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01508 CHINA RE
RTNominal unchange1.230 0.000 (0.000%)

25/11/2019 14:08

{I-bank focus}Nomura lowers China Re (01508) to HK$1.34

[ET Net News Agency, 25 November 2019] Nomura lowered its target price for China Re
(01508) to HK$1.34 from HK$1.62 and downgraded its rating to "neutral" from "buy".
The research house thinks China Re should focus on improving the ROEs of its main
subsidiaries with key strategies, including (1) increasing dividend payout ratio rather
than fundraising, to increase (rather than decrease) financial leverage; (2) accelerating
business development to utilize capital more efficiently, and (3) improving underwriting
In addition, Nomura believes that China Re should consider spinning off its subsidiaries
and increase market-based incentives to its management team through mixed-ownership
It lifted its FY2019 earnings by 14% given the company's strong growth during 1Q-3Q,
while Nomura revised its FY2020/21 earnings forecasts by +0.1%/+3%. (KL)

Remark: Real time quote last updated: 24/01/2020 17:59
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