Glonghui, May 8 | CMB International released a report saying that China Taibao's new business value resumed positive growth in the first quarter, rising 30.7% year-on-year, exceeding peers China Life Insurance's 26.3% and China Ping An's 20.7%. The strong performance was mainly driven by increased profit margins and a slight increase of 0.4% year-on-year in premium income. Changhang's actions around the transformation of insurance channels have also paid off. It is believed that the focus of China's life insurance business will return to agency channels in the future. According to the report, Taibao's current price is equivalent to 0.3 times the predicted ratio of this year's stock price to content value (P/EV) and 0.6 times the market account ratio. The target price for H shares was lowered from HK$29.72 to HK$24.8, maintaining its “buy” rating.
大行评级｜招银国际：下调中国太保目标价至24.8港元 维持“买入”评级
Bank Rating | CMB International: Lowering China's Taibao Target Price to HK$24.8 to Maintain “Buy” Rating
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