Equity Analysis /
Hong Kong

HK : New China Life Insurance - Model adjustment

    Michael Chang
    Michael Chang

    Equity Research Analyst, Banks and Insurance

    CGS-CIMB
    29 March 2022
    Published by

    We cut our FY21-23F EPS by 0.6-5.6%, driven by lower forecast premiums. We now estimate FY21F new business value (NBV) fell 25.6% and for FY22F NBV to fall 15.5% but rise by 7.1% in FY23F. Reiterate Add; GGM-based TP cut by 8% to HK$30.30 from HK$33.10 on lower FY21-24F EPS, NBV and EV.