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<Research>UBS Elevates NCI's TP to HKD52; Rating Kept Neutral
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NCI (01336.HK)'s 1H25 net profit after tax grew by 34% YoY to RMB15 billion, reaching 68% of the market's full-year forecast, according to a report from UBS. The company's value of new business (VNB) rose by 58% YoY, far above market expectations. Its embedded value also beat market forecasts with an increase of 8.1% compared to 2H24. NCI raised its interim dividend by 24% YoY to RMB0.67 per share, implying a payout ratio of 14%, compared to 15% in the same period last year. UBS sharply raised its target price for NCI from HKD26.5 to HKD52 to reflect the upward revision of the long-term VNB growth target, improved long-term profitability driven by policy tailwinds, and the positive impact of the interest rate environment. The company's rating was kept as Neutral. AAStocks Financial News |
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