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<Research>CMBI Lowers TP of CPIC (02601.HK) to $24.8, Rates Buy
Recommend 29 Positive 60 Negative 39 |
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CPIC (02601.HK) resumed positive growth in value of new business (VONB) in 1Q, up 30.7% YoY, outpacing peers CHINA LIFE (02628.HK) (26.3% growth) and PING AN (02318.HK) (20.7% growth), CMBI highlighted in a report. The strong performance was mainly driven by improved profit margins and a slight YoY increase of 0.4% in first-year premium income, as well as the results of the company's "Changhang Transformation" reform plan around the insurance channel. With the regulatory impact on the bancassurance channel gradually subsiding, it is believed that the focus of life insurance business will return to the agency channel in the future. According to the report, the current price of CPIC is equivalent to 0.3x projected P/EV ratio and 0.6x 2024 P/B ratio. CMBI lowered its target price on CPIC H-shares from $29.72 to $24.8 and maintained its Buy rating. AAStocks Financial News |
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