Equity Analysis /
Hong Kong

HK : China Life Insurance - Model adjustment

    Michael Chang
    Michael Chang

    Equity Research Analyst, Banks and Insurance

    26 March 2022
    Published byCGS-CIMB

    We cut our FY21–23F EPS by 6.4-15.1%, driven by lower forecast premiums and investment income. We now assume new business value (NBV) fell 22.3% in FY21F, and will decline 14.4% in FY22F but rise by 6.1% in FY23F. Maintain Add rating, TP cut to HK$15.40 on lower FY21-23F EPS and NBV estimates.