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<Research>BOCOMI Drops CHINA LIFE (02628.HK) TP to $14, Keeps Buy Rating
Recommend 18 Positive 31 Negative 16 |
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CHINA LIFE (02628.HK) reported a 9.3% YoY decline in net profit during 1Q24, mainly due to a drop in insurance service revenue as a result of an increase in insurance claims during the period, according to a research report released by BOCOMI. During the period, premium income increased by 3.2% YoY, while value of new business (VONB) also grew significantly. BOCOMI expected CHINA LIFE's full-year net profit under the new accounting standards to reach RMB46.6 billion this year. However, the broker cautioned that due to the relatively high proportion of transactional financial assets in the company's investment assets compared with its peers, profit volatility should be expected. BOCOMI therefore lowered its target price on CHINA LIFE from $17 to $14. The broker nevertheless believed the current valuation is still attractive and maintained its Buy rating on the company. AAStocks Financial News |
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