JPM: CHINA LIFE Profit Slump Not a Near-term Share Price Risk, Reiterates Overweight with TP HKD40
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JPMorgan released a report on CHINA LIFE, stating that despite a 32% YoY decline in net profit for 1Q26, the strong new business sales in life insurance offset this decline. The broker maintains an Overweight rating with a target price of HKD40, believing the profit drop won't impact share prices in the near term. The company has adjusted its dividend policy, reducing dividend risk despite earnings forecast revisions. CHINA LIFE's new business value surged 75.5% YoY, indicating market share growth and improved distribution capabilities.
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