China Life Remains in Business Transformation Phase
Following no-moat China Life's disappointing third-quarter results, we have reduced our fair value estimate to CNY 21 from CNY 23 per share for the A shares and to HKD 23 from HKD 26 per share for the H shares to factor in our dimmer outlooks for both premium growth and investment returns over the next two years. The H shares dropped 6.3% and are trading at a 30% discount to our new fair value estimate on the day after the results announcement. We believe China Life’s stock is undervalued, as th...
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