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RTNominal down15.760 -0.040 (-0.253%)

12/01/2021 15:30

{I-bank focus}China's financial stocks seen to re-rate

[ET Net News Agency, 12 January 2021] Nomura believes China's financial stocks deserve
a re-rating to ride the ongoing economic recovery going into FY2021.
The research house prefers life insurers and banks, as they appear poised to enjoy the
tailwinds of rising market interest rates, including expanding interest spreads for life
insurers and stabilizing NIMs for banks.
P&C insurers though will be struggling through the headwinds from auto insurance reforms
and the turning point of the underwriting cycle will be seen thereafter, Nomura added. It
revised its target prices for the insurers and banks it covers as follows:
Name Rating Target Price
Ping An (02318) BUY HK$113.65 to HK$114.68
China Pacific (02601) BUY HK$36.49 to HK$39.98
China Taiping (00966) BUY HK$18.10 to HK$18.66
China Life (02628) BUY HK$23.52 to HK$23.41
ABC (01288) BUY HK$3.44 to HK$3.53
CMB (03968) Buy HK$57.57 to HK$62


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