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02601 CPIC
RTNominal up22.950 +0.200 (+0.879%)
Research Report

01/03/2021 14:46

{I-bank focus}Nomura lifts China Pacific (02601) to HK$41.89

[ET Net News Agency, 1 March 2021] Nomura lifted its target price for China Pacific
(CPIC) (02601) to HK$41.89 from HK$39.98 and maintained its "buy" rating.
The research house lifted its FY2021/22 life NBV (new business value) forecasts by
2%/3%, driven by a 4% hike in FYP (first-year premium), but 1.2/0.5pp cut in NBV/FYP
margin for FY2021/22, to reflect NBV recovery due to robust FYP growth despite
lower-than-expected NBV margin, given CPIC's 2021 business strategy announced in mid-Jan
which focuses on both long-term capabilities and short-term operating results.
In January, CPIC was expected to deliver the strongest FYP growth at 50%+ in core agent
channel among Nomura's covered life insurers, with reported total premium up 9%, but its
NBV growth could be at around 20%, dragged down by a lower margin. Nomura now expects NBV
to grow -28%/18%/12% for FY2020/21/22. (KL)

Remark: Real time quote last updated: 27/09/2021 17:59
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