BOCOM International issued a research report stating that CHINA LIFE (02628) experienced a significant slowdown in profit growth in the first half compared to the first quarter, believed to be due to market interest rate fluctuations affecting insurance service performance. However, investment returns showed improvement compared to the first quarter.
Given the positive momentum in the stock market, BOCOM International maintains its "Buy" rating for CHINA LIFE, raising the target price from HK$19 to HK$30. The firm has revised its new business value forecasts for 2025-2026 upward by 28.4% and 29.5% respectively, while adjusting net profit forecasts downward by 6.9% and 2%, maintaining the "Buy" rating.