China Pacific Insurance’s 2018 Results Delivered Strong NBV Growth, P&C Underwriting Margin Improved
Following no-moat China Pacific Insurance's 2018 results, we retain our fair value estimate at CNY 34 per share for A shares and HKD 38 for H shares as we made little change to key assumptions. China Pacific's H shares are trading at an 18% discount to our fair value estimate and 0.8 times 2019 price/embedded value assuming 15% growth in embedded value, or EV, versus the 18% average growth over the past five years. We believe the stock is undervalued as the market remains overly concerned about ...
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