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<Research>JPM: CN Insurers Underperform Mkt; PING AN/ CHINA LIFE Preferred
Recommend 22 Positive 36 Negative 16 |
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After the Lunar New Year (LNY) holiday, Chinese H-listed insurers have underperformed the market, JPMorgan released a research report saying. The market seems to be concerned about: (1) short-term profit risks, as major insurers have not yet announced positive profit alerts; (2) a lack of data points, as monthly premium income has not been disclosed; and (3) macro trends following the LNY holiday. The broker preferred PING AN (02318.HK) due to its recovery in life insurance sales and attractive valuation; and CHINA LIFE (02628.HK), which also offers enhanced shareholder return discussions alongside similarly strong life insurance sales growth prospects. Therefore, JPMorgan rated the H-shares of PING AN/ CHINA LIFE at Overweight, with target prices of $100/ $40, respectively. JPMorgan believed that, unless the annual net profit changes by more than 50%, insurers do not need to issue profit alerts. The broker forecasted that the FY2025 net profits of CHINA LIFE/ PING AN/ CPIC (02601.HK) will grow by 47%/ 19%/ 10% YoY each. AASTOCKS Financial News Website: www.aastocks.com |
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