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01336 NCI
RTNominal up30.350 +0.100 (+0.331%)
Others

06/12/2019 14:32

{I-bank focus}Morgan lowers NCI (01336) to HK$35

[ET Net News Agency, 6 December 2019] Morgan Stanley lowered its target price for New
China Life Insurance (NCI)(01336) to HK$35 from HK$40 and maintained its "equal-weight"
rating.
The research house said NCI has been one of the worst performers again in 2019, with
H-shares up down 4%, 10ppt behind peers' average return of 6%. VNB (value of new business)
growth was disappointing again (likely negative in 2019) as both volume and margin
contracted - the company was waiting for new appointments for both its Chairman and its
CEO for most of 2019.
The strategy set by new leadership was quite different from its original trajectory.
Under this plan, NCI will need to grow new sales significantly to outperform peers given
its margin dilution. (KL)

Remark: Real time quote last updated: 27/02/2020 16:40
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