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<Research>JPM Prefers Asian (Ex. Japan/Australia) Insurance Mkt in Yr of Horse; Top Picks PING AN, CHINA LIFE
Recommend 28 Positive 48 Negative 25 |
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Asian insurers have experienced considerable price changes year-to-date, JPMorgan's report indicated. Hong Kong/ China insurers have added by an average of 8% (vs HSI/ SHCOMP: 5%/ 4%), while South Korean insurers have sagged by an average of 2% (vs KOSPI: 14%). JPMorgan believed that, given stronger fundamental momentum (including earnings, growth, and solvency capital), EMs in Asia, excluding Japan and Australia, present more favorable risk-reward characteristics. JPMorgan preferred life insurers over non-life and reinsurers, as cyclical underwriting cycles and pricing trends have been less favorable since the beginning of the year. Top picks include PING AN (02318.HK), CHINA LIFE (02628.HK), KGI, SBI Life, Samsung Life, Thai Life, Sony Financial, and AUB. The investment ratings and target prices for insurers by JPMorgan are listed as follows: Stocks | Investment Ratings | Target Prices (HKD) AIA (01299.HK) | Overweight | 107 CHINA LIFE (02628.HK) | Overweight | 40 PING AN (02318.HK) | Overweight | 100 CPIC (02601.HK) | Overweight | 48 NCI (01336.HK) | Neutral | 66 AASTOCKS Financial News Website: www.aastocks.com |
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