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<Research>UBS Drops NCI (01336.HK) TP to $50.5, Expects Slowdown in VNB Growth
NCI (01336.HK)'s positive profit alert may surprise the market, according to UBS' research report. Net profit after tax (NPAT) for 9M25 increased by 45-65% YoY to RMB30-34 ...
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<Research>UBS Drops NCI (01336.HK) TP to $50.5, Expects Slowdown in VNB Growth
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NCI (01336.HK)  -0.700 (-1.428%)    Short selling $158.66M; Ratio 14.061%   's positive profit alert may surprise the market, according to UBS' research report. Net profit after tax (NPAT) for 9M25 increased by 45-65% YoY to RMB30-34 billion, 17-33% higher than the FY2025 market consensus.

For 9M25, UBS expected the value of new business (VNB) of NCI to grow at a slower pace YoY. Assuming an 80% YoY increase in 3Q25 NPAT (median of the profit alert), NAV is expected to achieve strong QoQ growth.

Related NewsCiti Initiates Pair Trade of Overweight CHINA LIFE/ Underweight NCI
Due to the positive profit alert for 3Q25, UBS raised its FY2025 NPAT forecast by 58%, but this situation may not be sustainable, so subsequent earnings forecast changes are minimal. The broker adjusted its target price to $50.5 (originally $52) to reflect the equity market correction 4Q25-to-date, with rating kept at Neutral.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-20 16:25.)

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