[ET Net News Agency, 28 August 2019] Daiwa Research lowered its target price for China
Pacific Insurance (CPIC)(02601) to HK$34 from HK$34.5 and maintained its "hold" rating.
The research house said the implied 2Q VNB growth had rebounded to +1%, from -14% in 1Q.
Management guided for a stable VNB margin trend in 2H, supported by its new critical
illness product with a higher margin.
CPIC said that its dividend will gradually move from being based on IFRS net profit to
OPAT. For 2019, Daiwa forecast its IFRS net profit to grow by 44%, and OPAT by only 15%.
Linking the dividend payout ratio to OPAT would mean a lower 2019 DPS.
Daiwa raised its 2019 EPS forecast by 18% to reflect a one-off tax impact but lowered
its 2020-21 EPS estimates by 2-5% on a dampened interest rate outlook. (KL)
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02601 CPIC
Nominal 
16.580 +0.020 (+0.121%) Research Report
28/08/2019 18:01
{I-bank focus}Daiwa lowers CPIC (02601) to HK$34; "hold"
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