 19 February 2020] Credit Suisse lowered its target price for China
Life (02628) to HK$28 from HK$30 and maintained its "outperform" rating.
China Life is scheduled to report FY2019 results on 25 March. The research house expects
17%/18% of EV/VNB growth, implying a sector-leading VNB in 2H (+12%).
Credit Suisse said feedback on potential Group restructuring is mixed: A-share investors
like asset injection thesis, while H-share ones are concerned about the quality of
injected asset and insurer's corporate governance. It is too early to assess the impact,
given asset injection is only one of the proposals under review.
Credit Suisse trimmed its 2020 VNB growth to 12% from 15% to reflect NB disruption in
February, but a gradual recovery since March. It lifted its 2019 EPS estimate to align
with earlier profit alert but trimmed 2020-21 EPS forecasts on lower investment returns.
(KL)

Remark: Real time quote last updated: 03/04/2020 17:59
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