[ET Net News Agency, 20 June 2018] Credit Suisse trimmed its target price for China
Pacific (CPIC)(02601) to HK$41 from HK$42.5, and retained its "outperform" rating.
CPIC's life premium was up 11.7% in May. The research house estimated agency new sales
saw double-digit decline, primarily due to high base from annuity sales last year. That
said, sales momentum of health products remains solid. The total agent number was flattish
MoM. Looking ahead, CPIC would prioritise agency activity and productivity.
Credit Suisse expects double-digit decline in 1H VNB, given (1) 30% fall in agency FYRP
in 1Q, and (2) declining overall VNB margin (due to group biz). However, new sales should
improve sequentially in 2Q.
Credit Suisse lowered its EPS forecast by 5%. (KL)
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02601 CPIC
Nominal 
15.560 -0.180 (-1.144%) Others
20/06/2018 15:37
[I-bank focus]Credit Suisse trimms CPIC (02601) to HK$41
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