[ET Net News Agency, 22 November 2017] Nomura lifted its target price for China Taiping
(00966) to HK$40.64 from HK$33.11, and maintained its "buy" rating.
The research house expects Taiping to maintain fast business growth momentum over the
next few years, with NBV CAGR of 20%+ from 2017 to 2019, on the back of its strong agent
growth (+49% h-h in 1H).
Nomura said Taiping is one of the best players under its bull case in which the
investment environment is improving and the liability risk is less. Given its SOE
structure, it is possible that China Taiping will follow China Life (02628) and PICC () to
expand into banks, which may add some uncertainty, it added.
Nomura upgraded its earnings forecasts by 12-34% for FY2017-19 given the lower reserving
due to the increasing bond yield and decreased P&C combined ratio forecast. (KL)
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00966 CHINA TAIPING
Nominal 
9.850 +0.120 (+1.233%) Others
22/11/2017 11:40
[I-bank focus]Nomura lifts China Taiping (00966) to HK$40.64
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