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<Research>HSBC Research Lowers TP of CHINA LIFE (02628.HK) to HKD26 Due to Limited Earnings Visibility
Recommend 8 Positive 6 Negative 9 |
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HSBC Global Investment Research released a report on CHINA LIFE (02628.HK), which charted a 44% YoY growth in net profit in 2025, implying a net loss of RMB13.7 billion in 4Q25, reflecting earnings volatility amid market corrections. The NBV grew by 36% YoY in 2025, above the broker's and market's expectations by 11% and 8%, respectively, on better-than-expected NBV margin. The annual DPS was RMB0.856, 3% below market expectations. The H-share target price was reduced from HKD28 to HKD26, and the A-share target price of China Life (601628.SH) was lowered from RMB49 to RMB46. A Hold rating for both H-shares and A-shares was maintained. AASTOCKS Financial News Website: www.aastocks.com |
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