[ET Net News Agency, 30 March 2021] Credit Suisse cut its target price for China
Pacific (CPIC) (02601) to HK$45 from HK$48 and maintained its "outperform" rating.
The research house said CPIC's 2020 VNB (value of new business) was lower 27%, broadly
in line, implying a 32% decline in 2H. NB (new business) sales decreased by 19%, and VNB
margin contracted by 4.4pp to 38.9% due to shifts in both channel and product mix.
NB sales were strong in the first two months of 2021 but have moderated since March and
possibly to continue the next few months. The margin was lower, leading to slower VNB in
1Q 2021.
Credit Suisse cut its 2021/22 EPS forecasts by 8%/12% to factor in FY2020 earnings, and
mark-to-market recent A-share correction. (KL)
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02601 CPIC
Nominal 
16.780 +0.200 (+1.206%) Research Report
30/03/2021 17:29
{I-bank focus}Credit Suisse cuts CPIC (02601) to HK$45
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