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<Research>CMBI Raises CHINA LIFE's TP to HKD29, Rating Buy
Recommend 13 Positive 29 Negative 11 |
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CHINA LIFE (02628.HK)'s 1H25 net profit grew 7% YoY to RMB40.9 billion, implying a 31% YoY drop in 2Q25 earnings, according to a report from CMBI. Despite quarterly fluctuations, CMBI estimated the volatility in CHINA LIFE's insurance service expenses to ease in 3Q25 or 2H25, as the yield on China's 10-year government bonds rebounds. CMBI also considered the decline in CHINA LIFE's 2Q25 net profit as temporary, given that the nosedive in 4Q24 interest rates set a lower base for insurance service performance to recover in 2H25. The company's dividend grew by 19% YoY to RMB0.24, outpacing net profit growth. CHINA LIFE's target price was raised from HKD20 to HKD29, with a Buy rating. AAStocks Financial News |
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