[ET Net News Agency, 12 December 2018] Daiwa Research lowered its target price for
China Pacific Insurance (CPIC)(02601) to HK$42 from HK$52 and maintained its "buy" rating.
The research house sees CPIC's FYP momentum in 2019 being driven by critical illness
products, but in the near term, it may be slow to gather pace.
Daiwa said CPIC is delaying its 2019 jumpstart preparations as it aims to fulfil its
2018 full-year target before shifting to pre-sales campaigns. The company does not plan to
launch 4% guarantee rate products.
CPIC has recently highlighted the importance of critical illness in pushing its VNB
growth, and its own widening product menu for health insurance. It targets
higher-than-peer-average VNB growth for 2019.
Daiwa revised down its 2018 VNB growth forecast to -4% YoY. It also cut its 2018-20 net
profit estimates by 1-13% due to slower-than-expected investment portfolio growth. (KL)
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02601 CPIC
Nominal 
16.560 +0.620 (+3.890%) Others
12/12/2018 11:11
[I-bank focus]Daiwa lowers CPIC (02601) to HK$42
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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