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<Research>UBS Elevates CHINA LIFE (02628.HK) TP to $42, Optimistic About Bancassurance Channel Growth/ Deposit Migration Trend
Recommend 8 Positive 23 Negative 12 |
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UBS released a research report elevating its target price for CHINA LIFE (02628.HK) from $29 to $42, with rating kept at Buy, based on three main reasons, naming improved prospects for new business value growth, favorable macro conditions leading to an upward revision of embedded value forecasts and an update of valuation benchmarks to 2026. The broker noted that, CHINA LIFE's current valuation is equivalent to a 12-month forward PEV of 0.5x and a PB ratio of 1.22x, making it attractive. UBS reiterated that CHINA LIFE is a major beneficiary of the 'migration' of deposits and equity market uptrend in mainland China. UBS believed that its preparations will drive strong new business growth in January, especially in the bancassurance channel. AASTOCKS Financial News Website: www.aastocks.com |
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