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<Research>HSBC Research: CHINA LIFE (02628.HK) Earnings Difficult to Forecast w/ Reasonable Confidence; TP Cut to $17
Recommend 19 Positive 27 Negative 21 |
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CHINA LIFE (02628.HK)'s FY2024 NBV rose 24% YoY, beating consensus by 5%, according to a research report issued by HSBC Global Research. CHINA LIFE's FY2024 net profit more than doubled YoY, but DPS was much lower than the market consensus as the Company lowered its dividend payout ratio from 26.3% in FY2023 to 17.2% in FY2024, the broker said. Therefore, HSBC Global Research cut its target price on CHINA LIFE's H-shares from $18 to $17, and downgraded the stock from Buy to Hold, mainly due to CHINA LIFE's increasingly challenging profit forecast, which are difficult to be reasonably confident in, and its high dependence on stock market performance, etc.. AAStocks Financial News |
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