[ET Net News Agency, 7 December 2020] Morgan Stanley lifted its target price for China
Life (02628) to HK$20 from HK$18 and maintained its "overweight" rating.
The research house said China Life's share price did not perform well in 2020, with its
H-shares down 17% year-to-date versus 10% decline on average for the industry (H-share
traditional insurers) despite an industry-leading VNB growth.
The company is on track to report a small positive VNB growth for 2020, likely the
highest amongst listed peers, Morgan said. It also noted that China Life's management
stated that its goal is to deliver steady VNB growth in 2021. (KL)