Equity Analysis /
Hong Kong

HK : China Pacific Insurance - Model adjustment

    Michael Chang
    Michael Chang

    Equity Research Analyst, Banks and Insurance

    CGS-CIMB
    26 March 2022
    Published by

    We raise our FY21–23F EPS by 3-5.5%, driven by a higher investment asset base and hence higher forecast investment income. We now assume NBV fell 23% in FY21F, to fall 14% in FY22F and rise by 5% in FY23F. Maintain Add rating, TP increased slightly to HK$29.90 as we roll forward our valuation; higher FY21F-23F EPS offsets lower FY21-23F NBV estimates.