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<Research>DBS Keeps CHINA LIFE (02628.HK)TP at $26, Reaffirms Rating at Buy
Recommend 10 Positive 19 Negative 11 |
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CHINA LIFE (02628.HK)'s 1H25 VNB grew 20% YoY, in line with expectations, primarily driven by a 179% YoY increase in the bancassurance channel and a 9.5% increase in the agent channel, DBS Group Research issued a research report saying. Due to interest rate fluctuations, the contractual service margin (CSM) of new business declined by 31% YoY, but the CSM balance rose by 1.6% YoY, benefiting from improved operating variance. Moreover, the Company declared an interim DPS of RMB0.238, up 19% YoY, a positive surprise. Therefore, the broker maintained its earnings forecast and target price for CHINA LIFE at $26, with rating reiterated at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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