[ET Net News Agency, 27 January 2022] Nomura lowered its target price for NCI (01336)
to HK$35.85 from HK$39.33 and maintained its "buy" rating.
The research house said it cuts FY21F/22F NBV forecasts for NCI by 8.4%/18% to reflect
the worse-than-expected business growth challenges with the continued decline in the
number of agents (estimated down over 30% y-y in 2021F) and sustained pressure from the
impact of COVID-19. (RC)