[ET Net News Agency, 7 December 2020] Morgan Stanley lifted its target price for China
Pacific Insurance (CPIC) (02601) to HK$41 from HK$32 and maintained its "overweight"
rating.
The research house said CPIC has been in adjustments since 2019 and it struggled to
deliver growth again during 2020. VNB could be down 32% from its 2018 peak levels. As
such, the stock fell more than peers during most part of 2020, but has started to recover
in recent months on the back of an improving sales outlook - it started its jump-start
campaign earliest amongst peers and according to the company, the target has been met.
Trading at only 1.1x 2021 BV, or a 40% discount to Ping An Insurance (02318), the stock
looks undervalued, relative to its quality and long term growth potential, Morgan said.
The low valuation, quality-focused strategy, high dividend yield and better governance
make it an attractive financial stock to own over the medium term. (KL)
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02601 CPIC
Nominal 
17.140 +0.560 (+3.378%) Research Report
07/12/2020 14:12
{I-bank focus}Morgan Stanley lifts CPIC (02601) to HK$41
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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