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<Research>Nomura: CHINA LIFE (02628.HK) 1Q NBV Beats, Earnings Miss
Recommend 12 Positive 20 Negative 8 |
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CHINA LIFE (02628.HK) reported very strong new business value (NBV) growth of 26.3% YoY for 1Q24, beating Nomura's forecast of a 17% growth, mainly due to better-than-expected margin improvement, Nomura issued a research report saying. However, its net profit under International Financial Reporting Standards (IFRS) declined by 25% YoY to RMB20.6 billion, missing expectations. Nomura noted a 9% YoY decline from a lower base in 1Q23, as the new standards on insurance contracts were restated, but the new standards on financial instruments were not restated. Nomura rated the Company at Buy, with a target price of $14.76. AAStocks Financial News |
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