Credit Suisse said in a report that the valuations of NCI (01336.HK) and CHINA LIFE (02628.HK) have moved towards a reasonable level; but those of PING AN (02318.HK) and PICC GROUP (01339.HK) were a little lagging behind; in the uptrend of mainland insurance stocks continues, the valuation discount will keep narrowing.
In light of the better growth rate and outlook, the broker has decided to raise the target price of CHINA LIFE from $22.5 to $28, with rating kept at Neutral; NCI's target price was hiked to $35 with a Neutral rating; PICC GROUP's target price was raised from $3.75 to $4.5 and its rating was upgraded from Neutral to Outperform. As for other insurance stocks, the target prices of CPIC (02601.HK), CHINA TAIPING (00966.HK) and PICC P&C (02328.HK) were set at $40, $26 and $17.15 respectively. All of the three stocks were rated Outperform.
AAStocks Financial News
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