Latest Search
Quote
| Back Zoom + Zoom - Top | ||||
|
<Research>Nomura Predicts Strong 1Q24 VONB Growth for CHINA LIFE (02628.HK), but Earnings Weak
Recommend 24 Positive 43 Negative 27 |
||||
|
||||
|
Nomura released a research report forecasting that CHINA LIFE (02628.HK)'s 1Q24 net profit will fall by 15% YoY to RMB23.3 billion, with annualized ROE dropping by 6.3 ppts to 19.1% under the new IFRS accounting standards, which is still at a satisfactory level. Nomura expected that CHINA LIFE's value of new business (VONB) will grow 17% YoY in 1Q24, but VONB growth may slow down in 2Q24 on a higher base in the same period of 2023, with a full-year forecast of a 4.8% growth. Nomura expected CHINA LIFE's full-year net profit to rebound to RMB47.56 billion under ASBE or RMB67 billion under IFRS, mainly due to improved investment returns. Taking into account the expected increase in non-taxable income, Nomura raised its 2024/ 2025 earnings forecasts under ASBE by 12%/ 11% each, and kept rating at Buy, with a target price of $14.76, corresponding to a projected PB ratio of 0.78x for 2024. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
